The Small Business Checklist Item #1 – Business Name
We are going to offer some free checklist items that can help you start your business whether it be online or off. Please check back with us everyday for our top 10 list that will be great for a checklist.
Checklist Item #1
Choose a business name that suits what you want to do and plan to do in the future. Many entrepreneurs try to pick a name that they like, but sometimes it does not encompass what your company is going to do. A word of advice that many people do not think about is that you should not have a company name that has your name in it. The main reason for this is because if you ever have a chance to sell the business, there is less likelyhood that someone will purchase your business because of the name. Business Investors and purchasers want a name that can keep people interested and is memorable. Using your name is an easy way to create a company name, but not the most effective in the long run.
Remember that you are starting a business and your name is going to be one of the most important parts. You want to be memorable, but not hurt yourself by using the wrong name. Think of names that do not have a bad alternate meaning as well. Another thing about the name is that you should think about what your plans are for the business in the future. If you are starting a business in construction and start just with drywall, you do not want to name your business with drywall in it. This will pigeon-hole your company into just drywall. You want to use general terms that can encompass many different types of construction, like just the word construction. This is just an example, but we have seen many companies start up and then realize that their business name is not the most effective or attractive. Remember, this is your brand and you want it to stand out.
Visit us tomorrow for checklist item#2 of our small business checklist..