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How to Find the Perfect Name For Your Business (Guest Contribution from Squadhelp)

The following post comes to us from Grant Polachek, Director of Marketing at Squadhelp.com, the worlds #1 naming platform serving businesses of all sizes and industries, from small startups to some of the world’s largest corporations. Get inspired by exploring these winning brand name ideas.


Naming your business is a crucial piece of launching your brand. It is often the first thing potential customers learn about your business. It should draw people in and sum up your brand identity.

Although naming is a challenge, it does not have to feel like stepping off the edge of a cliff blindfolded. With the three stages laid out below, you can streamline your ideas and get the most out of your brand name.

Stage One: Mission and Vision

Outline your brand

When selecting a name, it helps to get all of your ideas in one place. Create a document that you can refer back to throughout your naming process. Include key aspects of your brand. What do you do? What are your values? Why is what you are selling important? If others don’t feel that you’re passionate about your own brand, they will begin to question why they should care about it at all.

Jotting down a few existing business names that you like can help you brainstorm. What do you like about these names? Are you trying to achieve a similar vibe?

Compile a list of eight to ten of your favorite names, then dissect them. Explore these winning name ideas to start. Write a couple of bullet points about what you like about the name and why it works for that company. Dissecting your favorite names can provide direction to your naming process.

Consider your audience

A clothing brand targeted at successful middle-aged professional women will sound nothing like a fashion line for hip students, and there’s a reason. Your brand name should not just be about you, it should be about who you are selling to. Most successful names target a specific audience, drawing them in with values and emotions that resonate with them.

For example, take the investing app Robinhood. Their platform focuses on making the investment process free and accessible for the average person, not just the wealthy. The name of their brand not only summarizes their values perfectly by using the story of the heroic bandit Robin Hood, it also appeals to a millennial audience. The name is youthful and fun, and it aligns with millennial values of convenience and fairness.

Look ahead

Where do you want your brand to be in five years? What about ten years? If you’re planning on starting a company that might expand into new areas down the line, be careful not to choose a name that pigeonholes you. At the start, you may be launching a brand of socks, and you feel that the name SuperSocks could be a great fit, but if you plan to grow into other territories later, taking on accessories like hats and scarves, SuperSocks is no longer a suitable name. Planning ahead can help you avoid a costly rebranding process down the line.

Try to sum up your mission and vision in a few short project statements like this:

● We need a name that captures our fun, unique approach to selling socks.

● We need a name that establishes us as a hip, young brand

● We need a name that hints at our eco-friendly business practices Get started by writing a few project statements of your own.

Stage Two: Get Creative

The essentials

Now that all of your ideas are in one place and you’ve figured out what kind of name you want, you can start coming up with ideas. S

tart with the basic principles of a good name. A strong name is easy to say, easy to spell, and easy to hear. If people have a hard time sharing your brand, they won’t share it at all, stunting your brand’s climb to success.

Gather some names

Now, it’s time for the fun part. Jot down every possible name you can think of that might fit the brand you are creating. Don’t be afraid to think out of the box, and don’t be afraid of writing down names you don’t like. The more you have to cross off the list, the better idea you will have of what you are looking for.

Start broad. Some names are descriptive, abstract, emotional, or classic. You can merge words to form a name, or use two separate words to sum up your appeal. Write down a possible example for every name type you can think of. This can help you see what you’re looking for. The more names you have to work with, the better scope you’ll have. Narrow your list Now that you have compiled a broad range of ideas, begin crossing off ones that don’t work for you until you have a list of five or six favorites. This is a great opportunity to get second opinions from friends, family, or even your target market.

When asking questions, don’t just ask “Which of these names is your favorite?” Frame your question neutrally by asking something more along the lines of “Which brand would you want to learn more about?”

Stage Three: Check your Boxes

Secure your domain and assess your risk

A strong domain compliments a good name. Your website is where people will find out more about what you do, so it is best to have as close of a match as possible.

Run a trademark risk test to ensure that your name isn’t already taken by a similar business. If your name is closely related to another name for a business that offers similar services, you may run into trouble with trademark law. Be proactive about trademark risk to avoid messy legal issues.

Coming up with a strong name is a daunting task. So much rests upon a name. It is the sum of your brand’s identity, and it is the first point of connection for your audience. You may feel like all the best names are already taken, or that you have no good ideas, but the perfect name for your business is out there. It just takes a bit of prospecting and brainstorming to find it.

About the Author: Grant Polachek is the Director of Marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning brand name ideas.

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5 Common Legal Mistakes That Can Ruin Your Startup (Contribution from Michael Deane)

The following post comes to us from marketing entrepreneur, Michael Deane, who is the founder three businesses and currently working on his next startup venture. Be sure to learn more about Michael in his biography at the end of this article.


legal mistakes

Alan Moore once said that ideas can change the world.

And isn’t that what all startups start out as? An idea that we hope will change the world?

While we are busy brainstorming and developing theories and ideas, coming up with the next product that will shake the ground we walk on, the business side of our business creeps up on us, and lurks there in the dark, waiting to pounce at the most opportune moment.

As a business owner, I can tell you two things: there will be about a million things you would rather do than read laws and regulations, draft contracts, do your taxes and fill out all the finger cramping paperwork needed to register a company. However – and it’s a big however – without the dull stuff, the fun stuff will not quite pay off as you hoped it might.

In order to hopefully save you some of the potential trouble down the line – here are my five legal missteps to avoid at all cost.

Not Knowing the Difference between a Corporation and an LLC

One of the most common mistakes you can make very early on is not even thinking about the different options to register a company. Naturally, the choice you make will mostly depend on where you live in the world, but the actual legal structures are quite similar, no matter what name they go by.

You can go for a sole proprietorship, a partnership, a limited company, a limited liability corporation, or a full blown corporation. The reason why this is important is quite simple: taxes. There’s also the issue of personal liability, which is again more important than you may initially think.

Weigh your options very carefully before you actually start this process. Some countries offer the option of registering your company online, which involves less hassle than having to walk from office to office to do it. There are also very different fees involved, and the necessary number of signatures can also vary.

As always in business, research is your friend, so do it right, do it early on, and save yourself the legal trouble later on.

Not Bothering to Protect Your Intellectual Property

When I say intellectual property, I don’t only mean secret recipes, production secrets and unique service ideas. Your intellectual property may be something as seemingly simple as a logo or a brand catchphrase. And while it may not seem too important early on, it may become a game changer in later years.

Trademarking any unique designs can protect your assets and save you from intellectual property theft. If you’ve ever seen Dream Girls, you will have heard the two versions of the “Cadillac Car” song – don’t let that happen to you.

If you have also come up with a new production system or even a new blend – patenting it can turn into a valuable asset.

Failing to Grasp the Importance of Contracts

A contract is a legal document in place to protect all of the parties signing it. When you think about it, you would never consider working with a client without one, right?

However, as you are starting out, you may feel it is easier to operate without them. Having to get a client to sit down and read through a couple of pages can be more difficult than chatting about a deal online, and shaking a firm hand.

To save yourself a lot of unnecessary headaches, draft a contract that will protect you – especially in case a client fails to pay an invoice. This happens more than you can imagine, and a contract that ensures you will get paid is a lifesaver.

While there are thousands of ready-made contracts available for download – you will be much better off if you have a template contract drafted by a professional attorney. This way, you ensure that the specifics of your business and the service or product you offer are taken into consideration, and that you are not overlooking a very obvious clause that may not have made its way into an online contract.

Googling for Help

While Google is often our best friend – it is the worst place to go for legal advice. While there are countless blogs and forums that can offer some great business tips, productivity hacks and motivational speeches – don’t ask the internet to tell you how to get out of a particular legal issue.

You will undoubtedly find an answer you will like, an answer you will find helpful and an answer that seems right – but no one can guarantee it will actually do the job.

Take everything you read online with a grain of salt (including this very article) and think things through yourself. We have become so dependent on having all the information in the world at our fingertips that we can forget to use our own common sense to solve a problem.

Being Unclear about Company Roles

Knowing who does what and is responsible for which aspect of the business is not only important from the legal standpoint. The law will need to know who the legal representative of your company is, and who is liable for what. Thinking about this early on is very important.

While there may only be a handful of employees in the company right now – that is likely to change, if the idea I mentioned at the beginning was sound. Figure out who will be the face of the company, who will be responsible for the financial side, and who will be the liable one, in case things go south. This is where the type of company structure you choose comes into play again.

I hope these five tips will help you as you set out to chase your dreams. And that 400 years from now, your idea is still changing the world!


Michael DeaneAbout the Author: Michael Deane has been working in marketing for just under a decade, and has successfully launched three of his own businesses. Today, he runs a small business blog at Qeedle, and is working on his next big venture idea.

 

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Married to an Entrepreneur: 8 Tips to Survive and Thrive

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I’m married to an entrepreneur. For many of you who can relate, you would understand how that alone can add a layer of complexity to balancing work and marriage. However, my husband can also say that he’s married to an entrepreneur. Yes, as fate would have it two entrepreneurial spirits found one another, amidst their own lives’ chaos and fell in love.

In fact, I met Scott just weeks before I took my entrepreneurial leap. He was only 5 years into running his own nonprofit organization, and knowing how risky and challenging this journey can be, still wholeheartedly welcomed me into the tumultuous seas of entrepreneurship. “Jump in! The water’s fine!”

Fortunately, taking that leap remains the most important moment in my career that has led me to now entering my seventh year as owner of Bennis Public Relations. In these seven years, I didn’t just grow my business, we also grew our family by two sweet (and very energetic) boys. Scott also ventured into two more businesses (as entrepreneurs tend to do), both startups requiring what feels like 300% of his time.

If you’re doing the math, between us that’s four businesses, two young children….and a partridge and a pear tree.

But in all seriousness, yes our schedules are sometimes crazy, yes we sometimes have challenging moments and overwhelming workloads, yes we sometimes wear many hats and have many masters to serve. But we’ve also established, and worked hard to achieve a pretty enjoyable life flow. I want to share with you how we (sometimes) do it all: grow businesses, chase after children, find time for date nights and get enough sleep to survive…sometimes.

For anyone else who can say “I’m married to an entrepreneur,” here’s my advice to you:

 1. Determine whose “day” it’s going to be. With two busy schedules, and when children are involved, you have to communicate important obligations (i.e. travel, work meetings, events) early and often. This helps to manage expectations and prevent any “Who’s going to watch the kids?” moments.

2. Never give unsolicited business advice. When I ask Scott about his day, he often shares the good, the bad and the ugly. It’s tempting to weigh in with advice on what he should do or could have done differently. While this can be appreciated at times, sometimes he or I just want to lament and have someone listen – not provide commentary. Our own ground rule is to never give unsolicited business advice. Often we solicit, but when we don’t, we try to respect this boundary.

3. Get on the same page about how you want to use your free time. It may be hard to believe, but we have many evenings or weekends where our schedules are completely open. I’ve found it so important to communicate how we each desire to use this time. Before doing so, I would often have a vastly different game plan for this time. Sometimes Scott would want to take a family day trip while I preferred to catch up on things around the house and relax. Sometimes I’d be ready to hang out while Scott needed to catch up on a quick work project. The result was frustration and disappointment. Usually over breakfast one of us brings up the question, “So what are your plans for tonight?” It’s made all the difference!

4. Don’t use each other as your sole sounding board. Similar to not giving unsolicited business advice, this tip falls more on the spouse who is the one actively seeking consultation. I’ve found that we are both able to get the support and encouragement we need when we don’t look solely to one another to provide this 100% of the time. This means seeking out friends and fellow business owners to also be a sounding board. After all, second (and third) opinions are a good thing.

5. Sacrifice for both your family and business. As a business owner, you have to make many sacrifices for your business – putting in long hours, investing your own funds and picking up the slack to name a few. What I have found to be so important is also sacrificing for your family. This might mean letting some work pile up over the weekend or silencing a phone call over dinner to maintain the peace and necessity of family time. Family (and especially spouses) can feel neglected when they see you sacrifice endlessly for your business, yet see you struggle to do the same for your family.

6. Frequently assess your “life” plan. Everyone has a bad day, stressful week or disappointing month. However, if you see this as a growing trend, it’s time to take action. I firmly believe that you need to assess your “life” plan every so often, just as you would a business plan. This is where you should also involve your spouse to gauge how they have been feeling lately about the balance between family and work.

7. If something’s not working, fix it. Once you’ve assessed your life plan and found major areas that need improvement – do something about it! Adjust schedules, reassign responsibilities, outsource work, ask for help and prioritize family time. I promise you, if you don’t do this, things will only get worse.

8. Make time to enjoy the fruits of your labor! Most importantly, learn how to enjoy what you’ve worked so hard to earn. Scott and I went far too long without taking a weekend getaway, much less a real vacation together. When we finally did, wow what an experience! For so long we were used to the daily hustle, pinching every penny and using every spare moment to grow our business. If we ever got to do something together, it was often work-related for one of us. A true, work-free vacation, at least annually, is something that has brought us so much closer together and also encourages us to keep up the grind!

Whether you are married to an entrepreneur, an entrepreneur yourself or both, there are some unique challenges we face when it comes to balancing work and family. What piece of advice did you find most helpful? Do you have different advice to share?

Join in the conversation by leaving a comment!

 
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Posted by on April 9, 2018 in Business & Success, Life

 

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Strategic Communications for Crowdfunding Campaigns(Contribution from freelance writer Jenny Holt)

The following post comes to us from Jenny Holt, who left her HR career behind to pursue freelance writing and to spend more time with her young daughters at home. This article is based upon her own entrepreneurial journey and communication expertise.


People crowd

Few things are more disappointing in the life of an entrepreneur, than having a brilliant idea that never makes it off the ground. Research shows that 82% of businesses can fail to bring in enough funding to sustain themselves, forcing them to close down because they simply didn’t have the investment they needed for take-off. Crowdfunding, via websites like Kickstarter and GoFundMe, have made it far easier to raise money for a startup, yet with the plethora of startups and new businesses competing for the attention of investors, strategic communication strategies are key.

Does a Jack of All Trades Truly Exist?

You may have a brilliant tech idea or invention, yet struggle to find the right way to share your passion for your product or service with others. Telling your story is one of the most important considerations when starting a business or commencing a crowdfunding campaign. You need to let potential investors know the market need you are fulfilling, why you believe your idea is unique or better than what rival businesses are offering, and why you need a specific amount of funds. You will need professional looking imagery, a catchy video, scripts that succinctly cover all the important points and set you apart as a forward-thinking brand. For all these reasons, you should consider investing in a strategic communication specialist.

One of the biggest mistakes companies make is cutting back on marketing costs when their budget is low. It is precisely at this point in time (when you have yet to build brand awareness and a client base) that you need to get word out to your target audience – slick, professional communication is vital if you want to stand out from the rest of crowdfunding campaigns, many of which will also offer interesting ideas and offer to fill existing gaps in the market.

Learning Skills vs Outsourcing

Strategic communications will help you once your crowdfunding business attracts investors  and you take your first steps towards bringing your idea to life. To make it in business, notes Forbes, you need these top seven marketing skills: SEO, HTML, WordPress, video, design, and SQL. If you are a sole proprietor or part of a very small team, how many of these can you realistically master? Outsourcing time-consuming jobs such as SEO, content writing or design, will give you time to leave a personal mark on your website, for instance, by contributing regularly to your blog. A large percentage of crowdfunded campaigns flop because teams lack specialized skills. When calculating the investment amount you need, make sure to include a budget for marketing, design, and other specialized areas you don’t master yourself.

Because the success of a crowdfunding campaign depends on its ability to attract interest and inspire potential investors, strategic communications – with the right content, visuals and style – needs to be a priority. Startup and small business founders should avoid taking on more key roles than they are prepared for, opting to rely on professional communications providers so they can concentrate on their area of expertise: ideas.

Do you agree that strategic communications is critical to the success of a crowdfunding campaign? Do you have a personal experience to share that demonstrates this? Join in the conversation by leaving a comment!

 
 

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How To Make Your Startup Business More Efficient Now (Guest Blog by Kiley Martin)

The following post comes to us from Kiley Martin, a Philadelphia-based freelance writer, editor and blogger.


TimeIncreasing the efficiency of operations should be a primary goal of all business owners . However, enhancing business productivity often falls by the wayside when workload increases. People push things off and get stuck in the same old routines.

You might be worried about the need to spend money in order to make your business more streamlined. Especially in the startup world, it’s unavoidable. You’re introducing things for the first time and it will cost time and even perhaps a new position. You’re building something that wasn’t there before.

But spending money doesn’t mean inefficiency. In fact it often means the opposite, especially if you’re investing in the future of the business. If you spend $5,000 to save $5 every time you do a repetitive process, you’ll make your money back in no time.

With that in mind, here are some ways you can make your startup business more efficient.

Invest strategically to reduce costs

When a startup is founded, business owners choose not to invest in a lot of technology or equipment because it may initially increase costs. For instance, you may choose to use a manual fax machine instead of buying an electronic one with Bluetooth access.

However, if sending and receiving faxes are a critical part of your daily operations, using an electronic fax machine would save you time, paper costs, and the hassle of manning the machine when waiting on an important document. So, even though you may have to spend some money and invest in a good machine initially, it will make things easier later on by increasing your time and cost efficiency.

Cost benefit analyses like this are very useful for when you’re setting up your business as they can help you in the long run. Focus on strategic investments that impact your most important operations.

Automate your tasks. Focus on your specialties

As an entrepreneur, you will quickly become aware that just because you own a business, this doesn’t mean you are equally good at managing all aspects of it. You could be well versed in the nuances of how to sell an app, but you might not be familiar with the specifics of app development or coding. This paves the way for task delegation.

Foremost, you need to learn to identify which tasks you can do best and which need to be delegated to other employees so they can do it best.

This concept also applies to menial tasks. Even though you are a business owner looking to cut down costs, taking a full burden of responsibilities will not help your situation. If you spend three hours manually sending invoices to clients, you are spending way less time overlooking the state of affairs for your business.

It would be prudent to get software that takes care of your invoicing so you can pay attention to other tasks that demand your attention.

In the same way, menial jobs like sending receipts or overseeing the delivery of documents could take up mental space, time and energy. Hiring an employee to take care of these tasks or using a computer program can not only make things easier for you, but also streamline your business processes in the long run.

It will also free up most of your work hours so you can focus on other tasks that require your attention.

Furthermore, if you have a website, which you should, don’t spend too much time running it if you’re a website amateur. Allow a hosting service to take the reigns. You’re running a business, not a website or an AP department. You need to invest in these processes so they don’t eat away all your time.

Give feedback and encourage employees

Your responsibility does not end at hiring personnel. The reason why most startups fail is because they are unsuccessful at retaining talent. The employees may feel useless in terms of contribution to the overall venture if they are not encouraged regularly.

Sometimes business owners will stick to brief comments and words of appreciation that mean nothing to the employee. Without proper feedback, they can stagnate their progress.

Therefore, it is important that as a business owner, you develop a keen eye for the work of your subordinates, providing ample constructive feedback where necessary. This will develop your rapport with the staff and provide work fulfillment so they can keep working with you.

Plan your schedule and focus on one thing at a time

Most startup owners work long hours and sacrifice sleep for work. Yet, they always have tasks on their to-do list that still need to be considered. For them, the work never ends.

This does not mean that other startup owners have it considerably easier than you do. It just means that other business owners have learned to manage their time and their tasks.

But how do you end up going about that ridiculous pile of work on your desk? Well, the first thing is to list everything you need to do. Then, list the time you have in a day that you will dedicate to the tasks, and plan accordingly. Do not attempt to take on more work than you know you can do.

The same goes for your employees. Encourage them to direct their focus on single tasks, rather than multitasking. Intense concentration will produce better results and take less of a mental toll, resulting in quality and efficiency.

Do you have a tip for helping a business to run more efficiently? Share your advice by leaving a comment!

Kiley MartinKiley Martin is a freelance writer, editor and blogger from Philadelphia, PA. She has worked with several popular blogs and magazines. She recently graduated from Drexel University. She also enjoys mentoring and connecting with others on new technologies in web development and programming. Feel free to contact her at KileyAMartin@gmail.com

 
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Posted by on August 28, 2017 in Business & Success, Guest Blogger

 

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