Starting and running a business is both an exciting and challenging adventure. Business owners are almost constantly faced with decisions to make, and it’s daunting to consider which potential outcomes are worth your time, effort, and money. No matter what kind of business you operate, branding is one thing you’ll likely consider investing in at some point. However, every business is unique and there are several important factors to consider when deciding to invest in branding. Whether you’re a product-based business, service-based business, or hospitality-focused, this article outlines some key considerations to help determine the right time to invest in branding.
If you’re founding a product-based business, you’ll likely need to invest in branding and packaging design fairly soon—before the product goes into production. Branding and packaging design are going to be an integral part of why customers will choose to buy (or not buy) your product, so they are investments that, if done right, can ultimately lead to significantly higher sales and revenue for your business. While it can be intimidating to invest in branding before you’re generating revenue, founding a product-based business is a long-term journey that can pay off if done strategically at every step. This is why product-based businesses often seek investors who can help fund upfront costs like branding, packaging, web design, and production and manufacturing. Make sure to factor in the importance of branding and design when planning out your strategy for long term growth — design shouldn’t be an afterthought, but something that is prioritized as one of the make-or-break factors for a successful product-based business.
Service-based businesses are different from product-based businesses in that one can start to operate and grow a service-based business without necessarily needing to invest in branding right away. In fact, it can be wise to start working with your first few clients before making major investments. You’ll want to have a good understanding of your target market as well as steady income and some savings before investing in branding. That being said, if you are experiencing growth and feeling confident in your business prospects, branding can help expedite that growth and take your business to a level that wouldn’t be possible without professional branding and web design. High-ticket clients will be more likely to trust you and choose your services if they perceive your services as high-end too through your branding and website.
For businesses in the hospitality industry, it’s a good idea to invest in branding as soon as you’re able to do so thoughtfully and strategically. For physical spaces like hotels and restaurants, you’ll need signage, wayfinding, and print pieces like menus and marketing materials right from the getgo. Some of these items, especially large-format printing and signage, can be quite costly, so having them designed with branding you love from the getgo will save your business in the long run by not needing to rebrand a few years down the road. While it’s ideal to have beautiful branding when starting out, sometimes it makes sense to stay lean at the beginning until you’re ready to invest in high quality branding that will serve your hospitality business for years to come.
No matter what kind of business you own or what stage of business you’re in, branding is a valuable, long-term investment. Well designed, strategic branding will help your business stand out from competitors, attract your target audience, retain existing customers, and help increase revenue by increasing the value and perceived value of your products and services. Learn more about how branding can help your business by scheduling an initial consultation call with Caitlin Hottinger Design.
