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Reality Check: Do You Have What It Takes?

By: Start Your Brand

October 24, 2014

So you are considering starting your very own brand? Keep in mind, there is much more than designing and printing your own products. If you are new to the branding industry, you have much to learn before you begin.

Without the correct knowledge, you may fall way behind because you made the wrong moves in the early stages of developing your company. Take your time understanding the business, and then make your moves. Business is similar to the game of chess; strategically placed moves can significantly improve the position of your company - In which over time can result in a winning (profitable) outcome. However, quick and misguided moves can completely destroy your entire operation.

You absolutely cannot rush the startup process. Before making any decisions for your business, you must consider all possible outcomes to ensure you are prepared for each scenario. Starting a new business is not a "Get Rich Quick" scheme, nor is it an easier alternative to working - 9 out of every 10 businesses fail. These odds are not your favor, which is why starting a new business is a bit of risk. It is up to you to decide if the risk is worth the reward. To become successful, you will most likely spend more of your time working on your company's work, rather than you would at your fulltime job. Are you willing to work 40+ hours a week on this venture? This is not a hobby, this is a business. You must take your business seriously and treat it as a top priority or you are not likely to succeed.

Be careful how you choose to handle your company's profits. If your company starts out successfully and the money starts rolling in, you may become overwhelmed and decide to drastically increase your personal spending habits due to the rise in income. If you want to grow, you should return a vast majority of the profits back into the business in order to expand and purchase new equipment & supplies. Do not bleed out your company, especially not from the start. Take your share of the profits when you are truly able to.

Take your time and educate yourself before beginning. Success will not come easy, so it is imperative that you remain patient. Every successful brand started out the same way you are.