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Sunday, April 27, 2008

Choosing a Powerful Name for Your Company

It has been said that one of the most agonizing decisions for many entrepreneurs is coming up with a name for their new business. Often, those drawn to the business world are not as strong minded when it comes to such seemingly creative tasks as giving a catchy name to their company. You might be interested to learn, however, that the best names have very little to do with creativity and imagination, and everything to do with business acumen and a thorough research of the marketplace. This should put some of you at ease, who feel as though they missed out by skipping that creative writing course in college and are now at the mercy of choosing a boring, unmemorable name you will hate before the paint is dry on your sign. Here are some things you can do to choose a powerful name for your company.

First of all, you’ll need to think about what you want to get across to people. What types of words or phrases could you associate with your business? You’re at the molecular level at this point, so just remember to take it one step at a time. Think about your business and the functions, products, and services it will provide. Think about your target audience and a few of the things they are likely to enjoy, other than your products. Think about some of your favorite business names and see if you can find a through-line that connects any or many of those names. Do they have a common theme? Think about not only your favorite names, but the names of those companies that are most successful. Consider Coca-Cola, Nike, and McDonald’s, for instance. Do you notice anything similar about these names?

Once you’ve thought about these things, take a while to simply brainstorm some name possibilities. Think of at least ten, and try to make them all fit in with the considerations above. If you’ve found a common element to those names you came up with, see if you can’t follow in kind with some of your own names. Don’t try to sit down and do this all at one time. Keep a notepad by your bed or on your desk and return to it anytime you happen to think of a good name to add to the list. Don’t stretch the task over the next year by any means, but it will be good to let your mind free to think about names and associate your task with different things.

After you’ve completed your list, it’s time to start crossing off the ones that won’t work and coming up with a final list of two or three from which to choose. One criterion for keeping or discarding is whether or not the name is too specific. For instance, if your business will be selling printer ink, you may not want to name your company Ink, inc., even though it is creative and catchy (and incorporates the hard K sound found in those businesses we brought up before). If a few years, you want to start selling a hundred other office products the name could be a limiter, don’t let it.

After you’ve narrowed the list, go with your gut. Choose the name you personally like the best and go with it, no matter what anyone else says. After all, in the end it’s your business, not your friends or family’s. If you like it, live with it. It’s your new business name.

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Thursday, April 17, 2008

Conscientious Planning Guarantees Home Business Success

It is interesting to note just how careful the average American wedding gets planned yet how little, if any, preparation may be employed when contemplating the opening of a home business. Granted, the dream of the perfect wedding starts – at least for little girls – a lot earlier than the notion of running a business might, but by and large the fact that year after year endless scores of individuals are content with jumping head first into a venture which might, or might not, provide sufficient funds for the family to live on, is at times surprising and quite often downright alarming.

Yet becoming a small business entrepreneur does not have to be a roll of the dice or blind gamble; instead, conscientious planning guarantees home business success! Of course, the first step to any successful business venture is a clear understanding of the nature of the business and the talents and skill you bring to the table. For example, if you love your canine companion and would like to do something involving dogs, you will need to specify exactly what it is that you have in mind. The mistake many small home business entrepreneurs make is spreading out too quickly rather than appealing to a niche and then gradually expanding their goods and services. Therefore, consider if you wish to engage in a business that focuses initially on dog training or dog grooming; you decision should be based on your dominant skill set. Over time, you will be able to add in the other service as well.

Once you have narrowed the focus of the activity that is to become your new business, you will need to explore the legalities involved. Will you need licenses and permits? What are the ordinances with respect to business signage? Is your home zoned for this kind of activity or will you have to rent a store front? Research the answers to these questions well in advance to throwing open your doors to ensure that you have all your ducks, or dogs, in a row. This will protect you from having to shut down your business a week after the grand opening because the city administrator sent you a “cease and desist order” due to zoning violations. This is also a good time to investigate articles of incorporation to protect your personal and family assets should there be a legal action involving your business.

Last but not least are the financial questions that require answering. How will you finance your business and especially the start up? Do you have funds saved up for this momentous occasion or are you planning on some financial shenanigans that might be questionable? Consult a financial advisor for unbiased advice and also speak with a tax accountant to ensure that you will not put your personal finances and perhaps even your home and credit rating in jeopardy. This is also the time to confer with professional organizations that will be able to put you in touch with other entrepreneurs who may be willing to give you some information on getting started as a professional courtesy.

Wednesday, April 09, 2008

Use Advertising To Create Your Marketing Network

When creating a business you need to remember that the only way you will get customers is by letting people know you are there. You may have the best business around with the best deals out there but if you do not let everyone know that it is there then your business will not succeed.

Advertising is the one tool that can be used for success with any business, however an internet business can present some added challenges. It can be difficult to find the niche that works well when your business is a dime a dozen on the internet. Often the high end marketing does little good on the internet and can be very costly. Choosing a strategy that works well for your business as well as for the internet world we live in is important.

One way to generate sales is to use affiliate marketing techniques. On the internet you may affiliate with other companies like yourself to advertise on their sites for a percentage of the sales that are generated from your advertising on their site. It is easy to see why you as the owner of a business would want other agents to market in such a way. If you own the business you will find that having many people spend a little bit of money each month to advertise for you can gain you a great deal of advertising for less money then if you had done it yourself. This is because you are generating sales from each individual who is advertising and each affiliate does not have to spend hundreds of thousands of dollars to do the advertising. Resulting in more sales for less money spent equaling a greater profit for each party involved.

Most internet sites will have several affiliate businesses advertising through their site at once. Keeping track of these is easily done, and can help determine where the most effective advertising is done. When looking at this data the company can determine which advertising affiliates are most effective and can remove the ones that are not effective enough.

Testimonials can be a great way to drum up business. They are used just like word of mouth would be used only these are customers that are sharing their word of mouth in a way that more people then the ones that they immediately know can see and hear. Paid endorsements often fall short with average everyday citizens and can thus hurt the company, but satisfied customers are often not paid for their rave reviews and are therefore more believable then a celebrity would be.

When thinking about advertising you should never count out how much word of mouth advertising can bring to your company. If you go to the store and buy a product you love, you go home call your 2 best friends who love it as well and tell their two best friends you have begun a network of advertising for the product you bought. Many companies count on this and it is the best way to generate sales with little money spent on advertising.

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