This step-by-step article will take you through the process of starting up your new business.
Creating Your Business Name
First, you will need a name for your new business. Creating a great business name is important, because once you select a name, it cannot be changed. Here are some things to think about as you consider a business name:
- What is your business mission? If you don't have a mission, how will you know what to name your business?
- What is your Unique Selling Proposition (USP)? Your USP defines what it is that makes your business unique, and it creates a "brand" identification in the minds of your customers. You need to know your USP before you can create a business name.
- Is your business name available? If you form a corporation, partnership, or LLC in your state, you will also be registering your business name. But check to be sure the name is available before you spend the money first to be sure the name you want is available.
- What impression does your business name create in the minds of potential customers? Ask people what your proposed name means to them; you'd be surprised how people might perceive the name.
- Does your name create any negative connotations in other languages? Get someone to translate it for you.
- Is your name easy to remember and pronounce? Make it easy for people to find you and spell your business name.
- Is your name flexible enough to adapt to future changes in your business? A name that works now might not work if you expand your business in the future.
Your Unique Selling Proposition (USP)
Next, you will need to create your unique selling proposition, commonly called a USP. Your USP describes your business and what makes it unique and different from other businesses of its type. Your USP includes your products, your special services, and the types of customers you serve.
