John Bishop: Sole traders must work to polish their brand

COMMENT

Are you your own brand?

If you are, are you doing all that you can to build value into that brand?

Of course you're working hard, providing good service, good value and trying to grow the business.

But are you looking hard enough at you and how you present to the market? My advice, based on 10 years experience as a sole trader, is that you are always your own brand.

The issue, then, is how well you manage, protect and promote yourself.

I like to build an impression of quality, substance and achievement, although not in a boastful, arrogant way. For me, that meant a well-designed name and logo applied on good quality paper for letterhead, business card and compliment slips, a four-colour brochure, and a professional, interactive website.

Advice given to me was always to dress for success, so that's shirt, tie and jacket. When you are rich and famous, or working as a creative, you can shed the tie. In the meantime, if you want business, look like you mean it yourself.

Some sole traders have fancy company names. Fine, but now you've got a double burden: getting the name known and getting your association with it understood.

With a limited budget why make it hard for yourself? What's wrong with your own name? If you are known at all, surely it is by your own name and not by some contrived alternative.

Another common way to feign substance is to add "& Associates". If you have associates, fine. But if you don't, and you are asked who they are, what are you going to do? Lie? Or tell the truth? Either way, you lose.

For some, being their own brand can be a conscious strategy. In Sydney there's a lady in PR and marketing called Candy Tymson. She always wears pink (logical given her name) and she deliberately promotes herself as the Pink Lady. People remember her point of difference.

Others may have a brand thrust upon them. Whatever else he may do, Colin Firth will forever be Mr Darcy in Pride and Prejudice and Bridget Jones's Diary.

Issues for people trading on their own account include:

* The first year is often easier than the second or third. You have the initial rush of enthusiasm and your friends and former workmates are more willing to help now than they will be later. In that first year you have to develop the relationships that will give you business later.

* Your business assets, like the car, computer, cellphone, are probably all in good order. Replacement and how to pay for that isn't an issue yet, so unless you are putting money aside, the cashflow is artificially high.

* You're excited about being out on your own, and you are busy. Periods when you don't have enough work, can't seem to find work, it's raining and one of the kids is sick haven't happened yet. But they will. Put money aside to cover when you aren't working.

* Put the GST in a separate account. Tax yourself on every invoice and put that aside too. After allowing for GST, income tax, ACC levies, and money to cover holidays, statutory holidays, and personal development you'll have less than half the value of each invoice left. Remember that.

* Do you say thank you enough? A colleague sends a printed card with a personal note to everyone who provides a business referral or helps him in any way.

* John Bishop has been self employed for 10 years. He is a business writer, communications consultant, trainer and professional speaker. His free e-zine on management, marketing and communications issues is available from his website.

* The Pitch is a forum for those working in advertising, marketing, public relations and communications. We welcome lively and topical 500-word contributions.
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