How to Choose the Perfect Business Name
Did you know there is 28 million small business in the U.S? Yup, and they make up 99.7% of all U.S businesses. So If you think you can’t do it, you better think again. Whether you have an idea or a business you have to start somewhere. In this course, you will learn the fundamentals to start a business correctly while saving the most money. Before you start looking at domains and buying logos, you need to make sure you have the right concept. Here is a couple of things to think about before embarking on a new business or venture.
What is your vision?
A vision is a vivid mental picture of what you wish your business to be like. We believe this is the most important step because it gives you direction and focus. Knowing what you want to do is great, visualizing it is imperative. Most people have at least one talent and at least one thing that they like to do. We are not kidding when we say, do what you love. You are about to embark on a business venture, meaning you are going to be spending money, you are going to be stressed and irritated. The best part about it will be the fact that after all those hours of hard work, you will happy to know it was spent on your own growth. That is one of the best feelings in the world.
Once you find out what you like to do, you have to figure out if you can actually make money with it. Is it feasible? Are you going to be making anything or providing a specific service? For example: If you choose to open up a clothing line where you are designing pieces and shipping them out yourself. You will have an overhead and you will need photography and money to spend. Now, if you choose to do something like a t-shirt line, you’re most likely just printing or using companies like
Identify your message?
If you had to tell someone what you do in 3 seconds or less. Sometimes, that’s all you have to catch the reader’s attention.
Find a Name
The name is one of the most important things you choose when you first open up a business. Most people will tell you that it’s better if you choose a name that has a keyword in it. A keyword is a word or a phrase that people use to search for things online. For example: if you want pizza you would search for “pizza near me” or “Pizza in South Beach.” When you have the name pizza or pizzeria in your name then it’s easier for people to find you. This is because you have the main keyword in your name, which in this case is “pizza.”This is an informative name that lets customers know what you do, immediately.
Some people choose their family names or something abstract like a coined name (made up word). This is fine, it just depends on what industry you’re in. The rule of thumb is the more your name explains what you do, the less time you have to spend educating the consumer. We suggest you choose some fabricated words and some real keywords but stay away from initials and numbers. Once you have your name, you need to make sure it’s available, the trademark and domain. You can use us to do a trademark search or you can do it yourself by using your city’s business database to find active businesses with the same name.
For domains just go ahead and visit Godaddy.com and search for your name. If you don’t find your specific name you can use words like “A” or “The” at the beginning of your name and see if those variations are available. Another thing to point out is not to use cities or states in your business name unless you are planning to only do business in that area. There are exceptions to this, for example, cuisines like New York pizza, different ethnic restaurants and something like Brazilian bathing suits
Get a Location
Whether you are an influencer, a mechanic or a therapist. This applies to you. Where is this business going to be located? If you’re opening up a store you need to speak to a commercial realtor to find a place within your budget after you do a demographic analysis which we will speak about in the next couple chapters. This will tell you the best places to open up the store to get the most street traffic depending on the people who live or visit that location.
If your business is online, you still need an address. You can get one for as low as $9.99 with IPostal1 it allows you to have up to 30 mail items forwarded to your address per month. You can choose to have an actual virtual office and even office space if you need it, it’s cheap and simple.
The plans may vary, we are not affiliated with IPostal1, we just think they have the best prices and really nice locations for virtual offices.
How do I get there?
You need a plan
The best way to succeed in business is by finding a solution to a problem. Whether it be creating a service or selling a product you should be solving some sort of problem. There is a rule of thumb when it comes to starting a business
If you are dropshipping I would recommend just buying the product, shipping it to yourself and then choosing your own packaging. This will help because there are so many stores that sell the same products. Posting pictures of yourself or others in the apparel is very important, as product pictures don’t actually show how it fits.
Identify your target market.
Who will you be selling to? Once you find out what you wish to sell you need a demographic. To do this you need 2 simple things
1. Imagine your perfect customer- including age, gender, income level and lifestyle preferences.
2. Check out your competition – find out what they are doing and then figure out how you’re going to do it better.
