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.

Wellness Business! Five Ways to Make the Business More Profitable

According the Centers for Disease Control and Prevention over 34 % of the population are overweight and more than 33 % are obese. Many of the remaining

30+% can benefit from learning more about being fit and eating well.

Yet many of the experts in food, nutrition, health and fitness are not business experts. So they start a business and then struggle to make enough money. A few simple changes can make a big difference.

Here are five steps to tune up your wellness business. Follow this advice and to get more clients to hire you and earn more income.

1. Run your business like a business not like a hobby. What does this mean? This means you work. It does not mean you simply work when it is convenient. When you are not engaged delivering services to your clients you are marketing your business to attract more clients. This also means you pay attention to your money including incoming sales and outgoing expenses and investments.

It means investing in your business and not trying to do it all on your own. You need to spend money to make money. Do what you do best and delegate or hire the rest. That may mean spending can get ahead of income because you are investing for the business you want to have – not the one you currently have.

One way to test if you are running your business like a business owner or hobbyist owner is to give yourself a performance review. Do you meet or exceed expectations? Or need improvement. Do you deserve a raise or a promotion? How about appointment to head up a key project in your company? What is your area for growth (aka weakness) in the coming year

2. Be crystal clear on your niche and know your ideal client very well. Often times there is resistance to selecting a specific niche due to the fear of not having enough business. Actually the opposite is true. It is much easier and more effective to market to niche. You can more easily become the expert in your specific niche.

A niche makes marketing your business more affordable. When you carve out a specific niche, you can target your marketing message and make it more clear, precise, and easy for your ideal client to hear and say “s/he gets me!”

3. Have a marketing message that makes clients want to find out more. There are two common mistakes entrepreneurs make regarding their marketing impact statement or E-Speech. One is talking about yourself and your services and credentials on your website home page or when answering the question what do you do.

The second mistake is a marketing impact statement that is vague or confusing. This mistakes is often due to a lack of clear understanding of your ideal client and the pain or problem your business satisfies. Make your marketing impact statement all about your client, their problem and your business solution. Speak to them in their own words – everyday language not jargon.

4. Integrate all the parts of your business into a systematic, profitable business model. Small business owners often have a variety of marketing tools and tactics but no systems, no strategies, no business model. A website, blog, social media, advertising, health fairs or brochure will not be effective unless they are integrated into an overall strategy to grow the business. A profitable business model is a written and graphic description of how the business makes money from client attraction strategies through all client contact, customer service, additional purchases and referrals

Selling A Business Is Unlike Anything Else

The price of a business is determined by a valuation. The rules of a valuation come from the law and then legal cases as well as the Internal Revenue Code and custom. The price for most other items of value are determined by market comparables (for example, when valuing a house), looking up a book or some online site such as Kelly Blue Book (for cars) or results from eBay or some other online service (for any item you can think of). That is, there is no legal interference with the value of any these items except a business.

When advertising to find a buyer of these items, with the exception of a business there are no rules. To be clearer, when selling any other item the owner wants the world to know it’s for sale. Regular and established advertising channels are used including online web sites, newspaper or magazine advertising, family, friends and anything else to find a buyer. Conversely, with a business, advertising is done using less familiar methods and in most cases, the advertising is obscure so family, friends, customers, employees, suppliers, landlords, lenders and others are not aware the business is for sale.

When a buyer and a seller enter into negotiations for anything except the business, it’s generally very simplistic and does not need the involvement of third parties. In contrast, negotiating a business often involves complex negotiations with sophisticated parties. These parties can include lenders, landlords, attorneys, accountants, business intermediaries or business brokers as well as hidden support for buyers and sellers such as family and friends.

When selling a business, to get the maximum price possible, normally involves a lot of work for an extended period of time. The steps the seller takes includes trying to increase revenue, recasting the financial statements to arrive at an accurate and supportable discretionary earnings of the business and repairs and upgrades to make sure the business looks the best. Items being sold other than a business can similarly be polished but there is a limit on what can be done and the amount of time to do it.

When the buyer and seller reach an agreeable point in the negotiations of a business transaction, all items must be converted to paper. One of the first items it defines is whether the business is being sold as an asset or stock sale with this single decision has many tax and legal implications. Additionally, this one decision in itself, can set off a series of negotiations or at least, in-depth discussion and analysis by both parties.

In some business transactions, the negotiations can trigger a set of different valuations to support each parties position and whether or not the transaction ultimately closes. For example, if the purchase includes real estate or a large number of physical assets or intangibles such as trademarks or copyrights or the business itself then there could be four valuations. The first is a valuation of the commercial property, the second is a machinery and equipment appraisal, the third is an intellectual property appraisal and the fourth a business valuation.

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.

Effectively Practicing Credit Cards On Your Small Business

Business Credit Good Or Bad?

Credit is like anything else in your life. Properly used it can be a real asset your business. However, improper use of credit lines can almost guarantee that you’ll get into trouble and eventually even cost you your business and your personal credit too.

The first thing that you should do to establish and/or improve your business credit rating is to apply for a DUNS Number. You can Google the term DUNS Number and be directed to a site where you can get this number for your business. Once on the site, you will also learn ways to develop and/or improve your business credit rating.

Your business’ DUNS rating will impact how much credit you can get for your business and frankly, you should always try and develop your business credit separate from your personal credit. To accomplish this, you need the DUNS number and you also need to start building lines of credit for your business without making personal guarantees. The best way to do this is to start out small by borrowing a small amount of money from a local bank or credit union against a small cash deposit that you make into a business checking account. I suggest making 3-4 monthly payments on time and then pay the account off in full. You’ll be surprised how quickly your small business will start to get offers for everything from credit cards to signature lines of credit and/or equipment financing.

Separately, if you have any local vendors that you do business with, try getting them to extend you a small line of credit and then ask them to report your payment history to the credit bureaus in the name of your business (not your personal name). I would do the same thing here as with the bank loan. Just get a small line of credit, make payments for 2-3 months and then pay the outstanding amount off. You will be surprised how quickly your business credit rating will improve and the offers you will receive should exceed your needs.

On the other end, there is the use of credit cards and/or receiving credit cards from customers.

All I will say for the moment about accepting credit cards is that it is a necessary business tool for most small businesses today. In regards to using credit cards for your business, I suggest that you keep your business and personal lines of credit separate, if at all possible. Use business credit cards for business purposes and use credit cards for personal use on your personal credit cards. I know that many of you will say that this is hard to do, but the sooner you build your business credit, the less you will have a need for your personal credit cards to finance your business expenses.

Of course, this is but an example of how business credit lines can be developed and/or used for your growing small businesses. Furthermore, you will learn over time that the better you develop and manage your business lines of credit separately from your personal credit, the more your company will be worth and the more successful you are likely to be.

As you begin to develop and/or expand your presence on the Internet for your business consider this: Developing and/or improving your business lines of credit is one of the many important solutions to help jumpstart your online or offline business. However, you will need to develop more comprehensive strategies, since no one way will work for all businesses as you begin to build a customer base that you can then market to online on a regular basis. As stated earlier in this series, in order to rise above the crowd you will need more than just a website. Therefore, developing business credit lines in addition to implementing several Internet based solutions over the next 12-24 months will be critical to the long term success for virtually every small and local business in America.