Information on Starting a New Business

There is a lot of stuff to do and remember when starting a new business. It is like a complex recipe with more than 100 ingredients; no two people will follow the recipe the same way. In fact, there are many variations of the recipe as well, depending on the type of business you start and where you live.

Here are some common things that all business will have to do.

1. Decide on a name for your business

The simplest business name is simply your name and your product. For example, Bob’s Burgers or Henry’s Laundromat. This is a nice approach; when you are small, it produces a business name associated with your person, and it can work for large businesses too (think Wal-Mart or Ford Motor Company). These type of names are informative names. Then there are abstract names, or names that suggest meanings. Consider Oracle, the world’s largest database company. The “oracle” is the traditional sense is a person who either tells the future, or gives wise advise. It’s a great name for a software company whose flagship product is about information storage and retrieval. Twitter is another name which invokes the imagery of birds chirping. You can have made up words in your business name, too.

Make your business name flexible. If you call yourself “Farmtown Oil Changes”, what if you expand your business to other locales, or expand your services to include transmission and brake services? Customers who simply see your name might not know you have locations in other areas, or that your car repair services are comprehensive.

A lot of consideration has been given as to whether the domain name was available for a business name, especially in the.com TLD. This is because consumers naturally will first look for a business on the internet with the.com extension at the end. This can be a debatable topic as to whether you want to choose a name if the domain name is taken, but the bigger concern probably is whether you will end up infringing on a trademark, or confusing yourself with another business. best LLC service

2. Finding out how to reach and communicate with your customers

Businesses generally will need to find ways to reach their customers both for marketing and product development purposes. Imagine you are forming a local bakery. What kind of bakery are you aiming to be? Are you a bakery whose primary traffic is going to come from walk-in customers who happen to walk by your storefront, or do you wish to serve primarily catering or call-in orders? “All of the above”, you might say. Everyone wants to be all of the above, and get every type of customer, however may you want to focus on a type of customer. If you are catering, you will want to market yourself not only to customers directly, but also wedding planners, caterers, and other bakeries who may not be able to handle higher volumes. In addition, real estate agents or PTAs may need your services. Maybe local restaurants. These types of marketing channels may or may not be different than for the channels for retail customers. The marketing messages in these channels may be different.

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