Many business owners don’t even think about working on their personal brand in addition to their business brand. And that’s a shame, because sometimes it offers huge opportunities for business development, and if you have the chance to try it, you should take it.
UK small business statistics confirm that when a business is backed not only by a brand, but also by the personality of the founder who is recognizable to the target audience, it strengthens the business’s position in the market. So let’s talk about the pros and cons of having a personal brand and share tips on how to develop it.
Pros and Cons of a Personal Brand for an Entrepreneur
Investing in the development of a personal brand is justified in any business niche where there is a high level of competition and a large difference in salary between a known and an unknown specialist. That is, first of all, the field of professional services.
Here are the advantages of a personal brand:
- Having a known person behind a company, rather than an incognito, inspires more trust among clients;
- The leader’s recognition is added to the company’s brand awareness, creating a powerful cumulative effect in terms of reach;
- It is easier to differentiate and stand out from the competition;
- It is easier to communicate with the right people, even easier to hire people (HR branding);
- You can sell your services at a higher margin, and you have the ability to choose – not to take on all projects, but only those that suit you best;
- The power of a personal brand can be used to promote not just one, but several businesses at the same time (serial entrepreneurship).
And now let’s talk about the disadvantages of a personal brand.
This includes the following:
- Creating a personal brand requires an investment of time and money, and no one can guarantee a good outcome;
- You must be consistent with your image and adhere to the principles you declare;
- you will have to “come out of the twilight” and attract people’s attention, but this attention will not be only positive, be prepared for negativity and criticism;
- you need to be very careful about your own reputation – if you inadvertently tarnish your own image, it will affect the company’s reputation as well.
In any case, it is worth investing in this area. After all, the benefits of having a strong personal brand far outweigh the possible drawbacks, especially for experienced entrepreneurs.
How do you develop a personal brand? Some practical tips
Here are some useful practical tips to help you work on building your personal brand.
- Clearly define your purpose. What do you want to achieve? Increase sales, increase loyalty to the company, become a thought leader, shape the company’s image in the context of HR branding, etc.
- Identify who your audience is. Don’t try to please everyone. The better you understand who your audience is, the more valuable content you can create for them and the better response you will get.
- Don’t forget about media relations. Interacting with the media, attending trade events, and other activities can maximize your reach in addition to your personal resources.
- Pay attention to networking. Professional relationships with colleagues play an important role in building a brand and can be a powerful catalyst for your growth.
- Focus on expertise. This is the one thing that always inspires trust in any niche. Not only do you need to increase your level of expertise, but you also need to constantly demonstrate it.
- Take care of your reputation. The level of a personal brand is determined not only by its reach, but also by its reputation. Therefore, it is not only important how many people know about you, but also what they think about you.
A personal brand is an important competitive advantage in today’s world. A recognizable image, a good reputation and the image of the founder as a professional can help you stand out from the competition and increase your company’s profits.
