Have Big Brands Affected How You Run Your Business?
Operating a business can be a lot of work. Running a business as the sole manager and owner is something entirely different. The amount of work that's required can be off the charts at every level of your business, so what happens if you started your entrepreneurial career without previous experience of what running a business looks like? What's your business model? Who's your role model? These are the questions we ask with very few answers that satisfy our need to create something successful and groundbreaking.
Understanding your role models can have a tremendous effect on how you approach your business and if you're looking to bigger brands for inspiration, tread carefully and here's why:
1. Most small businesses don't usually have the staying power of larger organizations.
This is a HUGE one! Staying power in your industry is the endurance your brand has to predict longevity and influence. Starting out, it's important to always leave the right impression with your clients and consumers that solidifies your culture of business and what you want to be known for. Larger companies have a broader audience and a longer reach. Unless your ideal client is EVERYONE, I don't recommend making decisions you can't come back from.
2. Be careful not to do things that diminish your expertise or authority.
Pricing, quality, and clarity rule in the game of business building. Creating discounts on a regular basis instead of standing firm in your product's value is an intense shortcut to underestimating your skill. It directly speaks to the consumer in a way that conveys that the quality of your offer simply isn't there and adds a routine to your culture that says, "the next sale is right around the corner." Instead of undercharging, build value in your level of skill as well as your product. People need to know why their investment can be trusted with your organization. In the world of beauty I like to say, "Be the doctor, not the technician." We listen to the doctor when they explain how we can improve ourselves because they educate us and are experts in their field. Do what it takes to be the next expert.
3. Understand the priorities of your culture.
The environments we create speak volumes. This is why I highly recommend creating a strategy and mission statement for your business; it's not for everyone else, it's for yourself. These things prioritize your values and allow you to understand what you will and won't settle for. In the worst case scenario, you feel 'lost' or 'stuck' and these things will bring you back to your 'WHY' and reasons for continuing your journey.
In your business boardrooms don't make these decisions, you do. Make sure the decisions you make are sustainable and ones you can live with.