If you’re an entrepreneur getting ready to create a business, you might be wondering whether you should focus on business branding or personal branding. A business brand is separate from your personal name and is formed on an identity you build for your company. Your personal brand will be created around you– your personality, lifestyle, and passions. You and your business’s name will be the same.
So, which option is the most suitable for you? Continue reading to learn more about the pros and cons of each.
Why would someone want to create a personal brand?
Building a personal brand is easier than ever, especially with the resources we have at our disposal online. Thanks to personal websites and social media accounts, it may be easier to build a personal brand than a business brand.
Personal Brand Pros
Personal brands are flexible. Personal brands generally mark the business, website, and offering (whether they’re products or services) with the owner’s name. This means that if your focus shifts and you start offering something different than before, you can modify your offers without changing your business name.
If you want to pursue a speaking career, personal brands are perfect. It takes a lot of effort to link your name to your field of expertise (see below), but once you do, you’ll be recognized as someone who others want to hear from.
For “one-person industries,” personal brands are perfect. A strong personal brand will increase your business and attract new, interested clients if you’re an online creator, author, professional speaker, or coach.
Personal Brand Cons
You must associate your personal name with what you offer because your company name will not explain what you do. This can be accomplished by creating a compelling tagline that you use in all of your messaging. Writing blog posts, doing interviews, creating social media posts, and booking speaking engagements around your area of expertise are all ways to associate what you offer with your own name. You’ll have to keep doing it until people start to identify your name with the thing you want to be known for.
It’s challenging to sell a business with your name on it. I know, I know: who thinks about selling when they’re just starting out? However, if you believe there’s even a distant chance this will happen in the future, you should reconsider building a personal brand and instead focus on building a business brand.
When should you build a business brand?
Creating a business brand requires more upfront effort because you must invent one from scratch instead of using your given name.
It takes time and effort to produce meaningful words that express what you offer, but it might well be worth it.
Business Brand Pros
Developing a business brand forces you to examine your business strategy. When deciding on a business name, consider who your ideal consumer is, what you’ll offer, and how you’ll be known. This process will help you develop a vision for your business that goes beyond its name and tagline.
Business brands enable you to position your business right away. There are no limits on the words you use, so come up with a handful that accurately describes what your business provides. Then, combine them with a catchy tagline to pique people’s interests. And watch as your ideal customer recognizes what you have to offer the moment they hear your business name.
It’s easier to sell a business brand. The majority of businesses have a life cycle. Maybe your interests have shifted, you want to relocate, you’re ready to retire, or (I sincerely hope not) you pass away. It will be easier to sell your business to someone else if you’ve built something that isn’t associated with a personal name when you’re ready to sell it. The bottom line is: if you’ve built a known brand, it’s a valuable asset that people will pay for.
Business Brand Cons
Building a business brand takes a lot of effort. You must design a brand name while still deciding what services your business will provide and who your ideal client will be.
If your interests shift, business brands aren’t as flexible. If you decide to take a new direction and offer something completely different, you may need to start a second company if it has nothing to do with your current one. You can typically come up with a name that describes the overall industry in which your products and services will fall, and then you can get more particular with your tagline, which can be changed easily. However, if you entirely change your subject of interest, your name may no longer be relevant.
What about a hybrid approach?
Build a business brand but be the face of that brand. Everyone has a personal brand, no matter what. It is what they are known for. So align your personal brand with your business brand.
You publish guest posts, participate in interviews, speak, and promote your business brand directly. As a result, your personal authority rises in parallel with your business’s brand awareness as you answer questions and share information.
This strategy may be the most flexible if you can’t pick between a personal and a business brand.
In summary, there are a few things to consider when deciding whether to build a personal or business brand. Personal brands are associated with an individual, while business brands are associated with a company. Businesses must put more effort into creating a brand from scratch, but it’s easier to sell a business brand than a personal one. Therefore, a hybrid approach that involves building a business brand while also being the face of that brand is the most flexible option.