A business name can be a huge factor in the ultimate success or failure of the entity. Unfortunately, many people fail to give a lot of thought to it prior to moving forward. There are many factors to consider including something memorable, a name related to your area of work and, potentially, the availability of the domain name.

Married?

Picking a business name is like getting married. You are going to have to stick with it till the bitter end. It is estimated a prospect will need to see your advertisement and business name at least 22 times prior to doing business with you. Once they associate your business with a certain name, making a change will be disastrous. Once you pick something, stick with it.

Naming Your Business

If you are going to be married to your business name, you need to make sure the bride isn’t already married to another suitor. There are four significant issues to consider.

Initially, you must determine whether the name is already being used in your state. The Secretary of State controls the names of all corporations, LLCs and partnerships. Most also have a web site where you can conduct name searches. Even if you are a sole proprietor, you should check the name against those already registered in the state database. If the name is being used, you will need to consider an alternative.

Assuming the name passed must with the Secretary of State, you should check it against existing trademarks file with the Patent and Trademark Office. The “PTO” maintains an online database. As with the Secretary of State, you can conduct an online search to make sure no other business is using it.
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With hundreds of new franchise concepts being started every year, it is nearly impossible to keep track of the freshest ideas. Here is an update of two new franchises and how they have fared in their first several months of franchising.

The Counter – No, this isn’t just another fast food hamburger joint. Besides serving hamburgers, The Counter has as much in common with your local McDonalds or Wendy’s as the World Cup has to do with your child’s weekend soccer game. First opened in Santa Monica in 2003, this trendy update to the classic burger joint serves its burgers with any combination of 10 cheeses, 26 toppings, and 17 sauces. So, go ahead and order that Danish Bleu Cheese Burger topped with dried cranberries and a ginger soy glaze you always wanted.

Since 2003, The Counter has received the type of press that most companies can only dream about. After being listed as one of the top 20 burgers in the country by GQ, the holy grail of endorsers, The Oprah Winfrey Show, named it the “Best Burger in the USA.” (An aside on the power of the O-nod, sales jumped from $44,000/mo to $245,000/mo after the endorsement)

With all of this success, The Counter did the only logical next step and began selling franchises in early 2006 with a $40,000 franchise fee and 6% royalty.

So how is it going? The company has already inked agreements for 60 restaurants in California alone. Next up is expansion into Florida, New York, Arizona and Nevada followed by the rest of the country. With long range projections of only 400 to 600 units, The Counter is well on its way to franchising stardom.
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Creating a successful and profitable business is no easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up:

1. Determine your business. What are you selling?

This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling. You’re buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or “innovation” before he specifies any particular industry, and he’s built one of the most powerful brands in America. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.

2. Select your market. Who are you selling to?

This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves. From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says “Richard has the amazing ability to figure out the things that people want to have.” This ability to perceive your consumer’s desire can only be a result of knowing them like your neighbor.
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How much money can you make online? Are there really online millionaires?

Of course there are, but is it reasonable to expect that you can be one of them. Don’t let the hype surrounding the emergence of opportunities cause you to lose your common sense. Millionaires are made by effectively assessing the needs of a market and having a product or service that addresses those needs.

The internet can greatly expand your ways to sell products or services. Some people have been able to use this to make a great deal of money. Some companies that operate only on the net have made online millionaires of their founders.

Before the internet there were auctions, but no eBay. With thousands of items sold daily, each one making a profit for eBay, there is no doubt that the founders must be online millionaires.

Before the internet there were bookstores, but no Amazon.com. Amazon is now outdoing traditional bookstores. Don’t you wish you were the founder of Amazon?

Online millionaires start with an idea and a belief in themselves. They find a way to set themselves apart from the rest. Like real world millionaires, they often have enough faith in their ideas that they risk their own money and even seek additional funding elsewhere. Once they get started, they make themselves big enough that the other competition does not threaten them.
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