Motivation and inspiration can be your greatest strength when things are going southwards. While building a business takes on a lot, having a source of motivation may be the core of the project.
We spoke to Venture Capitalist Ryan Dean Hoggan and he shared with us his strategies to staying motivated and inspired while building multiple brands.
Do you think multi-branding is a trend business owners must embrace?
I will like to begin by saying that multi-branding is a trend. Only the smart entrepreneurs stay on top of trends to create new opportunities and stay ahead of competitors.
My main strategy when it comes to multi-branding always boils down to creating massive brand awareness, and help me target different markets.
We have a number of businesses owning distinct brands under a parent company. These multiple brands may either operate independently or under the brand title of the parent company.
It is essential for business owners to keep up with multi-branding strategy because they birth new business opportunities while reducing start-up costs and promoting wider usage. It expands businesses, customer reach as well as business revenue as a business owner. It also gives an edge over competitors.
What would you say is the greatest strategy to successfully build multiple brands?
One major purpose of multi-branding is to enable wider usage and to dominate the business space. In this regard, marketing and branding are most strategic.
This entails making each brand distinct enough to be recognized as separate entities, and also creating independent brand awareness.
You cannot have yourself confusing your customers. Alternatively, using the same brand title affords you an opportunity to maximize your existing customer base. For instance, the Virgin and FedEx brands.
At my website, I extensively examine multi-branding. You can also find best investment and business growth ideas there.
Were there days you felt solely unmotivated and uninspired while building multiple brands?
Absolutely! Building multiple brands takes a lot of planning, dedication and even resources, especially when not properly executed. So, there were times I almost gave in to the pressure.
During these times, how did you manage to keep yourself motivated and inspired?
Every entrepreneur has a source of inspiration; it could be one or more. For me, it is my ‘passion’. This has always been my driving force.
As an entrepreneur, your greatest motivation may be in you. The reason you do what you are doing. Once you have discovered your motivation, your convictions and beliefs pushes you when uncertainty sets in.
Also, I spend a lot of time on my personal growth. Feeling good, happy, and secure in my personal life keeps me motivated.
Would you advice start-up companies to consider multiple branding in the year 2021?
Absolutely not! Starting up a company requires maximum time, efforts and dedication. Multiple branding entails so much complexities that may be too burdensome for a start-up company.
2020 was the year of the pandemic, disrupting industries. Howbeit, in the coming months, starting a business in some industries may be safer and lucrative.