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Decisions you’ll make: A Guide from Workthere

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15-07-2021

Building the brand is THE most important decision an entrepreneur can make for their business, according to our research. Establishing your name in the market is critical for your success, and if customers or clients don’t buy into the brand, then no matter how well you run other aspects of the business, you will not get off the ground. Almost half (47%) of entrepreneurs put building the brand at the top of their priority list, and it’s easy to see why.

Everything from choosing the company name, to deciding how much to spend on marketing falls under this category. It’s a part of the business that can’t be ignored, and can be a real headache for those who aren’t naturally inclined to think about their ‘brand’; our research shows a third of entrepreneurs find this difficult.

Yopa’s Daniel Attia had his own battle when trying to establish his brand in the property world. He says: “It’s not all plain sailing when you start a business - as any entrepreneur knows. The most difficult decision I had to make was completely reinventing the business model and the brand nine months into setting up Yopa. We started as an online-only estate agents, but soon realised that we needed agents on the ground to make it work. We had to pivot quite aggressively and change our tack completely. It was hard work, but it made us a much better company.”

Our advice? Ask for feedback on every element of your brand – from logos and company names to website design and marketing priorities. It can be easy to pursue a strict vision of what you want from your business, but external feedback will help give you an idea what your target market want.

At Workthere, we see plenty of entrepreneurs come through our door, from the young start-ups looking to put down their first roots, to more established companies growing rapidly. There is a mountain of decisions which entrepreneurs need to plough through, especially in those crucial first few years, which is why we’ve created a handy guide for those founding their first business. By commissioning research from SME business owners and entrepreneurs, and with help from our friends at Yopa, a fully-fledged start-up focusing on real estate, our guide should help navigate the choppy waters of business by giving real examples and advice when it comes to decision making.

Building the brand

Building the brand is THE most important decision an entrepreneur can make for their business, according to our research. Establishing your name in the market is critical for your success, and if customers or clients don’t buy into the brand, then no matter how well you run other aspects of the business, you will not get off the ground. Almost half (47%) of entrepreneurs put building the brand at the top of their priority list, and it’s easy to see why.

Everything from choosing the company name, to deciding how much to spend on marketing falls under this category. It’s a part of the business that can’t be ignored, and can be a real headache for those who aren’t naturally inclined to think about their ‘brand’; our research shows a third of entrepreneurs find this difficult.

Yopa’s Daniel Attia had his own battle when trying to establish his brand in the property world. He says: “It’s not all plain sailing when you start a business - as any entrepreneur knows. The most difficult decision I had to make was completely reinventing the business model and the brand nine months into setting up Yopa. We started as an online-only estate agents, but soon realised that we needed agents on the ground to make it work. We had to pivot quite aggressively and change our tack completely. It was hard work, but it made us a much better company.”

Our advice? Ask for feedback on every element of your brand – from logos and company names to website design and marketing priorities. It can be easy to pursue a strict vision of what you want from your business, but external feedback will help give you an idea what your target market want.

Finance

Money is crucial for the running of any business, and so it makes sense for it to rank highly in terms of decision making concerns. Our research found that 42% of entrepreneurs think that meeting financial targets to stay in profit is the most important decision they make on a daily basis. But there’s not just long term profits to think about, 39% think that decisions involving the day-to-day running of finance are the most important, so it really is critical to put as much time and brain power into tackling these decisions.

Work/life balance

Achieving work/life balance is an issue that many entrepreneurs struggle with, and it’s been a hot topic for discussion over the years. The best way to think about this starts with how you prefer to work, and what sort of balance works for the sector you’re in. You then need to think about your employees. For example, a young workforce may want more flexibility with their hours, whereas a more mature work force may want a more traditional approach to their working day.

Work/life balance isn’t just about your employees, and to avoid burnout you need to think about yourself too. 42% of entrepreneurs claim to have made decisions in the past that have given them a sleepless night, so it’s no surprise that work/life balance is the third highest priority for entrepreneurs - with 42% believing it is the most important decision they could make. While taking your work home with you can mean finding a solution in a creative way, taking mental breaks away from your work is important too.