Let’s face it, a name can make or break your company. Many people try to keep it simple by naming their business after them. I recommend that my clients look further for several reasons, one of which is that a business that is named after its founder tends to not be valued as highly when the founder wants to sell. It’s just harder to transfer. Another is a snappy name offers real value. If it’s easy to remember, cute or catchy and fun, you’ve got something that people will be attracted to.
Make no mistake about it, finding a great name is becoming increasingly more difficult. Hence the names like Verizon, Nike and Reebok. Some of these made up names are surprisingly representative of the product. I’m amazed at the creativity and innovation of the people responsible for Verizon. I know this is a product of an extensive process conducted by top tier consultants. Hats off to them.
Finding a good name comes through the branding process. While its much more time consuming than just picking a name, it ensures that the name you pick with reflect your business, your product line up and your market. That is priceless.
I always recommend conducting several major search engine look-ups before finalizing a name. For instance Google, Yahoo, Dog Pile, etc will give you an idea if anyone is already promoting the name. You might want to put parenthesis around your name of interest as well. Also it’s a good idea to check your state business office’s website to be check if the name is still available, although the only way to be absolutely sure is to conduct a legal search.
Setting it up
Opening a business bank account is an early step you will take; it’s important that you keep your business finances separate from your personal money. You’ll also need the guidance of an attorney and accountant right away. While there are many options for free advice out there, I choose to pay my lawyer for advice specific to my business and not generic. It’s a good idea to use the free legal advice sites to gather information so when you do speak to a lawyer you’re not paying to learn the basics. Another reason to pay an attorney is that you then have one when you need. Few things are worse than scrambling to find an attorney when you NEED one. If you have one before you’re desperate its easier and CHEAPER in the long run. If you are doing business in Minnesota and need recommendations for legal or accounting services, just let me know. I have a host of terrific service providers. Having these relationships in place will do wonders for your business.
It is important that your business stands out from the other businesses that offer the same or similar products and services. Your sales proposition allows people in your target market to understand why they should choose you over your competition. It also introduces your company to people who are unfamiliar with your offering and gives them a reason to choose you. Writing a proposition that will draw attention from potential buyers will be well worth your while and a good one will pay off handsomely.
I’ve included some resources in Part 1 of this series. I hope you find them useful.
I’m here to help
If you need help getting your idea off the ground, are serious about success and can make decisions rather quickly, give me a call. I might be able to offer the help you need to make it happen….
Tomorrow for Part 3.
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