Starting a new business is not a small deal. There are many crucial decisions to make wisely and many procedures need to be conducted to actualize the creation of the business. At first, registering a business name can be easy for some people. But finding the right name is quite a challenge. When it comes to picking the best name of your business, there is no exact science to learn. Some suggest that business name should be simple and straightforward as the short description of the business niche. For instance, you want to build a laundry business in Boston, then the descriptive business name could be “Boston’ Laundry”. See, simple and straightforward. But some people insist that having a unique business name is crucial so that people will remember the business name easily. For instance, instead of “Boston Laundry”, you can go with the name “Express Laundry”. Folks will easily remember the name and grasp the meaning behind “Express” quickly. Whenever they need fast laundry service, they will remember your business name. Keep in mind that business name is an integral part of your business marketing. It is how and why the customers call your business. Name will perceive kind of business you are running. People’s perception about your business will build your business image. So it is important to assess the image that you want your customers look. Speaking about this aspect, this will give “soul” to your business. When the soul is involved, you cannot afford to wrongly name your business. As mentioned, there is no exact science which can help you to find the right business, although some experts have their own theories. But first things first, you need to trust your gut. Since you are the business owner, you are the one who will live with this every day. So choose something that you feel convenient when hearing it. Imagine how the name will be put in the newspaper ad space or other mediums, hot does it feel to see your business name? If it feels great, and you are happy to see it, then go with it. Legally structure speaking, your task is not finished yet. You need to make sure that your business name hasn’t been used by other organization in your area. Keep in mind that some businesses only apply trademarks within their area. So if by chance you find other business which has the same name, you still have a chance. When looking for a business name, you should also need to decide the legal structure of your company:
Each of them is different in legal matters. You need to understand the legal structure and decide it by yourself. But keep in mind that no matter what kind of your business legal structure, all businesses must pay taxes. ***
0 Comments
It takes a very special type of individual to start a business, not everyone is cut out for the wear and tear that running your own business can place on you physically and mentally. As sometimes seen in the media and advertising, "Being your own Boss" can be portrayed as having "extra time" "not punching a clock" and "working the hours you want". This can be bit misleading, because in reality you are probably going to work more, much more in the beginning of owning your own business. Working for someone else and completing a set amount of hours per day, or being able to sign out on a Friday, and put work out of your mind until you go back in on Monday can provide a certain amount of comfort to some. As a business owner there is no clocking out, even though you may close the doors, and go home more than likely your mind is "still at work" Your new business will require you to be engaged in or way or another in order to make it successful. You must always be thinking of the little things, the small changes that add up and make a difference down the line. If you are fortunate enough to have plenty of funding when you start your business then you will escape someof the stress. Even then you may have had to borrow the money and have a loan payment to make every month. Maybe you saved the money or came into a lump sum of money that prompted you to try starting your business. Where ever your funding came from one thing is for sure, it will run out. You have a window in which you have to start turning a profit, and the odds are not with you as most new businesses fail the first year. This is the very scary part of starting your own business. Not everyone has the fortitude to lay it on the line like this and roll the dice with their future. Most enjoy the security of knowing where their money is coming from, and shy away from betting on themselves. Another aspect of being a business owner that most underestimate is making the big decisions. Nobody likes making mistakes at work, but when you are making choices that have implications on your future and their is nobody above you to defer to it can be a bit stressful. You are the one that everyone defers to. Your employees, and customers are relying on your decisions. Problem solving can require the majority of decision making capabilities. The world is not perfect and things do not always go as planned. Suppliers don't deliver on time, employees don't show up, angry customers with unreasonable demands. You will need to handle these "every day" obstacles, and make decisions that are right for your company. This may sound simple but can become a grind over time. A grind that some people can't handle. Owning your own business can be an extremely taxing endeavor, but at the same time it can be fulfilling and exciting. Not everyone is cut out for it...no most everyone is cut out for it. Starting a business take a special type of person who is dedicated, willing to take a chance, and able to be the one everyone looks to for answers. Before you invest your time, energy and money into starting your own business. You had better make sure you know what your getting into. Startup business is becoming popular nowadays. With easy access to resources, people try to at least the dream they once had. Many of them finally succeeded, but there are also more people failed and have to disband their small business. There are several reasons of failing to start a business but most of them would be because they ignored the importance of creating a business plan when starting a small business. Business plan is very crucial to start a business. It is commonly consist of three parts: business concept, marketplace, and financial. So how does a business plan actually help you running your business?
Running a business isn't as easy as it seemed at all. You might be composed at the start, but after a moment, there will be turbulences and problems that might lead you astray from your original purposes. This is where your business plan will come in handy. By looking at your business plan, you will be reconciled with your original purposes, as well as definition of your business and your description of ideal customers. Later on, you might be confused about what to do next. After growing your business to certain level, you might start to lose what you want to achieve. In the business plan, there will always be future vision, that is what you should aim progressively over time, and this is what will help you moving on and keep your business growing on track with your dreams. What else would you need to improve your business? Of course a good financial and a nice sum of money. If you can't get the money right away, you can always look for investors to join your business. Whether you succeed in inviting one is totally depending on your business plan. Even Though your business is actually quite potential, but with the absence of a business plan investors would think of it as just a daydream. As your business improving, you will need new people, and eventually someone you can trust to run this business with you. But who in the world would join you and leave their current career if you don't have any clear plans for the future? Yes, once again your business plan would be the one to convince your partners to be. By showing them your business plan, you allow them to take a sneak peek into the future vision you have in mind. Looking at the progress you've made, it would be the way to measure how far you are from your dreams, and whether it would be possible for you to achieve that in the future. Besides all of those functions, you will still have to manage your company in the future. The business plan would have the structure of your business, as well as the individual's duties of each personnel you have. Thus it is all you need as your reference to your meeting goals, sales targets, and operational milestones. If you don't have one, it is better for you to start creating a business plan right now, for it is your important key to success. |
AuthorSarah Lopes is a small business women from Dallas Texas. Archives
April 2018
Categories |