Naming Your Business: Know The Essentials

Naming Your Business: Know The Essentials

So, you have finally decided to let go of your 9 to 5 daily grind and decide to pursue your entrepreneurial skills. You already have thoughts on what products to sell or what services to offer. You are also contemplating certain aspects of your business portfolio that require more attention. Then, there’s the most challenging part—what to call your business?

What’s In A Name?

Naming a business is one of the most challenging aspects of starting a business from scratch. You can’t just call it after your name or a celebrity or some word that caught your fancy. Each name has to sum up everything that represents your products or services to their target users. It must differentiate you from competitors. Above all, it must embody the philosophy behind your business.

6 Essential Tips in Naming Your Business

That, in itself, is a huge undertaking. Sometimes, crafting a name for your brand can be the most challenging of all. Though it may trigger anxiety, We should search for the perfect name in a fun and creative way. To do that, here are some great key points to consider:

Tip #1 – Relate it to your vision.

Crafting the perfect business name should not be limited to what you are trying to achieve now. Think long term. How do you see your business 5 or 10 years from now? Will you be branching out? Will you be adding more products or services? Where do you wish to expand? Consider your overall vision and start de-listing the names which may sound off vis-à-vis your vision. If you want to stay local with no idea for expansion, a name that we can embrace locally will do. However, if you plan to expand, go for corporate-friendly names. So, visualize the big picture, and everything will fall into place.

Tip #2: Consider crowdsourcing.

Crowdsourcing is the “it” thing these days. When you already have a target market in place, finding their voice in all these will guide you to the best name for your business—one that will represent the voice of those who are going to buy it. Be reminded that you will please your customers later on. Giving them a slice of your entrepreneurial prowess will help hasten the forging of trust and loyalty to your brand.

Tip #3: Consider your target market.

Like the concept of crowdsourcing, your target market will have a big say in how your business name is perceived in the market. So, consider looking into their needs and values. Consider names that reflect their views as well as their inclination. This will help them relate to your products or services and eventually earn their confidence in the process.

Tip #4: Reflect your style.

Regardless of the size of your business, the name or brand must reflect its “personality.” A business name must represent who you are. This, however, is directly related to your target market. This connects to what class in the society you are trying to capture. From there, you can come up with a unique name that embodies your business personality and style.

Tip #5 – Don’t forget your online presence.

You are going to have a website and a social media page. These are today’s lifeblood when it comes to marketing and advertising a business. You would not want to have a business name with no available domain or one that’s been in use on Facebook, Twitter, Instagram, Pinterest, and so on. It will defeat the purpose of carving a unique and exceptional presence. So, before you register that business name, check for availability. Many Webhosting services can help you with that, or perhaps, a quick search on Google will do. Remember, search engines are also elemental for your business success later on.

Markets are primarily visual. So, make sure to create a logo that’s not just unique but one that truly complements your business name and personality. Hire a graphic designer—design one on your own. Use initials or specific shapes and forms. Just don’t forget.

Conclusion

Your business name must be easily relatable to your customers. It must also communicate to them without any explanation whatsoever. Use your inner genius, or consider reaching out to professionals who can steer you to that one perfect name.

Still in limbo on what to name your business? Let SiMar help you find one. We offer comprehensive business management solutions from start to finish. Call us.

Naming Your Business: Know The Essentials
Struggling in CEO Role

Good Entrepreneur but a Bad CEO? Here are 5 Reasons You’re Struggling to Step into the CEO Role

As an entrepreneur, you’re creative; you’re innovative, you’re passionate. You take risks, chances, and you’re not afraid to fail. Your social skills are probably better than most other people you know.

But, a great entrepreneur doesn’t automatically equal a successful CEO. 

5 Reasons You’re Struggling as the CEO

Are you a great idea person but unsure about your role as the CEO? Here are five reasons you might find yourself struggling to step into a leadership position.

You Want to Be Overly Involved

Sounds counterintuitive, right? As an entrepreneur, it’s understandable that you want immersion in all of your business’s goings. Still, too much involvement prevents you from fully thriving in your zone of genius and stifles your team.

A good CEO knows how to let their team handle their tasks without micromanaging. Yes, you need to be kept in the know, keep track of your company’s successes and setbacks, and coach your team to the win, but a good CEO knows when — and how — to delegate.

You Don’t Know How to Hire the Right People.

You’ve got the entrepreneurial spirit. You are likely energized by those who are enthusiastic about your business as you are. But, enthusiasm doesn’t necessarily mean a qualified hire.

The most successful CEOs approach hiring their team like playing a chess game: strategically evaluating how each piece could lead to a win.

You Have a 10 Year Plan

Hear this one out. 

It’s crucial to have goals in mind and success on the horizon, but a good CEO knows that being rigidly dedicated to a plan leads to failure. You don’t know what your industry, the market, and your own life will hold in the next ten years.

A CEO destined for success knows how to plan for the future but is adept enough at business to pivot and prevail, no matter what comes.

Your Social Skills Are Fantastic, But Not Your Communication Skills

Entrepreneurs are a creative, intelligent, and inventive bunch, and people are drawn to this type of charisma. But good social skills don’t mean being a great communicator. 

Creative people often spend so much time thinking, creating and being inside their minds that the communication of their ideas and how they want them executed can be lost in translation. The strongest CEOs know when it’s time to hire a business consultant to develop the skills needed to communicate effectively and clearly with their teams.

You Have the Vision, But Not the Strategy

Goals are where you want to be, but the strategy is how you get there. 

You know that being a business owner involves taking some risks, — and maybe breaking some rules — along the way. But, if you don’t have a laser-focused strategy, you’re going to be stuck in the fog somewhere between success and stagnation.

With clarity, intention, and purpose, an entrepreneur can transform into a good CEO. Sometimes, it just takes help from a third-party perspective.

You Can Learn What it Takes to Succeed as a CEO

Coach Allison Todd is the warrior spirit on the front lines with you and the voice that tells you that you can do it. With clarity, a water-tight team, and a dynamic strategy, you can gain the skills and confidence you need to elevate your entrepreneurship into full-on CEO.

long term customer relationship

How To Keep Your Clients Long-Term?

While it’s essential to focus your energy on generating new business, it’s also necessary to keep your existing clients long-term. But how do you do this?

One way is to keep in regular touch with them. Keep communicating with them in some way, so you stay on their radar.

Connecting with clients on social media and regularly interacting with them is a great way to stay in touch. You can also send an email now and then, even if it’s not necessary, to keep the lines of communication open.

You might want to occasionally ask if they have any feedback for you on your work. There might be something your client want or aren’t satisfied with that they’re not telling you.

When you first started working with a client, they were impressed with your services. Sometimes, it’s good to do something nice for regular clients to keep them feeling that way.

We call this the “wow” factor. “Wow” means exceeding expectations and delighting people.
Occasionally throwing a freebie or some extra help a client’s way is an excellent way to create this feeling of delight.

How To Keep Your Clients Long Term

Through your regular communication, you can also keep abreast of what’s new in their business. Follow your client online and ask them occasionally about what’s new.

You might discover a new area of their business you can help with. You also might find a significant change that will affect your relationship with your client, and you can prepare for it.

Offering educational opportunities is another great way to keep in touch with past clients. Offer webinars and other events to share your expertise and present this to ongoing and new clients.

Staying in contact with clients is essential to keeping them long-term. Make sure you’re regularly in touch.

Are You a Terrible Boss? These Four Subtle Signs Will Show You

How Bad Managers Prepared Me for Entrepreneurship

Bad managers prepared me for entrepreneurship in many ways.  I think back to the beginning when my first managers. I was in awe. I thought they were geniuses. And as I grew, I learned they were humans, not superheroes. And then my managers became more like my teachers. There were some good and some bad. There were some that taught me a lot and some that I never quite understood. With each opportunity, I learned something new. My past managers taught me a lot about what type of leader I wanted to be.

I learned both what type of leader I wanted to be and the traits I knew I didnt want. I can best remember the managers who were great teachers. They modeled good leadership behavior, encouraged curiosity and innovation, and by all means, they understood that micromanagement was an unwelcomed characteristic. This is definitely how I started compiling my recipe of the traits of a good manager. And then, I started my business and became a teacher for others.

Managers as Teachers

I figured early in life that human beings have a natural curiosity for learning and new things. It’s how you present those things that lead to the curiousness of learning. It is no secret that passion leads, not power. In school, the best teachers had a passion for their work with affection for their students. In managers, that is translated into compassion, patience, and inspiration. All of these traits create an opportunity for development and learning. For me, I can appreciate a manager who is understanding of you as a person and your knowledge and skills. After all, employees should be encouraged to grow whatever their job description. But this isn’t always the case.

The best teachers were consistent in sharing important facts, transparent in communication, and laid out “what’s next”. They reinforced the things we did right and worked with us on the things that needed improvement. No one is perfect, in school or business. A good manager teaches you what you need to do to complete your job best.

However, a bad manager is more focused on getting the job done than the development of his team members. That type of manager is more of a task director than a teacher. Unfortunately, this results in high team turnover. Developing the right team has far more benefits than continuously onboarding new team members. That’s why a good manager doesn’t mind going the extra mile to make sure their team has what they need. They also make learning interesting in spite of the task. Thus team members are more committed to learning their subject matter.

How Bad Managers Prepared Me for Entrepreneurship

Don’t be a Bad Manager

Nobody wants to learn from a bad manager. Admittingly, it’s a challenge to do so. And if your team members can not do their jobs, it reflects poorly on management. Have you ever noticed the difference between a manager who is forced to train you vs a manager who enjoys training you? I have! You either get all of the information you need to do the job or spend all of your time trying to gather what I need to do the job. The latter doesn’t make anyone happy.

It’s fairly easy to spot the difference between the two types of managers. One is committed to understanding the business goals and the team goals. The other type of manager is task-focused and primarily transactional. They often leave their team members feeling like they are something to check off of the to-do list. Undoubtedly, developing a dedicated team has far more benefits than continuously onboarding new team members.

How to Be a Good Manager

It may sound cliche but it reigns true. Empower your team to be the best they can be. You want your team to grow out of their positions rather than resign. A team member who understands the business, the goals and the consumer is a commodity. The management style includes creating a connected workplace culture in which all members can thrive.

This leads to your team communicating with you and others, with ease. Team members are eager to contribute and have a good attitude about their job. They are motivated to produce. They take ownership of their work. And they are willing to help other team members as well. All of these attributes are a result of the leadership you model. The business, in turn, grows and scales.

The Entrepreneurial Lessons Learned

Can you tell which traits I learned from a bad manager? I hope those would be the things I do best. It’s odd but learning about micromanagement prepared me for entrepreneurship. As the team member, I was forced to keep a well-detailed list of the work I was doing and the results. I had to be prepared to answer questions at all times. And it taught me to automate as much as possible. You don’t have to hoover your team members to know what’s happening in your business. Plus the time commitment to micromanagement is a time-waster.

But that’s not all I learned. First of all, as a small business, you can not afford to continuously train new employees. It’s costly and non productive. You end up spending more time working in the business than on the business. As a result, you can not position your business for profit. If you can even make a profit at all.

Secondly, all of my team members complete an extensive onboarding experience. If there is a mismatch, it’s often revealed during this time. We use all of our communication tools – email, video, manuals, templates. This provides an opportunity for continuous learning. It also motivates the team member to learn more about their job responsibilities.

Lastly, the team is often recognized for their effort and commitment. It’s not easy working for a business owner who is also a coach. Of course, I am going to motivate them to stretch their knowledge and skills. The key is a fine balance of teaching, understanding and information share.

To be the best teacher, be ok with being honest and direct. Your team will appreciate you for it. Remove the ambiguity and get to work. Everyone makes mistakes. Those mistakes only have value if you learn from them. Having this understanding creates an environment where employees feel understood and valued. Rest assured there are business challenges. However, those challenges are addressed with solutions and reasoning.

Conclusion

I learned every lesson, good or bad, is instrumental in the entrepreneurs’ world. It is your job as an entrepreneur to open your eyes to learning and opportunity and take them to heart. Becoming a good leader is a continuous process of learning and fine-tuning. It is as much science as art.

Entrepreneurship is hard but you don’t have to do it alone. Position 2 Profit Membership is for an online business community of leaders who want to position their business for profit. Business evolves at a different level when profit begins and how does your business grow from there? The group is led by Allison Todd, Operations & Digital Growth Strategist. Our members are committed to building a network of referrals, resources, and accountability. 

Position 2 Profit Membership

marketing strategy to increase sales

Improve Business Sales with Better Relationships

Advanced Sales and Marketing Services

Improve your business sales by attracting and developing better relationships. For instance, you must have a plan that cultivates your business value. Our sales and marketing model positions your business for profit. In other words, it helps you be less transactional and more relational. With the right customer service approach, you make a direct impact on your bottom line. Is your business ready to grow?

A well designed plan leads your customer to you, over and over again. Therefore, the goal is to focus on your current clients while attracting new ones to improve business sales. The strategy guides your customer acquisition process. Your unique selling proposition to demonstrate your business model and cultivate value.

Sales Consulting, Design and Planning

The key to customer acquisition goes beyond reduced costs. Take our sales journey and develop the road map to better business. The right model improves visibility, increases awareness, and reveals why your business stands out among your competitors. But don’t leave your competitors out of the process. It’s important to keep an eye on your industry and learn as you grow.

Above all, the best marketing plan includes word of mouth advertising to improve business sales. As a result, boost your sales by attracting your prospect. It’s important to gain an understanding of your market analysis, target audience, purchase path and buyer’s map. We are dedicated to working with business leaders who develop a brand story they are eager to share.

Our sales strategies include tactics and methods to acquire new customers and build a strong relationship. Allison Todd and team SiMar help you build the perfect sales and marketing model. For more information about our sales business expertise. Improve your business demand, contact us today!