Business Name Ideas

The name is memorable

When brainstorming business name ideas, you want to choose a name that a consumer remembers for all the right reasons. A creative industry calls for a creative name such as ‘A Snip Above the Rest’ for a hairdressing salon or you may want to play on words such as ‘Bean Me Up Espresso’ for a coffee shop. However, for a business such as a lawyer or doctor, you may decide to keep the name more professional and more corporate sounding.

Choose a searchable name

In this internet savvy world, it is ideal to choose a name that has a domain name available and low competition on Search Engines. If you choose a catchy name that is similar to other businesses, you may find that your business name is buried in the search results even for your company name. The name should also be easy to spell and if possible, try and use a keyword. This works well for organisations such as the ‘Queensland Theatre Company’.

Choose a name with positive associations

A business name that is unsuitable for your industry or just plain inappropriate, distasteful or bordering on the offensive such as ‘Stiff Nipples Air Conditioning’ or just sounds like a rude word will reflect badly on your business. Many words have both denotation (literal meaning) and connotation (emotional meaning). Choose names that have positive associations and signify trust and authority.
Choose a name that won’t date

A name that may be fashionable here and now or have popular culture references may not be understood or relevant fifty years from now. When thinking about business name ideas, think of a name that is funky and fun if your industry allows for it but will also last the distance in the corporate world and won’t date. Your business name needs to grow and develop with your business (see below).

Make it easy to pronounce and spell

Unfortunately the reality is that if a customer cannot pronounce your name correctly, this may inhibit them from calling your business or using your services. It’s a barrier to sales that most companies do not need. However, there are always exceptions to the rule and a quirky company name such as ‘agent provocateur’ which sells lingerie and breaks a lot of the business name guidelines may enhance your business and add a certain savoir faire.

Why Start Your Own Business

Why start your own business? Well, having your own business from home is an exciting prospect. You have the freedom to decide on the hours you want to work. The more time that gets invested productively in building and maintaining the business will ultimately translate into a greater financial turn-over for the business and increased personal profits for you.

Why start your own business; to take better care of your children. Many parents have also begun considering the work from home option. This is especially advantageous when there are still small children to be cared for. Parents have a dual role, one of caring for their family, and the other to ensure a secure income to their homes. By working from home and having the ability to manage time effectively, both roles can be managed without any lack of attention to their children. Parents that work from home not only save money from the high cost of day care but also have the peace of mind knowing their children are being cared for in the best way they know how to. So, this option to work from home is a winning scenario for both parents and their children.

Why start your own business from home? Well, because the internet has changed the business world in an immense way. Traditional successful business is associated with huge overhead costs; employee payroll and benefits, inventory, rent on the building, your time and energy 24/7. With an internet or online business all that is required is a small office space, a computer with an internet connection and a phone. With this innovation a home business does not need to invade the living space of your home, but can be maintained in a small area which can easily be separated from the rest of your home. You can run your business and still be a part of your family’s activities rather than being away at the office all day.

Having a marketing education and skills are attributes your home business will use for online marketing. Traditionally marketing and getting a marketing education can be expensive. However there are ways to affordably learn from others that have already been through the learning curve of running successful marketing campaigns. Successful marketing is a learned skill and the best way to learn is from business owners that already know how to run and manage successful businesses and have a great product for your marketing adventure. If you think that you could never possibly run your own online business successfully, think again. It’s simpler than you think when you find the teachers willing to show you how. Online marketing campaigns may be run without leaving the comfort of your home or spending years completing a bachelor’s degree in marketing.

Have Small Business Success

The second thing you need to be aware of in order to have business success is that you have to market your business no matter what kind of business it is. Advertising, though it can sometimes be a little expensive, is necessary. You have to have customers in order to have business success, and the only way to get them is to advertise. You can find the most affordable means of advertising when you look for it, and this will save you quite a bit of money.

In order to have success with your business, you have to of course know what exactly success means. Success isn’t the same with a small business as a large business in most cases. Of course, a very successful business will make you able to be comfortable in life, but you won’t be a millionaire by any means, unless you expand your business form a small one into a large one. This perspective is important because it will help you to have more realistic expectations of what your business success will bring you.

In some cases, though, your business success will require that you expand your business from a single small business to a large business or a chain. This is not an easy move, and it is very risky, but you could possibly gain quite a bit of money and profit from a move such as this. Once again, though, this will require quite a bit of work in order to successfully make this move. And the rewards with such a risk are of course much greater.

The advantages of being an owner of a successful small business are great, but if you want to have small business success, you have to work at it. Spend your time working and advertising in order to make your business successful. And remember, if you want to be a millionaire, in most cases you will have to expand your business in some way, and this is even more work and possibly more reward. If you are willing to put in the work, you can easily have small business success like you want.

Process of Selling Your Business

The first and most important step in the process of selling your business is to obtain a professional business valuation on your company. A business valuation offers a crystal clear picture of where your business stands today as well as understanding of the current market worth. While a business valuation is not required to sell your business, completing a business valuation offers a realistic picture of your company worth and fair selling price.

Many factors are involved when it comes to selling a company; if this is your first time selling a business have an expert financial professional offer advise so you have the upper hand in the deal. A business valuation will provide a comprehensive overview of your business through neutral perspective to assist in determining the fair market value of your business is. By scrutinizing the business’ financial records, company assets, past and future current market trends, as well as tax data, you will have a very clear picture of expectations when selling your business.

Prior to selling your business, ensure your books are accurate and in order. Having a well-organized set of financials will help to speed up the sale of the business. Make sure your data is error-free and provide the most accurate information possible.

Ensure that you have a succession plan in place. Your senior management helps run the business on a day-to-day basis and they are key players in the success of your business. Determine what will happen to them when you leave. Will they stay and continue to run the day-to-day operations? Even having a temporary plan in place will offer greater chances in selling the business. Include everything in writing to help protect your staff that is staying. A succession plan is critical when selling a business.

Lastly, keep the sale as quiet as possible. By letting the cat of the bag so to speak can cause a series of negative events. From your competition finding out, to your employee’s learning of a potential sale to your customers, this information leak can wreak havoc on the potential to sell your business. Keep information tied to the sale of your business as confidential as possible. Start with the first step of the process and obtain a business valuation for your business today.

Write a Business Plan That Works

This is where forward planning can help you.

A colleague once told me that ‘even a bad plan is better than no plan at all’. A bad plan at least shows that you have given some thought to the direction you want to go in.

A good plan takes time and effort, especially the first time you do one and many business owners or operators think they don’t have the time, or don’t see the value in it. But believe me… it is worth the time and effort!

It is an opportunity for you to build solid foundations for your business, based on known facts and these allow you to:

be very accurate in your plans and future projections.
avoid unforeseen pitfalls and crisis situations
spend your money and/or other resources in the most effective way
stay ahead of the market
make the most of every opportunity
be pro active and choose your own course rather than be reactive and follow everyone else
stop wasting time, effort and resources on inefficient processes and more

Good business planning involves:

looking at what you’ve done in the past few years
looking at where you are now
drawing conclusions from the above two points
based on that information determining your objective for the coming year/s
setting key strategies to help achieve the objective

Analysis of Past Performance

In this section of a business plan you look at the past year (or two) to take a good look at what worked and what didn’t. Where you came from is every bit as important as where you are going. You need to look at:

What promotional activities did you run- for example did you have any discount deals, special offers etc?
What worked? What didn’t?
Why did the activities work so well, not so well – find the reasons
Advertising campaigns
(again) What worked? What didn’t?
Why did the campaigns work so well, not so well – find the reasons
What mediums did you use? (ie Newspapers, magazines, radio. List the actual companies you used as you may have used a number of different ones.)
How much did you spend on them?
Which ones generated enquiries and which ones didn’t?
Did you keep track of the enquiries, if so, what were the results?

Keeping statistics on where enquiries come from can help you to use your advertising budget in the most effective way. There’s no point in spending a lot of money on advertising on television, for example, if most of your enquiries come from newspaper ads or word of mouth. Asking customers where they heard about you and keeping a record is the best way of determining advertising effectiveness.