1. Create a business plan.

You have to put in thought and effort into creating a business plan that will serve as the basis for the future of your company. Prioritise your objectives and map out a plan to achieve them. Include the following elements in your plan:

• A mission statement – A mission statement is a powerful tool that will guide your entire organisation. Writing a mission statement will put you on the right track to achieve business success.
• An introduction – Your introduction should include all the necessary information a reader needs to know about you and your company. Be as objective and transparent as possible.
• A detailed description of your product – The purpose of this section is to communicate to your audience what your product is and how it can benefit them. Make sure you have a good grasp on the following concepts:
• Product – Your product is the centrepiece of your business. The better you understand it, the better you will be able to market it.
• Market – Your market is the audience you are trying to reach with your product. Your product may be used by anyone, but finding the right market is critical.
• Profitability – Your product has to be profitable in order for your business to make sense. If you can’t clearly communicate how you intend to make money, then it’s unlikely prospective investors will be keen to get involved.
• Branding – Branding is all about creating an identity for your company that will make others aware of your existence and your products. It is also an opportunity to promote your product and give it a face – to promote your product and give it a face (branding). Branding should be consistent across all your marketing material.
• Target audience – Your target audience is the group of people you are aiming your product at. Your product may be aimed at men, young adults, or existing customers. Identify the key groups of people who will benefit from your product and create buyer personas.
• Features – This is where you communicate the benefits your product brings to your audience. In order to create a better buying experience for your audience, you should list the features that make your product unique. Ensure you highlight the features that will cause your product to excel in the marketplace.
• The competition – You should list your competitors and what sets your product apart from theirs. It is always best to be ahead of the game and try to establish yourself as a thought leader in your industry. If your competitors aren’t doing the same, then it could be an indication they aren’t seeing the same results. You can also use this portion of your business plan to describe past experiences and how they have informed your business. The more you can provide in terms of case studies, the better.
• The marketplace – The marketplace is the environment of purchases (the place you sell your product to). It is also where you will find your audience. You can establish yourself as a thought leader in your industry by publishing and sharing your business plans with other industry experts.
• The pricing strategy – Your pricing strategy will form the backbone of your business. You have to make sure you have the funds to back up your plans. Work out how much you can afford to charge for your product and include this in your plan. You should also work out your profit margins and how you intend to increase your sales volume. Make sure you work out how much you will need in terms of investment funds before you start selling your product. The more you know about your pricing structure, the better. Don’t forget – the price you set will be the price you charge. Not all of your customers will be able to pay more, so establish a price that is affordable for your target audience.
• The marketing plan – This is where you put in all the effort and money you’ll need to market your product. Your marketing plan should include all the following:
• The objectives you have set for your agency. Your marketing plan should work towards achieving these objectives, otherwise it’s just a wish list.
• The various platforms you intend to use to market your product. Ensure you specify the type of content you’ll be posting on these platforms and how often you’ll be posting. You need to establish a regular schedule so your audience knows when to expect new content from you.
• The type of materials used to market your product (e.g. print, radio, or TV ads)
• The resources you’ll need to carry out your plan (e.g. money, people, and machinery)
• The analysis of the results of your plan (e.g. how many sales did we achieve, what is the reach of our website, etc.)

2. Find a name for your company.

Naming your company is an important step in its establishment. You need to find a name for your company that is both memorable and easy to spell. There are numerous steps you can take to ensure your chosen name will be easy to trademark and doesn’t already exist. If you are looking for a name that is both unique and memorable, then try coming up with a phrase that is synonymous with good quality or excellence. Try coming up with a phrase that is as short as possible and that will make your product stand out in the marketplace. Once you have a short-phrase that perfectly describes your product, you can begin the process of registering it as a trade name.

3. Establish a brand identity.

Your brand identity forms the basis of your company’s marketing strategy and is critical to your company’s success. To make sure your chosen name will retain its uniqueness in the marketplace, establish a brand identity that is as cohesive as possible. Your brand identity should include the following elements:

• A logo – A logo is a mark or a symbol used to represent your business. Make sure you choose a symbol that is both unique to your business and memorable. You should also consider creating a brand symbol that incorporates the name of your company and the logo you have chosen. The more you can do to integrate your business name and logo, the better.
• A website – A well-designed website will serve as a great centrepiece for your business. It should be comprehensive, modern, and easy to navigate. Ensure you work with a reputable web designer who is experienced in building websites for businesses.
• Social media – Your social media outlets form the virtual face of your business. Be sure to establish a presence on the various social media platforms.
• A marketing plan – This is where you put in all the effort and money you’ll need to market your product. Your marketing plan should include all the following:
• The objectives you have set for your agency
• The various platforms you intend to use to market your product
• The resources you’ll need to carry out your plan (e.g. money, people, and machinery)
• The analysis of the results of your plan (e.g. how many sales did we achieve, what is the reach of our website, etc.)

4. Create a brand voice.

A brand voice is the overall attitude your brand will convey in relation to your product. You need to develop a voice that is consistent across all forms of marketing material (e.g. TV ads, radio ads, and social media content)

The following are some of the elements you should include in your brand voice: