How to build a profitable business as a Branding Consultant

http://www.ackces.com/moluthra

In our new on going segment, My Start up Life - How to build a profitable business as a Branding Consultant, I will be talking with entrepreneurs and other professionals about building a business, the challenges they face and the benefit of owning their own business.

This week, we’re interviewing one of Britain’s fastest up and coming Rising Star Mo Luthra. Mo is a successful Branding consultant with a network that would give any celebrity a run for their money. Speaking with Mo you know that he has something special. He is passionate about what he does and have certainly given me a lot to think about....Believe me, after you have digested what he has to say...you will never think about branding the same again!

Mo, why don’t you give a little bit of background about your entrepreneurial history?

Well I was a slave for many years to the advertising and marketing industry. I found myself working long hours, learning the trade, and given limited chances to express my creativity and utilising it to its fullest impact. One day I got up and thought....there must be more to life than this! I wanted more..... I wanted a challenge! Luckily for me, I had a very good friend who ran many successful businesses, and he was like a drill sergeant from the army, always pushing me to get out of the comfy and safe world of employed work and go out and start my own business. The best piece of advice he gave me was K.I.S.S – keep it simple stupid! Don’t get yourself in heavy debt, grow your business organically, and offer something to the consumer that will really make a difference.

Interview Questions:

1) Could you describe what you do? In a nutshell I use the power of branding to help small businesses grow into multinational companies. Now by ‘branding’ I’m not talking about just having websites and company logos. You see for companies to grow successfully.... they must learn to utilise their brands with such precision that they stand a significantly higher chance of competing in the market place. Currently companies can learn to lever power in the marketplace in three ways.... a) The power of competitive pricing –To get this right, you must position yourself as selling the cheapest most competitive services or products in the market place. The problem with this stance is that you erode your own profits, and generally there is always someone out there who is cheaper than you. b)The power of Convenience or new technology – This means offering functional benefit, for example, you may compete to open all hours, by proclaiming your self to be the first to produce xyz, or that you are the only shop on the high street that offers xyz service. The problem with this is that anyone can open a shop across the road from you and offer the same service. Basically if you are competing on functional grounds your business is easy to copy. c) The power of brand building – here you understand the market place, create an offer which is unique, be the first in consumers minds within a particular niche, and build a relationship with the consumer through your brand. By doing so even if the competition opens up next door and is cheaper, people will still prefer you over your competitor, for example, Starbucks is 30% more expensive than the competition but still holds the largest market share, and lets face it we all love a mocha frapp.....I know I do!!! 2) What has been your most challenging moment in business, and how did you deal with it? Just a few weeks after I started, I had only one client, I had just bought a house, and was relying on this client to keep my head above water. One day the client phones me and asks for a meeting. I go to see him at his place of business, and he says.....”You’ve done a great job, but I don’t think I can finance the next stage of the brand building process.” At which point I was literally crapping in my pants. After the shock I collected my thoughts and gave one of my best selling acts in my life...even to this day I am marvelled at my boldness... I wouldn’t... I mean I just couldn’t let him slip away just like that...., In my mind I desperately needed his cash and business. After an hour of selling his need to carry on with the brand building process, which is vital for the growth of his company and I must admit wanting to hold on to my dreams with every shred of fighting power I had in me and Knowing I can deliver and make it happen for this client, if he just gave me the fighting chance...He finally agrees to keeping me on... even to this day he is one of my biggest client. The motto? In the face of challenges...never give up without a fight!! 3) What goals or plans do you have for the future of your business? I’m not overly motivated by growing my business into a multi national company with too many employees or offices. At the moment I am quite happy being Mo Luthra, and I love what I do...I love working with small and medium size businesses and helping them to grow into strong leading brands. It’s a whole different ball game when you are employing people, and you have to worry about paying someone else’s wage...think about it... their livelihood depends on you. Like my mentor says, keep it simple stupid. 4) What advice would you give to people just starting out in business and want to become a Branding Consultant? I would say research your market.....Know your stuff and know it inside out! Remember companies are putting their trust in you to deliver...they are putting their businesses in your hands. Make sure you have some serious experience behind you. Secondly know how to deal with your customers, you might know best but you can’t push your ideas for the business onto them. It has to be a collaborative approach. 5) If someone wanted to learn a bit more about you, how can they get in touch or build a business relationship with you? Give me a call day or night – 07740 361 349 or email me, mo@moluthra.com, or just have a brose on my website www.moluthra.com or look me up on http://www.ackces.com/moluthra 6: Finally, where has your work been featured and how did you make it happen? When I was working for ad agencies and branding agencies, the work I did was featured everywhere from poster campaigns for Easy Jet, and Apple to creating strategy review for John Lewis, and also rebranding three MFI stores....The list goes on really....I could brag...but I won’t!!