Category Archives: Starting a Business

Market Research, Owning a Business, Starting a Business

Tips for Naming Your Business

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Naming a business can be thrilling and spooky. It’s exciting because naming a business always gives a feeling of getting closer to bringing your fledgling business into the world. But it can also be stressful because the wrong name can cost you.

Today’s environment is such that, even when you do everything right according to the local authorities, you can still be blindsided by a business owner from a far off jurisdiction.

When a local business owner started her housecleaning business a couple of years ago, she did her research, registered her name with the provincial corporate registry, and started building her business. A few months later she was advised by her lawyer that she should stop using her business name because someone else had the trademark pending for all of Canada.

Now, many months later, she has successfully changed her business name, but the cost has been considerable. She has redone her business cards, brochures, vehicle signage, media advertising, and rebuilt her website at naturallyneat.ca.

This situation is not unique. With that in mind, here are a few tips for naming a business.

  1. Search your name ideas using any of the search engines, such as www.google.com or www.bing.com. Too many hits might mean the name is overused. Be sure to try using different search engines, because they don’t all pull up the same information.
  2. Use the built-in search functions at domain registry websites to determine if the domains are available for your preferred business name. A couple of domain search websites are www.godaddy.com and www.hover.com. The search results will tell you whether your name is available in the .com, .net, .org, .biz or .info versions. If your name idea is already taken, some of the registry sites will also list a number of suggestions that are close or related to your name.
  3. Keep the name as brief as possible. Throughout the life of your business, you and others will write, type, think or speak your business name many times. If you wish to inspire others to repeat your business name, make it easy for them to do so. The worst names are those that are difficult to pronounce, or they are so long that you need an acronym to shorten them. Brief is better.
  4. Search copyrights and trademarks to determine if someone has already secured the name. You can either hire a trademark lawyer to do this or you can do it yourself by visiting the appropriate government agency or website. Use a search engine to search using keywords “trademark” and your location (example, “trademark Canada”) to locate the website.
  5. Ask others for feedback on your business name. How does the name fit the business? What do others think of when they hear the name? Does the name sound right for the image you wish to portray?
  6. Once you have chosen your name, register it in the jurisdiction where you intend to operate the business. For example, in British Columbia you will need to register your business with the Corporate Registry.

A great business name will help you avoid costly court disputes or name change exercises, at the same time drawing the right customers to your business. A little due diligence before settling on a business name can save you loads of trouble later. While there are no guarantees, the steps above should help you narrow your focus and choose that magic and hopefully – unique business name.

Are you ready to start your business plan? Get a free business plan template and get started today.

Entrepreneurship, Self-Employment, Starting a Business

Hone Your Small Business Skills before Tackling Venture Capitalists

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While Dragons’ Den is educational and entertaining, I hope the theatrics don’t scare off too many wannabe small business owners.

After being in business for 30 years, I’ve almost forgotten what it’s like to have to report daily to a job or punch a time clock. I’d like to see more people enjoy the thrill of owning a small business.

Entrepreneurs need to invest the time and effort needed to learn the business trade before attempting to attract investors like the Dragons. And the most effective way I know of to learn about business is to own one. Like every other discipline, the road to success is littered with tough lessons, long hours and a lot of determination.

The Dragons sift through a lot of pitches in order to find a few investment-ready high growth opportunities. For every idea that hits the jackpot, there are several that simply don’t meet the standard set by the investors.

There’s no doubt in my mind that each of the Dragons have earned the right to sit in an elevated chair and cuff the spit out of the gutsy hopefuls who dare to venture into the Den. However, as some of those rejected souls scurry from the set with their shredded egos in tow, I find myself hoping they don’t give up on their dreams. A rejection isn’t necessarily the end of the trail. A “no” doesn’t always mean the business idea is a throw away. It might only mean the idea isn’t enticing enough to tempt these particular investors.

The Dragons come from a wealthy perspective. Most of them already have more money than they could possibly spend in this lifetime. They are seeking partnerships that assure high rates of return. It’s all about money and partnering with great people. They simply don’t need to take on projects or people that are at the wrong end of the learning curve.

Whatever else can be said about the Dragons, they offer an absolute goldmine of business know-how and each episode is a terrific opportunity to learn. Here are three lessons that that stand out with every session:

  1. Investors buy into people. The business concepts and numbers have to work, but ultimately it is the quality of the people that attract or turn them away.
  2. There’s plenty of money available for savvy people with the right ideas. The Dragons are just a handful of investors in a big, big world full of funding options.
  3. Applicants must prepare for the big investment league by starting small. Learn to run a tiny business before tackling a large one.

The marketplace is full of perfectly healthy small businesses that never grow beyond employing the owner and a handful of workers, and there’s nothing wrong with that. Scads of business ideas might not appeal to fire breathing billionaires and yet still be perfectly suited to meet an entrepreneur’s financial needs.

Dream big, but start small—and one day you too might slay the Dragons and walk out of the Den with a pot of gold.

Entrepreneurship, Self-Employment, Starting a Business

Are You Ready to Own a Business?

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While most people like the idea of starting a business, many have no idea what’s really involved, and relatively few will actually take the leap of faith or do what it takes to succeed. It’s not easy to champion a business. It’s challenging to plot your way through the maze, especially if you’ve not done it before. Here are a few questions that will help you navigate the hurdles to opening day.

Are you ready to run a business? For the most part, your business’ success will depend on you. Do you have what it takes to succeed as a business owner? Will the business bring in enough money to support your personal financial needs? Is your family ready to support a crazy, fist-clenching entrepreneur? Are you ready to live with the risk a business will bring? A few moments of reflection will let you know whether you’re on track and what you need to do to prepare to run a business.

Is your business idea feasible? Is your idea really a business or is it just a hobby? Do you see examples of similar businesses in the marketplace? The fact that a business exists or occupies an office doesn’t necessarily mean it’s successful. Business success takes many forms—paying the bills, fair treatment of employees, creating satisfied customers, providing a valuable service to the community, not mucking up the environment, and profitability. Will your business pay you enough to survive and earn a profit? If not, perhaps it’s just a hobby.

Will your concept work in the marketplace? To figure this out you’ll need to develop a business plan, a task best done by the one taking the risk–you. The business planning process will guide you to understand the industry you’re getting into, to clarify which products and services you will offer, to be an authority on your customer’s needs and wants, and to determine whether you’ve got the right attitude and experience to run the business. While it may seem like a lot of work, a business plan is a great way to prepare for the rigors of business and it will definitely save you from making a lot of costly mistakes.

Will your business make money? As you learn about your business, you’ll gather the information needed to forecast your sales and expenses. A necessary part of proving your business case is determining whether or not the business will earn a profit. A sound financial plan should include a sales forecast, a cash flow forecast, and a pro forma (future) income statement. The sales projection tells you how much revenue you can expect. A cash flow forecast clarifies what your expenses will be and whether you need a loan, while the income statement tells if the business will be profitable.

While many people dream of owning a business, only a few are really prepared to jump in. One of the biggest benefits of owning a business is the joy of working at something you love to do. At the end of the day, when the dust settles and all the numbers are in, the most important business question we all need to answer is, “Do you enjoy what you’re doing each day?” If you can answer yes to that question, you’re well ahead of the game. It’s necessary to pay the bills and it’s grand to earn profits, but if you don’t enjoy what you do each day, is it really worth it?

Ready to unleash the small business within you?

Business Planning, Self-Employment, Starting a Business

Business Plan First Set-Up Steps

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So, you’re starting a business. Congratulations! You are in for one of the most exhilarating journeys of your life and one of life’s most rewarding learning experiences.

Here at the Business Plan Oasis our goal is to make that journey as streamlined as possible. We believe business planning should be about becoming the expert for your business. After all, you are the most important component of your business’ success.

In gathering the right market research and proving your business case, you will arrive at opening day with confidence.  The process of developing your own business plan offers a tremendous opportunity to build confidence.

To help you get started on your business planning journey we’d like to offer you a free copy of our business plan template. If you don’t already have it you can get it here.

The video tutorial below is an introduction the business plan template and the first set-up steps you can do right now to jumpstart your business plan.

Unleash the small business within you right away!