If you have an entrepreneurial mind and are interested in developing your own business, you may be carefully considering issues pertaining to branding right now. One question that may have popped into your mind is: Should you build a personal brand or a business brand? Review the information provided in this quick reference guide to gain a better understanding of which option might be best for you:
Personal Brands And Business Brands: What’s The Difference?
As many marketing experts know, a personal brand is centered on one individual. Generally, the branding process involves the use of your own name. On the other hand, a business brand is built on the unique identity you develop for your organization. Generally, people will craft a name for the company that is distinct from their individual name.
Pros Of Personal Branding
One great benefit that results from personal branding is that this modality is flexible. Typically, the personal brand will involve using the owner’s name to brand the company and its website. Therefore, if you choose to change your focus and start offering something distinct from your original set of services or products, you’ll be able to adapt what you provide without changing the business name.
Another great benefit of personal branding pertains to the realm of public speaking. Specifically, personal branding is great for individuals who are attempting to create a speaking career. Although it’s challenging to associate your name with your specific arena of expertise, finally establishing this connection ensures that others will want to hear from you because your voice will be more authoritative.
In addition to optimizing the business owner’s ability to thrive in the public speaking arena, personal branding is helpful for individuals who plan to build a business in a “one-person industry.” Whether you’re planning to work as a coach, professional speaker, author, or artist, building a dynamic personal brand will help you attract new prospects.
Cons Of Personal Branding
While personal branding provides business owners with numerous advantages, there are also several drawbacks. One con you should be aware of is that the company name will not clearly state exactly what type of work you do. This means that you’ll have to work on building an association between the products and services you offer and your personal name. You can accomplish this objective through the consistent use of a strong tagline. There are several other ways that you can connect what you offer with your own name. Some of them include:
• writing blog posts
• developing social media posts
• doing interviews
• booking speaking engagements
You should do all that you can to engage in one or several of these strategies until your target audience associates your name with the brand or concept you’re attempting to establish an identity around.
Pros Of Business Branding
One of the benefits of business branding is that it makes you think about your plans for the company. For example, when you start thinking about the business name, you’ll need to consider key concepts such as what you’ll be known for, the types of products and services you’ll offer, and who your target market is. Going through this process will enable you to develop a vision for the direction you want to take your business in.
Another benefit of business branding is that it results in instant recognition. Specifically, your customer will be able to understand what products and services you offer as soon as they hear the name of your business.
When you begin thinking about whether personal branding or business branding will be ideal for you, remember that business brands sell more easily. Whether your interests change, you relocate, or some other life issue comes up, you’ll likely find that you’re ready to sell your brand at some point. And as many business experts know, it’s much easier to sell the business if it’s built around something not associated with your personal name. However, individuals who develop a recognizable brand should know that many people will view this as an asset and jump at the opportunity to buy.
Cons Of Business Branding
While business branding comes with benefits, it’s important to note that there are drawbacks. One of them is that building the business brand is difficult work. For example, you may be required to choose a brand name while you’re still trying to decide who your ideal customer is and what products you’ll offer.
Another drawback of building a business brand is that they are not flexible when your interests change. Let’s say you decide that you want to start offering a completely different set of products and services. If you take this course of action, you may find it necessary to develop a second business that clearly details the new things you want to offer the public. In some cases, it won’t be necessary to take these steps. For example, if your original brand name was very general, you’ll likely be able to integrate the new products and services by becoming very specific with your tagline.
Summing It All Up
Individuals who have decided to pursue their entrepreneurial dreams should know that they can realize their vision. To ensure that you make prudent business decisions that move your new company forward in a productive way, consider the information outlined above as you decide whether to build a personal or business brand!
Founder and CEO of KMM Agency. Yuriy holds an MBA from Columbia College and has over 12 years of branding and online marketing experience. He has a strong passion for creativity, strategic planning and client relationships.