If you missed our previous article on Brand Health – Is Not Just a Buzzword!, we pointed out how your brand health is a critical aspect of your business’s longevity. Showing how neglecting your brand’s health can have severe consequences that can lead to the closure of your business.
In this series we are breaking it down, so you have a better understanding of what it takes to build a strong healthy brand. Get ready for good tips that will save you time, frustration, and money. We apologize now if you feel all your business is out here in these streets. LOL! We don’t want you to feel bad, because most of us have been there. This article is written as a preventive measure to reduce the 600,000 business closure per year.
We understand that when most of us start our business, we just start servicing to pay bills, answer the call of a burning passion, or to feel a gap in service. That we forget to lay the proper foundation.
Market Research:
Before choosing a business name, creating your business, do your market research to determine if your business concept has merit. Learn how big the industry is. What are the gaps in service? Do you see unmet needs you can niche in? What are their gross sales? How long have they been in the marketplace? (This will give you an idea of how long it took them to get there.) Are they privately owned or public? Are their assets trademarked? Look at the names they are using. Are they short, punchy, clear, or long winded?
This is just the tip of the iceberg of what you need to do before jumping into business. Building a brand for longevity takes time, so go into it with knowledge and planning.
Business Type:
Now that you have completed your market research, it is time to determine what type of business you want to be.
• Hobbyist – For the Love of the Craft
• Hustler – Limited Audience, Limited Trust
• The Unintentional – No Passion, Money Focused
• Work Alcoholic – A Business that Runs You
• The Stagnant – Too Afraid To Elevate
• Prosperous – Profit Making
• Exceeder – A Fortune 500 Companies Who Makes Social Impact
• The Billionaire – Market Domination
If you know what type of business you want to be, it will determine the steps that you need to take to achieve your business goals. You will know where you need to invest your money. Stop wasting money on things that don’t fit into your business objectives. Get focused! For each business type, there is a certain type of mindset you need, because if your mindset doesn’t match what you’re doing, then you and your business will be out of alignment. Then next thing you know, you have a complex neurological disorder and disappointment to contend with.
Preventing brand infections:
Vet partners, affiliates, and influencers for infection risks before teaming up. One rogue social post could cause a nasty “rash” on your reputation!
Business Naming:
Test new messaging, colors, or services on a small scale before rolling changes out broadly. This keeps your brand current without any unexpected “allergic reactions”.
After your research, now it is time to create a name that is built for longevity. Remember a shortterm name will cost you more money then creating one for the long haul. As I mentioned-above you need to choose a name that is short, punchy, and clear. When you undervalue your business
from the start, you limit your business potential, so choose wisely.
Your name should be distinctive and inspiring. Here the top 15 things to avoid when naming your business according to bizee.com and forbes.com.
• Avoid Long Business Names
• Try Not to Use Purely Functional or Generic Business Names
• Avoid Short-Term Trends
• Stay Away From Complex Names
• Don’t Tie Your Name to a Specific Location
• Refrain From Using Your Personal Name
• Stay Away From Controversial Language
• Don’t Drop Letters or Use Odd Spelling
• Try to Avoid Acronyms • Avoid Hard-to-Spell Names
• Names That Limit Growth
• Use A Name With Meaning
• Do A Trademark & Secretary of State Search
• Get Feedback
• Does It Sound Good
If you are struggling creating a name, work with an expert that specializes in creating business names. Business naming is very important, so be wise and make great choices. Don’t be in such a hurry that it will cost you more.
If this article doesn’t make you tipsy, then maybe you have already been enlightened. Lol. Hey yah, I got jokes. Until the next time, make wise business decisions.
Just a tip from your Aunty Kimmie
