Midlothian & East Chamber of Commerce member Brand Satellite, the brand consultancy known for helping small businesses gain clarity, confidence and courage, today announces the launch of its new online Brand Mindset Quiz, designed to help small business owners assess how ready they are to build a brand that lasts
Why now?
Small businesses are the backbone of the UK economy, yet too many never reach their potential. Research shows:
Around 50% of new UK businesses cease trading within three years. Experian
Around 70% of UK small businesses don’t make it past their tenth birthday. Forbes
These statistics aren’t just depressing numbers; they represent dreams unrealised, energy wasted and businesses closing before ever hitting their stride.
What causes failure?
Research indicates that most small business failures are not due to a single problem but a combination. The economy, identifying, hiring and retaining good staff, attracting customers and targeting business opportunities, and financial stability and cash flow are often cited as the biggest challenges.
An article published on Forbes “Eight Common Reasons Small Businesses Fail” Forbes mentions that the reasons include:
No vision: When you don’t have a clear vision, it’s like taking a road trip without a map. You don’t know where you are going, so you end up wasting a lot of time, money and energy trying to get on the right path.
No niche: One of the most common reasons for business failure stems from having a poorly-defined niche. If you try to make your business attractive to everyone, it will end up being attractive to no one.
No marketing plan: You should have a defined marketing plan identifying how you plan on reaching your target audience. You should also have a marketing budget and a way to calculate your ROI for each marketing method employed.
No consistency: Consistent action is one of the most important habits to cultivate if you truly desire business success. You must be committed for the long-term, because it’s going to take time to build your business.
The power of a brand
When done right, investing in your brand doesn’t just make you look good, it can change outcomes. Some of the positive impacts for small businesses include:
Greater clarity and alignment internally: Brand strategy gives direction for marketing, services and customer experience decisions.
Clear differentiation: In a crowded market, a clear brand helps you attract customers who align with your values.
Higher customer loyalty and trust: A cohesive brand can lead to better retention, more customer referrals and more stable revenue.
Ability to charge more: Strong brands justify premium pricing.
Resilience during challenging times: Businesses with a strong brand tend to navigate downturns better because their audience understands what they stand for.
Why mindset matters
Growing a small business is as much a mental and emotional journey as a commercial one. Key mindset elements that correlate with success:
Clarity: Knowing what you do, who for and why it matters.
Confidence: Being clear on the right messages to connect with the right people.
Courage: Being prepared to ‘show up’ confidently and consistently.
Willingness to adapt: Markets change, customers change; the ability to adapt is vital.
Long-term thinking: Building a brand is not an overnight fix; it takes consistency and patience.
Resilience: Being able to bounce back when things go wrong and learn from mistakes.
About the Brand Mindset Quiz
Brand Satellite’s new Brand Mindset Quiz is a free interactive tool that helps small, service-based business owners self-assess where they are in terms of readiness to build a brand. It covers areas such as:
Clarity of purpose and values
Understanding of target audiences
Marketing and messaging confidence
Ambitions and priorities
Pricing confidence
By taking the quiz, business owners will get a snapshot of their current mindset, areas to work on and practical suggestions for next steps to move from thinking like and business to thinking like a brand.
Giles Etherington, Founder of Brand Satellite, said: “I have been working with small business owners for nearly 20 years. So many of them have amazing ideas, passion and drive, but they don’t always have the mindset or the clarity needed to turn those ideas into a brand that lasts. That’s why I built the Brand Mindset Quiz. I believe that starting with the right mindset, followed by the right strategy and a clear brand, small businesses create much better opportunities to thrive.”
What next?
The Brand Mindset Quiz is now live at brandmindset.brandsatellite.co.uk. Brand Satellite will follow up with guidance, workshops and services for those who want to act on their results.
