3 Critical Pieces of YOUR Foundation
Most businesses are perfectly designed to produce the results it’s producing.
The key is to get the design of YOUR business, right coming out of the gate.
The first is, of course naming your business.
Your businesses name forms the foundation for your brand. When you do this right your brand can become memorable, recognizable, distinctive and unique.
Your business name should come from or out of what your business does. In other words, what is your business all about.
Start brainstorming…
Your goal should be to come up with as many names as you can possibly think of. Talk to friends, family and business associates, you name it.
PLEASE
PLEASE
PLEASE
do not name your business with your name and it. (You'll understand why in module 6 if it isn't already quite obvious why you shouldn’t do so.)
Tips for naming your business:
1 – Your name should be recognizable and convey what your company does. Make it memorable, avoid being generic. (Generic is for medicine)
IMPORTANT: Is the domain name available?
2 – Your business name should speak the language of your targeted group of people. Use the lingo of the demographic group you're targeting.
3 – Think ahead and make sure your business name is not too narrowly focused.
You may be local now, international soon, so make sure you leave a room as your company grows so you don't have to change your name.
4 – Your business name should fit with any products you add the future. You don't want to outgrow your business name.
Example: What if Amazon had named themselves bookstore.com?
Example: The perfect name for the perfect product… Shit be gone toilet paper!
Next is YOUR business structure.
I’m not an attorney (and I don't play one on TV) nor am I an accountant.
So please consult with the appropriate professionals regarding the most advantageous way to structure your business.
Sometimes incorporating this best and other times forming an LLC could be the better option.
This is why you need professional advice on this IMPORTANT aspect of your business.
Finally & probably one of the most important decisions you can make regarding your business…
Your business model!
So what exactly is a business model?
