Every day there are new businesses that are being set up. Sometimes, some of these businesses have failed to meet the intended profitability objective and ended up closing down. The parameter that determines whether the business is going to be successful is the level of marketing and branding the management exercises. Poor marketing and branding strategies will see the business collapse while excellent strategies will make the product outstanding thus appealing to the clients. Therefore, branding and marketing are crucial components of a successful business. But, in some cases, people practice branding and marketing on platforms such as their social media pages, and it becomes tedious for clients to sort through their cluttered junk in order to view what they are selling.
Develop an idea for a prospective small business, and select a name for the company.
As such, I intend to start a branding and marketing firm to assist business enterprises that are struggling to reach their intended consumers. My company, “Creative Branding and Marketing (CBM),” will be assisting startup businesses as well as those finding it challenging to reach their intended clients to realize their full potential through marketing and branding their merchandise through my innovative platforms. In the end, this will assist them to realize their objectives and have a booming enterprise.
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In this business, I will partner with other persons whose objectives is to assist businesses to grow through marketing and branding. For instance, our partnership will entail activities such as seminars and lessons for persons who would like to acquire knowledge pertaining effective brand building, business building, as well as proper marketing and branding tools to employ. Besides, since either individuals or groups manage businesses, I would be flexible to offers marketing and branding lessons at individual and group levels to accommodate each set of business. Additionally, because the use of the internet is becoming an integral tool of marketing and branding, my business will assist our clients to set up websites to capture the online market.
Moreover, my enterprise will offer our clients a set of packages that they will choose from depending on their business preferences. The first package duped ‘Platinum Express’ will contain twelve lessons, that is, six branding lessons, four marketing lessons, and two website development lessons. Clients who prefer this package will also receive four website updates per annum, a whole year business advertisement on our social media page, and free business cards for their clients for six months.
The second package, known as ‘Golden Wings,’ entails six lessons, which are, three branding, two marketing, and one website development lesson. Also, the package includes a-six-month advertisement platform as well as designing business cards for their clients for three months. The last package, ‘Silver Star’ entails two branding lesson and a single marketing lesson. Besides, the package will also include designing business cards for their clients for one month. Additionally, this package will allow the clients to choose services that fit their business requirements.
Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
The marketing and branding arena is quite competitive. Several branding and marketing firms exist, but the most notable competition for my business is from Proof Branding. The enterprise has been in the marketing and branding business for a while, and its services and products are everywhere in the world. As such, one of its strength is that it is a large business and has handled huge and more complex marketing and branding projects (Proof Branding, 2019). On the other hand, the company’s ability to work with many multifaceted projects makes them lose touch with upcoming businesses.
Prepare a mission statement that encompasses the purpose of the business and considers its target market.
CBM’s mission is to develop an intimate consumer connection and educate our clients the branding and marketing tools they can employ to run a successful business. It is our life-long goal to ensure our clients’ business bypasses the barriers of branding and marketing in order to reach the intended customers effectively.
Identity the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation
Regarding ownership, I would start as a sole proprietor because my business is new. It would be much easier to run the business alone in its initial stages (Mancuso, 2016). I would consider running the business as a Limited Liability Company (LLC) after a year. But because I am starting as a sole proprietor, all business details will be under my name, that is, the bank information as well as contacts. Thus, I will be liable for all issue concerning my small business such as debts and court cases. Furthermore, this form of ownership will limit me from selling my company’s interests to raise capital (Mancuso, 2016).
Despite these limitations seemingly disadvantageous, the brighter side of sole proprietorship includes the capability of mixing both personal and business assets without repercussions, as well as quick and cheaper development of the business. Moreover, sole proprietorship only involves the payment of employees’ unemployment taxes which excludes me (Mancuso, 2016). Additionally, tax evaluation is simple in a sole proprietorship. Whatever the proprietor earns becomes the amount earned in a sole proprietorship. Thus, the proprietor’s mandate is to report the sole proprietorship earnings, misfortunes, as well as cost by rounding out and documenting Schedule C. The tax document known as Schedule C, contains the profits as well as the misfortunes of the business. The Schedule C document is filed with Form1040 where the “main issue sum” is switched over to the proprietor’s expense form (Mancuso, 2016). The perspective attracts claiming company misfortunes someone experiences the ill-effect of diverse origins. Lastly, I would record a Schedule SE alongside Form 1040 to assist in the computation of the amount of sovereign work impose I owe. Despite being required to pay unemployment tax on my employees, I need not pay the unemployment charge on myself.
Reference
Mancuso, A. (2016). LLC Or Corporation?: Choose the Right Form for Your Business . Nolo.
Proof Branding. (2019). Who We Are | About Proof Branding – Nashville Branding & Design Agency. Retrieved from https://proofbranding.com/who-we-are/
