As you plan your business, you need to take a look at a lot of things, many of which we discussed in the previous posts. Another thing that you should consider carefully is your business name. If you think that a business name is not that important, then you should think again.
Your business name just might make or break your business. Here are some things to consider when coming up with your business name.
Think long and hard about the suitability of the name. After all, this is the name that potential customers will see when they first encounter your business. More so, this is the name that you will have to stick with for the rest of your venture. As such, make sure that you like the name.
Know the rules. There are laws and regulations governing businesses. Make sure that you know what your state requires and what is not allowed. Having this knowledge will spare you from going through the whole process once again if you, by any chance, end up with a name that is not allowed.
Consider your image. What kinds of customers do you want to attract? Do you want to attract the traditional types? Or maybe you want to deal with the more unconventional types? Choose a business name that will suit the kind of clientele that you are targeting?
These are only some of the things that you might want to take into consideration when coming up with a name for your small business. If you have other tips, why not share them with us?
In your attempt to start your own small business, you might find yourself meeting bumps along the way. Though I am sure that you can handle things in your own way and time, why donâ€™t you consider looking for a mentor? In a sense, the fact that you are reading this post (and you are probably reading other materials as well) means that you are seeking some guidance in your endeavor.
So what is mentoring? Smallbusiness.co.uk has this to say:
Mentoring provides a second opinion, offering constructive feedback from an individual experienced in either running a business or in your specific field of interest. The idea is that their support will advise and encourage you in your role as decision maker for the company. A mentor gives you access to a different perspective on events or issues that arise within your business, offering impartial advice.
You have to realize, however, that having a mentor does not mean that you have someone to do all the work for you.
Your mentor is not someone who will do all the work for you or try to take over. Remember that they are not an employee, but are there to help. Mentoring is not business consultancy in disguise and your mentor will most certainly not be running the business for you. Instead they can share their experience and, with you at the helm, help guide your business to success.
Think of a mentor as a teacher, a guide. Thatâ€™s it. You consult but you still do the work. So what do you think of getting a mentor?
I have this tendency to do everything â€œbig.â€ Whenever I start something, I want to do things in the best possible way and I do not think there is anything wrong with that. However, through the years, I have also learned to acknowledge limitations. They do exist, especially for small business start ups. And now, I know that there are certain ways that I can cut costs without necessarily cutting on the grandness of my plans. Let me share some of these tips with you.
Learn to distinguish between necessities and â€œbling.â€
There are certain things that cannot be done without when starting a small business and there are things that can wait. However, there are things that fall in between and sometimes, it can be hard to determine which things are absolutely necessary and which things can be left for later.
You may be thinking that this is a no brainer â€“ it is, in theory. However, I have had many experiences (both hands on and vicarious) wherein business owners fall into the trap of impulsive buying and spending. Before they know it, they have spent an unnecessarily large amount. My suggestion? Get everything in writing. If something is NOT on your list, then do not spend money on it. It can wait.
Utilize every little nook and cranny.
Whatever the nature of your business may be, you are probably going to need a space to call your office or shop. If you are renting, you have to be smart about making the most out of whatever space you can afford. Try to get as small an office as you can and then find ways to make it seem larger. Remember, you do not need a whole floor when a single room will do the job just as well.
In some of my recent posts, I emphasized the point that you should consider how your business will affect your lifestyle. Starting your own business and handling it yourself is very much different from working for another person. Even if you have a management position in a company and you have a lot of responsibility, that is nothing compared to actually owning a business and running it yourself. The responsibility that comes with it is increased a hundredfold.
One way to make it easier for you to efficiently operate your own business and nurture your personal life is to shape your business to conform to your lifestyle right at the outset. This includes taking your personality into consideration. According to Rob Spiegel, your personality actually shapes how you conduct your business:
Launching a company is a very personal act. If your start-up is successful, it succeeds because it takes on the contours of your personality. The personal qualities you develop to get the company off the ground are more important than the experience you gained before launching. Your success depend less on what you know than it does on what youâ€™re willing to try, what unsuccessful habits youâ€™re willing to discard, and what lengths youâ€™re willing to go to in order to learn what it takes to make the enterprise run right. Your business has to reflect the strengths of your personality and abilities.
As such, you should take the time to reflect on how you want to go about starting a business. Do not rush the process. More so, when others tell you how to go about it, you should consider their advice BUT at the same time consider your own input as well.
Common sense, yes?