Growing a Business vs Growing a Brand

In this day and age, growing a business and growing a brand are two concepts that are often used interchangeably. But, in reality, they are two distinct processes that require different approaches and strategies. 

Did you know that small businesses make up 99.9% of all businesses in the US? In fact, there are over 30 million small businesses, with more opening all the time. 

Growing a business and growing a brand is fundamentally different, and it's important to understand the difference between them. In this article, we will explore the differences between the two concepts. 

Definition of growing a business

A business is a company or organization that provides goods or services to earn a profit. Every business has four basic components: people, products, processes, and profits. The goal of growing a business is to increase each of these components so that the business can thrive. 

Definition of growing a brand 

A brand is what sets one product or service apart from another. It is the recognition of the name, logo, and all other visual elements of your brand, as well as the feelings, associations, and memories that come with it. Growing a brand is about increasing customer loyalty and brand recognition. It is about making customers feel connected to your brand so that they choose your product over the competition.

Why it’s important to understand the difference 

While the two are related, the end goals of the two processes are quite different. They are different strategies with different end goals. Growing a business is about increasing revenue while growing a brand is about increasing customer loyalty and brand recognition. 

Understanding the difference between the two is important because it will help you tailor your strategy and make the most out of each process. If you are only focused on growing your business, you will miss out on opportunities to grow your brand. However, if you only focus on growing your brand, you may not grow your business as quickly as you’d like.

One thing businesses and brands have in common is space – office space, to be specific. Many small businesses and growing brands don’t have traditional office headquarters. 

Luckily, space for nomads exists in the burgeoning shared office environment. Co/working spaces, such as Minds Co/Work, provide flexible office space for freelancers, entrepreneurs, or anyone looking for a more structured working environment.