Business Name – How To Pick One From A Legal Perspective

 A business name can be a huge factor in the ultimate success or failure of the entity. Unfortunately, many people fail to give a lot of thought to it prior to moving forward. There are many factors to consider including something memorable, a name related to your area of work and, potentially, the availability of the domain name.

Married?

Picking a business name is like getting married. You are going to have to stick with it till the bitter end. It is estimated a prospect will need to see your advertisement and business name at least 22 times prior to doing business with you. Once they associate your business with a certain name, making a change will be disastrous. Once you pick something, stick with it.

Naming Your Business

If you are going to be married to your business name, you need to make sure the bride isn’t already married to another suitor. There are four significant issues to consider.

Initially, you must determine whether the name is already being used in your state. The Secretary of State controls the names of all corporations, LLCs and partnerships. Most also have a web site where you can conduct name searches. Even if you are a sole proprietor, you should check the name against those already registered in the state database. If the name is being used, you will need to consider an alternative.

Assuming the name passed must with the Secretary of State, you should check it against existing trademarks file with the Patent and Trademark Office. The “PTO” maintains an online database. As with the Secretary of State, you can conduct an online search to make sure no other business is using it.

In this day and age, many businesses incorporate a web site as part of their business model. If you are in this boat, you need to check to see if the business name is available as a domain. If it is, you should register it immediately. If not, you can either change your business name again or focus on a domain name incorporating your service or product instead of the business name.

Avoiding Problems

You business could be devastated if you do not take these precautionary steps. Imagine the negative impact on your business if the name has to be changed three years down the line. Take a breath before you select a business name. Like a spouse, it can be either a good or bad choice.

Business Growth - Rate Control For Maximum Success

 Business growth is something we all want.  During startup, however, you have to balance your business growth rate with your ability to keep on top of the business launch. You don't want to get overextended because that will cause you to cut corners and your future success may suffer.

Controlling the rate of business growth is difficult to do especially if you are moonlighting. In this situation you have so many more balls to juggle because you have work issues to deal with as well as business issues.  The key to effective business growth control is excellent organization and planning.

Micro manage for Business Growth Control

During your startup it is more important than ever that you micro plan your major projects.  If you sell a 10 node network you will probably quote it by the number of hours for server installation, cabling infrastructure, taking care of the ISP and the telephone company, and taking care of the desktop.  To control business growth you need to take this type of calculation to the next level and develop a detailed hourly spreadsheet to account for your hours each week:

Put your total hours and tasks required into a spreadsheet 

Break down each of the tasks week by week 

Estimate the number of hours you will need for each item during the week

Add in some cushion time to deal with unanticipated issues

Add general administrative tasks, work and family responsibilities, and leisure time requirements into the spreadsheet as well 

This type of planning exercise will help you control your business growth because it will be easier to see if you are overextending yourself.  An overextended person is a stressed person and a stressed person is not an effective business manager or service provider. 

The Bottom Line on Business Growth

To control business growth the best thing you can do is to make sure you have a handle on everything you are working on.  Break large projects down into smaller pieces.  Fit your projects into the other responsibilities your have whether those are work or family related.  Take a look at your weekly responsibilities and ensure you are not spreading yourself too thin in any one area.  This micro management approach will ensure your business growth rate does not spiral beyond your ability to keep up.  

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Burgers and Bulldozers: New Franchise Roundup

 With hundreds of new franchise concepts being started every year, it is nearly impossible to keep track of the freshest ideas. Here is an update of two new franchises and how they have fared in their first several months of franchising.

The Counter - No, this isn’t just another fast food hamburger joint. Besides serving hamburgers, The Counter has as much in common with your local McDonalds or Wendy’s as the World Cup has to do with your child’s weekend soccer game. First opened in Santa Monica in 2003, this trendy update to the classic burger joint serves its burgers with any combination of 10 cheeses, 26 toppings, and 17 sauces. So, go ahead and order that Danish Bleu Cheese Burger topped with dried cranberries and a ginger soy glaze you always wanted.

Since 2003, The Counter has received the type of press that most companies can only dream about. After being listed as one of the top 20 burgers in the country by GQ, the holy grail of endorsers, The Oprah Winfrey Show, named it the “Best Burger in the USA.” (An aside on the power of the O-nod, sales jumped from $44,000/mo to $245,000/mo after the endorsement)

With all of this success, The Counter did the only logical next step and began selling franchises in early 2006 with a $40,000 franchise fee and 6% royalty.

So how is it going? The company has already inked agreements for 60 restaurants in California alone. Next up is expansion into Florida, New York, Arizona and Nevada followed by the rest of the country. With long range projections of only 400 to 600 units, The Counter is well on its way to franchising stardom.

EQUIPRO - If Santa Monica and The Counter just seem too trendy and hip, this light equipment repair franchise from Wisconsin surely won’t. EQUIPRO, a subsidiary of Wacker Corporation began providing repair service to the light construction equipment industry in 2003. At the same time that the light equipment market is growing at nearly ten percent per year, many large equipment dealers have been cutting back on service support. In response to these trends, EQUIPRO began to build out its network of service centers.

EQUIPRO focuses on providing service for the following manufacturers: ICS, MI-T-M, MK Diamond, Sullair, and Wacker. The franchises are also full-service dealers for Honda, Briggs & Stratton, Robin/Subaru, Wacker and Kohler engines.

For each franchise, the company hires a Metro Service Specialist (MSS). The MSS is an employee of EQUIPRO, Inc. hired on behalf of the franchisee to develop service sales and act as a liaison for EQUIPRO’s OEM partners in the local market. The responsibilities of the MSS include effectively calling on contractor offices and jobsites, equipment and rental dealers, as well as national accounts to promote solutions for equipment repair and parts. In addition, EQUIPRO provides professional training on business operations and technical details both in the classroom and on-site.

Franchising since June 2005, new franchisees can expect to invest between $145,000 and $350,000. EQUIPRO has opened 12 service centers and plans on opening 33 units by the end of 2006 and 150 in the next seven years.

Build Your Business With Four Easy Steps

 Creating a successful and profitable business is no easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up:  

1. Determine your business. What are you selling?<br>

This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling. You're buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or "innovation" before he specifies any particular industry, and he's built one of the most powerful brands in America. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.  

2. Select your market. Who are you selling to?<br>

This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves. From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says "Richard has the amazing ability to figure out the things that people want to have." This ability to perceive your consumer's desire can only be a result of knowing them like your neighbor.  

3. Create a marketing strategy. How do you speak to these people?<br>

This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What's the voice of your brand? What kind of prices are reasonable for this demographic? In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend, among many of things. Really, this step should have been combined with the last because who your market is dictates your marketing strategy entirely.  

4. Learn by example. Seek advice from those who have done it.<br>

There are many books written by professionals who have already started their own business and have been successful in doing so. One that comes to mind immediately, as we've already mentioned him a couple of times, is Richard Thalheimer. "Creating Your Own Sharper Image" shares the story of how he grew his tiny office supply company, The Sharper Image, into the thriving enterprise that it has become today.  

Remember, building a successful business in not all about the dollars and cents. Equally as valuable is you brand equity and your ability to engage your consumer, which is only attainable by understanding them. Assuming there is a demand for your product, and you can compete with the other brands, following these four steps shall guide you in the right direction.

Business Plan Outlines - The 5 W's

 Business plan outlines are all different.  The one common thread is that all business plan outlines help the writer answer the five W questions:  who, what, when, where, why.

If any of you ever worked in journalism or as reporters, what you want to do when you investigate anything is answer the 5 W's.  A business plan outline is a concrete method for investigating a business idea so answering the 5 W's makes sense.  

Business Plan Outline of the 5 W's

Who are you? Your business plan outline should detail your certifications, industry experience, and credentials.  List the business credential that you've already received or those that you're planning on getting in the early stages.  This part of the business plan outline also lists the staff you project needing and what their qualifications will be.  

What do you plan on sell?  In your business plan outline you need to include a discussion of what it is you are selling.  Are you selling products, services or both?  Once you know what you are selling you then need to discuss the revenue and profit associated with your products and/or services.  

This part of the business plan outline also includes your preliminary sales and marketing plan.  What will you be doing to gain your clients and how much time and money will you spend doing so?

When did you launch or when do you plan on launching? This information is critical to outside investors and it will also help to keep you on track.

Where are you located?  Here you will indicate the types of facilities needed to run your business. Will you work out of your home or rent office space? 

Why is your approach unique? This is a critical question that your business plan outline must address. You need to explain your number one differentiator. Somewhere in your business plan outline you must make space for detailing the proposition that sets you apart from everyone else in the market.

The Bottom Line On Business Plan Outlines

Business plan outlines help you structure your answers to the most important business planning questions.  These questions can be summarized as the 5 W's.  By answering these questions, your business plan outline will lead you to discover and detail the exact "how" of your overall business operations.

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Benefits of Virtual Assistance

 A virtual assistant is an individual who provides business services to other professionals.  They're considered virtual because they perform their services from a remote location.  Communications with their clients take place through telephone, fax, email, and snail mail.  As a business owner, you can save time, money, and energy by hiring a virtual assistant.  Best of all, you'll have more time to do what you do best - running a business!

 

1.    You do not need to provide a physical workspace.  A virtual assistant works from their own home or office.  This is especially convenient if you are running a business from home or if you have limited space at your own office.

 

2.    You do not need to provide costly equipment.  Virtual assistants use their own equipment to provide services to you.  This can result is tremendous savings especially if the virtual assistant has access to equipment that you don't already own.  Also, you don't have the worries of dealing with the maintenance and upkeep of office equipment.

3.    You save valuable time not performing tasks you don't have time for or are not able to do.  As a business owner, the highest and best use of your time is to work in your business.  Delegating important and necessary administrative tasks like web design and maintenance, bookkeeping, writing, shopping cart setup, and other tasks will allow you to spend time developing your business and building relationships with your customers or clients.

 

4.    You do not have to deal with payroll, taxes or benefits.  You can hire a virtual assistant as an independent contractor which frees you from spending time dealing with tax filings and compliance issues.  You also have the added benefit of hiring them just for the task at hand, paying them at an hourly rate or by the project.  This is much more cost efficient than having a full time employee who you might not be able to fully utilize.

5.    You can accelerate growth by finally having the time to focus on the most important issues of your business.  The administrative tasks related to running a business are overwhelming, even for a one-person business!  The best way to grow your business fast is to concentrate your energies working on your business and leaving everything else to your virtual assistant.  

6.    You have the freedom to work on growing and improving your business/life skills, knowledge, and relationships.  We have a vision for our business.  We are constrained by time which limits how quickly we can move towards achieving the goals which underlie that vision.  With the help of a virtual assistant, we'll have more time to do the things that matter most to us, the things that will bring richness and enjoyment to our life.

 

7.    You are able to make better decisions by having a partner to “bounce” ideas off.  Having an assistant is a great benefit especially if you are a solopreneur.  Their strengths, background, and expertise can provide fresh eyes through which to view your business problems and projects.  There's a lot of truth to the saying, "Two heads are better than one."

8.    You have peace of mind knowing that the details are being handled.  Most business owners find themselves swimming in details.  There are so many things to handle, from paying the rent, to returning calls, from updating the customer data base, to sending out products.  There are literally dozens and dozens of details to remember and juggle which leads to mental and physical exhaustion.  By turning over these tasks to your assistant, you'll get more done faster and with a lot less stress.

9.    You are finally able to run your business instead of it running you.  At some point during the progression of our business, we start feeling like our business is running us instead of the other way around.  Feelings of overwhelm from the countless tasks we must complete can make it difficult to do anything at all.  Partnering with a virtual assistant can help us avoid getting stuck.  Instead, we can then stay focused on our goals and in control of our business.   

10.    You have flexibility to assume new, challenging opportunities.  With the administrative details handled by your virtual assistant, you'll automatically be more open to taking on new projects that can benefit you and your business.  Your talents and creativity can really shine when you aren't bogged down in details, overworked, or distracted by things that aren't directly related to serving your clients.

Believe the Hype? - Making Millions Online

 How much money can you make online? Are there really online millionaires?

Of course there are, but is it reasonable to expect that you can be one of them.  Don't let the hype surrounding the emergence of opportunities cause you to lose your common sense.  Millionaires are made by effectively assessing the needs of a market and having a product or service that addresses those needs.

The internet can greatly expand your ways to sell products or services. Some people have been able to use this to make a great deal of money. Some companies that operate only on the net have made online millionaires of their founders. 

Before the internet there were auctions, but no eBay. With thousands of items sold daily, each one making a profit for eBay, there is no doubt that the founders must be online millionaires.

Before the internet there were bookstores, but no Amazon.com. Amazon is now outdoing traditional bookstores. Don't you wish you were the founder of Amazon?

Online millionaires start with an idea and a belief in themselves. They find a way to set themselves apart from the rest. Like real world millionaires, they often have enough faith in their ideas that they risk their own money and even seek additional funding elsewhere. Once they get started, they make themselves big enough that the other competition does not threaten them.

Online millionaires start early in the game. For example, now that we have eBay, people often forget there are other auctions. The only real competition Amazon has is traditional bookstores that were always there.

If you want to be an online millionaire, think of a need that is still largely unfulfilled. After that, you will probably have to believe in your idea enough to take some financial risks. If it doesn't work, you lose your investment. If it does, you might join the ranks of online millionaires.