| What's In A Name?
"What does Tresaca mean?" "How did your mother come up with that name?" "How did you come up with Black Unicorn Communications?" "What does Black Unicorn mean?" I have been asked these questions countless times in my life. The only choice I had regarding the selection of my
first name was choosing the pronunciation of it.
I eventually realized that the meaning of my name
was up to me, and that it was much more than just a name. It was a part of me and I was much more than a name.
My name could mean whatever I wanted it to mean,
and like me there were no limits when it came to defining it. When it came to creating a name for my business, I did so
with the knowledge that it was much more than just a name.
It was also the beginning of creating the essence of what
the name really means and what I wanted it to mean. What is the difference between your name and
the name of your business? When it comes to your name, what matters most
is what your name means to YOU. When it comes to your business, what matters most
is what your business name means to YOUR TARGET MARKET. When your prospects see or hear your business name,
you want them to immediately associate that name
with positive feelings. You want your business name to evoke a sense of
trust, respect, and loyalty. As your business name becomes more familiar
to your target market, you want them to think
about what your business name really means to them. When it comes to the name game,
make sure your prospects can answer
the following questions about your business
when they see or hear your business name: 1. What is the essence of your business? 2. What adjectives describe your business? 3. What is your business mission statement? 4. What does your business stand for? 5. How can your business be of service to them? 6. Why should they choose your business to
solve their problems instead of your competitors? Your business is much more than just a name,
so make sure your target market really knows
what your business name means. Make sure it means the same thing to them
that it does to you. When your target market truly understands
the meaning of your business and how it
can help solve their problems, they will
really know the true essence of your business. And that is what matters most. Copyright 2004 Black Unicorn Communications, Inc.
All Rights Reserved.
What's In A Name?
Once you decide to start your own business you need to give it a name. Your business name should describe what you do. If this is not possible, for example, the one you come up with is already taken; you can use your own name with a tag line. For example, DeFiore Enterprises, Lease Purchase Consultants.
Our best advise is to come up with several names, test them out on friends and family before you even do a name search. Once you have narrowed it down to 1 to 3 names then do your name search. Remember, if you decide to become a corporation you will need to search corporate records also. Check with your local County Clerk's office.
Zoning and Licensing
Unlike many years ago when starting a home-based business was very novel, and in many areas of the country there were many restrictions; today is different. However, depending on the kind of business you are going to operate you should check your local zoning and licensing requirements. The county section of your yellow pages is the place to start.
Sole Proprietorship, Incorporation or LLC
You want to choose a legal framework that best suits your business needs. What this means is are you going into business alone or with others, and in what capacity. There is no universal right choice. Check out all options and then decide which best suits your needs.
One of the biggest concerns will be who will be held liable for any financial obligations the business incurs. Owners of sole proprietorships and partnerships, for example, are personally liable for all debts of the company. This means that if the business has financial problems or if a lawsuit is filed against it, the owner's personal assets - including home, car, and bank accounts, may be in jeopardy. In contrast, corporations and limited liability companies provide the most protection for their owners, only the money invested in the business is lost, not the personal property of the owners.
Still, for many new businesses, the ideal initial choice is the sole proprietorship or partnership, because the structures are the simplest and least expensive to establish. Limited Liability corporations are very popular and affordable.
In the end, your choice of the appropriate legal structure for your venture will depend largely on your individual circumstances, preferences, goals and needs.
Your Identity Package
Once you have decided on your business name, how you are going to set up your business, and have your license and zoning all covered, the next step is your identity package. Getting your letterhead, fax sheets and business card done is a must. Our Partnering For Your Success students have all of our promotional materials, and are free to duplicate what we use. However, for those that do not the main rule of thumb is to keep it simple, and to keep costs low. Don't go overboard with your business card, and keep your letterhead borders to a minimum. Everything about you does not need to be on your letterhead.
If you are not adept at designing these kind of items be sure you get professional help. Don't laugh or act like it doesn't matter. IT DOES! Your business card, letterhead and fax sheet, at times are going to be the first contact you have with an individual, MAKE SURE IT IS A GOOD FIRST IMPRESSION.
More detailed complete information on deciding on a business, set up and organization see our Complete Home Based Business Manual at:http://www.homebusinesssolutions.com/products/hbmanual.htm
Copyright DeFiore Enterprises 2002 Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses. No time to visit the site? Subscribe to our "how to" Home Business Solutions Digest, it's like having your own personal coach: mailto:subscribeHBS@homebusinesssolutions.com
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