Five Characteristics of Great Business Names and Five Popular Trends to Avoid

Deciding on a name is one of the most exciting parts of starting up a business.

The only problem with choosing the name of your business is that so much rides on your business name. It’s a little like choosing a name for your baby. A little like? Make that a lot like! It’s no easier choosing a name for your business than it is choosing a name for your baby.

What’s in a business name? You want it to be everything. Sadly, many business names are nothing. Deciding on a great business name takes time. It takes thought. Moreover, getting it wrong could spell disaster for your business. Getting it right, however, will give customers a reason to hire you, connect you to your niche market, and save you thousands of marketing dollars.

You want your business name to have a big impact on people. This, in turn, will have a big effect on your market. A name that’s too far out may make it difficult to brand. A name that’s too generic and common is easily ignored. Naming your business “Sarah’s Cookies” may make all the sense in the world to you. In most cases, however, your own name means very little to your customers because it says nothing memorable or of distinction.

The key to picking a great name for your business is to make it memorable. Make it distinctive. Don’t make it silly or cute. Your name should reflect your market niche and identity and be able to reach your customer base easily. So don’t mess it up!

Top Five Characteristics of a Great Business Name

1. It’s short.

2. It’s specific and reflects a specialized business: Jiffy Lube, Home Depot.

3. It’s unique. Consider using words that are not in the dictionary: Alkamae, Google, Squidoo.

4. It’s creative. Don’t copy, borrow, or modify existing famous brand names. Got Milk? has its own branding. Leave Victoria’s Secret to Victoria.

5. It’s an easy name to say, spell, and remember. Use proper English construction so that when put in a sentence, it will work: “I just purchased a book from Amazon.”

Five Popular Business Naming Trends to Avoid

1. Don’t abbreviate your business name. Though it may make communication and correspondence easier, acronyms are sterile.

2. Avoid anything that ends in “global”, enterprise”, or “Inc.” They’re passé.

3. Avoid using your own name. Build your brand on your company, not on your name. That way, if you decide to sell your company one day, it will be easier to sell.

4. Don’t hyphenate your business name. It makes remembering and writing it difficult. Plus, a hyphenated web name is hard to read.

5. Avoid geographical names unless you’re trying to create a strong local affinity. The name “Willow Oak Center for Arts and Learning at Robertson County” works because this is a business targeted specifically for Robertson County in Tennessee.

Once you’ve found your name, consider trademarking it through the U.S. Patent and Trademark Office and registering it through the Secretary of State offices. If your business operates on the Internet, be aware that domain names are not registered through state or local government, so just registering them at domain registration sites is not enough to protect your great business name.

There is more to naming your business than just coming up with something that sounds good, is clever, or you just happen to like. Naming your business is a serious matter. Your business name reflects your image, your brand, and your position in the marketplace. Because your business name is crucial to your overall branding success and marketing efforts, make your business name count.

Make it great!

Success Tips For Working At Home With The Network Marketing Business Model

Notice the word ‘work’ in this article’s title. That’s right any business takes hard work to develop over time and a home based business in Network Marketing is no different. Just think of yourself as the CEO of a major corporation. Because that’s what you really are with your Network Marketing business which has the potential to actually pay you like a CEO of any corporation and sometimes even more!

Treating a business like a REAL business will ultimately create wealth like a REAL business. This is where most people fall through the cracks so to speak because they just do not understand business and what it takes to succeed in one. Many join with a ”I’ll give it a try” attitude and it ends up being a hobby which ultimately pays like a hobby and all that really means is no profits like a business can generate.

Thinking like a CEO of a major corporation will help you to position yourself and condition your mindset to realizing that you are your own boss instead of having an employee ball and chain mindset. You are the one making the decisions for your future and the decisions you make will either give you long term financial freedom or long term slavery. Which one do you choose?

It’s important for any business person to set up a business plan for their future. Our team uses a written business plan that is sent out to each new partner because this gives the impression that we are in business to make a profit vs having a hobby. Think about where you’d like to be five years from now. The decisions you make now will affect that outcome. Set your 5 year, one year and one month goals. Write them down. Do not be afraid to dream BIG! Remember a goal is a dream with a deadline! Once you obtain one goal set a new and bigger one.

Make sure you set realistic daily goals you can achieve every single day that will lead up to your longer term goals and do not be afraid to change your goals and stretch to reach bigger ones. Prioritize your to do list and do the most important things first that are ultimately going to help you reach your long term goals. This usually means prospecting. Anything that has to do with you speaking with people about your company and products are going to be productive and help you to reach your long term goals.

The most important thing is to avoid procrastination to get where you want to be in five years. Devote a certain number of hours a week to your business. This will depend on your lifestyle and other activities that are important such as a full time job, taking care of your family, church activities, sports activities and other important priorities in your life. Putting a timer on your desk to help stay on track and to finish an important task without being sidetracked could help. The Internet is a great way to get sidetracked!

Places like yahoo groups, online communities, instant messenger are all ways to meet and communicate with people online but they can also be very distracting if a person gets caught up for hours in these areas. Make sure to use them wisely and productively and always keep a business mindset because ultimately the long term goal is to build a business using these resources. Develop a productive routine that helps you to obtain your short term goals that will lead up to your long term goals. Stay organized and focused with that long term big dream in mind at all times. This is why it’s important to write goals down or put photos up to always keep your mind refreshed on WHY you started a business in the first place.

Surround yourself with positive like minded people who have similar goals and constantly be on the lookout for business minded people. Take on a professional attitude and look professional when you go out and are approaching people about your business. If you are building an online presence make sure you have a personal photo on your website. Having a professional one taken is even better. This is the first thing people see when they visit your website. They are looking for leadership and professionalism and someone who is serious about their business.

Always put a personal photo on your profile in the online communities. This is crucial to your success as a business person! Never use abstract pictures. This will not present you in a professional business manner and people simply will not take you seriously or look to you for business advice.
Make sure that you are saving all of your receipts for tax purposes and find an accountant that understands Network Marketing and home business. There are many excellent tax deduction advantages available to you as a home based business owner and you may be missing out on them because you are not seeking proper tax advice.

This is why it’s so important to have a business plan in place to show you have a serious intent to make a profit. It’s also a great way to stay focused on goals. Speak with everyone you know and meet about your business and hand out business cards. If you opened a book store or a boutique you would tell everyone you know about it right? Then why not tell people you know about your Network Marketing business? It just does not make sense not to does it?

After all when you are a serious business owner you are constantly thinking of how to move your business forward into a profit. You would be advertising, you would have expenses to run your store, you would be hiring employees and managing them and you would be keeping records for tax purposes. Network Marketing is really no different than having any other business and there are some significant advantages.

There are no overhead expenses or employees to manage while offering the same tax advantages available to all small business owners today. Just make sure the Network Marketing company you choose does not have inventory requirements or heavy group volume requirements to earn commissions. If a company requires you to buy a large amount of product up front to start it’s called ‘frontloading’ and this is usually not a positive thing. People many times get caught up with products they are not able to retail so they tend to sit in their garage or cupboards. This is where the term ‘garage qualified’ comes from. It’s why the media often pokes fun at the Network Marketing industry.

Most Network Marketing companies require you to first purchase some type of ‘starter or distributor kit’. This is a one time cost and is usually under a $100. You will also have monthly expenses for office supplies, postage, advertising and depending on how you market you could have expenses for some type of online marketing system to run your prospects through. Remember to get with your accountant to find out about your tax deductible business expenses.

You should not be required to pay more than $39 to $100 to start a Network Marketing business with the actual company. This also does not mean that you take your business LESS seriously! On the contrary, a Network Marketing business has the same amount of potential or sometimes even more than any other business. It depends on the person starting the business to take it seriously enough for it to create the kind of wealth potential it really has.

When you become a distributor for a Network Marketing company this gives you the right to sell that companies products and services to others. When you are selling products you are in business. When you are sharing you have a hobby so think about that concept. Again if you owned a store front you would not be sharing products would you? How long do you think your business would stay open if all you did was ‘share’ your products with people who came into your store? Business owners sell products. People who have a hobby share products. It’s that simple.

You will however share the Network Marketing business concept. This is when selling and convincing is not necessary. When it comes to sharing your business concept all you do is give a person one of the resources recommended below so that they can make the decision for themselves. You are just educating them on your business concept. If you are still not sold on the validity of owning a Network Marketing business and it’s potential simply go out and pick up a few of Robert Kiyosaki’s books and/or cds. In fact, he just wrote a new one with Donald Trump called ‘We Want You To Be Rich’ where in chapter 27 they are extremely positive about recommending the Network Marketing business model. Get some of Kiyosaki’s CD’s ‘The Perfect Business’ to hand out to people to educate them on the Network Marketing business model. Let these expert professional business owners do the explaining for you.

When someone ask you how you’re doing tell them you are right on track to achieve your goals!
Most traditional businesses do not make a profit for years and in fact, many go out of business within the first two years. So why on earth should you be ashamed when you start your Network Marketing business and in a few months when you are not stinkin filthy rich, one of your friends ask you if you’re making any money and you become embarrassed to tell them about it. Just tell the truth. You’re in a real business and any business takes money, time and work! This is not the lottery! It’s a business! Most business minded people you speak with will understand this concept so do not worry if your friends and family do not. Your job is to be the messenger. If they have been misinformed, burned in the past or do not understand the Network Marketing business model, lead them to the resources and then move on.

They have to decide if they are interested in becoming a business owner or not. It’s not your job to convince them. This is an excellent reason to find a Network Marketing company that has a product with real RETAIL value built in so that you are able to start profiting by putting cash in your pocket immediately as soon as you receive your products! If you have a product that is not retailable it’s going to be really tough to put immediate cash in your pocket. You’ll be forced to do more sponsoring to find more wholesale buyers to purchase and consume your products and this can take a lot longer for you to start making a profit right away in your business.

Start believing, thinking and acting like a business person. Be professional, put your plan in place, take action everyday to achieve your goals, never give up and you will eventually become successful in your home business. How successful? That really depends on you! Start right now! Your future is waiting!

Copyright © 2007 by Sue Seward. All Rights Reserved.

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How To Build The Right Online Business Mindset For Day Job Employees

Talk to majority of employees and you’ll find some of them would definitely come up with a dream of starting their own business. Since I’m building an online MLM business, I can relate these few points in building the right mindset in any business.

1. Business Is Not Employment

If you are still working with other people, do not treat your business like your job.

In the office, you will most likely be told to do your own tasks or assignments and they’ll be people setting up goals and directions for you. These goals and directions will align with the company growth – not your own personal financial growth. So, what plans do the company have for you? Not much!

However, in building your online business, you have to set your mind about where, when and what you want to achieve in life – meaning that goal setting-and-getting is your job.

You have to set your goals, strategize and work towards getting those goals on your own (with the help of your business team, of course). There will be no one forcing you to do any specific tasks in an online business and you won’t get penalized for not completing your tasks – but you have to remember that your income in any online program will not grow if you don’t grow.

So, treat your online business as your future investment.

2. Doing Half-heartedly Doesn’t Count

What’s the worst that you can get if you work half-heartedly at job? Not much if your boss doesn’t know that you are not giving your 100%. As long as you can deliver what’s expected from you, you are safe. Come back tomorrow and you are still at work.

It can be tough at times when you build an online home based business while still working – not only in terms of consistently getting the income but also in terms of giving attention to your business.

I still remember a quote from Robert Kiyosaki on a website. He suggests to keep your daytime job while starting a business part time mostly because of the experience. He says, “Not only will you learn about business, you will learn a lot about yourself,”

Since you already make certain amount of money every month from your job, a little income from your home based business seems trivial. But, it will grow bigger once your business starts to grow big.

However, this does not mean that you will put only a little effort in growing your business.

You would probably have heard that most wealthy people work harder than those who have jobs, but how do you build a business when you are still at work 9 to 5?

The key is to keep yourself disciplined and do the right things to grow your business consistently. If it takes 2 to 3 hours a day from your spare time to
build your business, then use those hours effectively to build your business.

Doing the right things for your business only for 2 to 3 hours a day does not mean you are doing half-heartedly. It means you’re giving a 100% on a limited half-time you have for your future.

3. Grow yourself more than you grow your business

That is right!

You can grow your business to a million dollar empire but you should know that your first million can go down the drain overnight because of a lot of factors.

What do normally business people do when that happens?

They get back up and build a bigger business because they are equipped with what it takes to be successful.

This includes sharpening your skills in networking, sales, communication and other areas of personal growth.

Most people with employee mentality will probably feel frustrated and unmotivated with failures and give up the first time business turns sour. They do not know what to do next when it happens.

Well-equipped business people know that failures are just temporary. It is like a stepping stone for them to elevate to a higher ground.

The friendship, self-motivation, business networking and sales skills will take them anywhere they want to go and build a new business in a more powerful way. The last temporary hiccup was actually their biggest lesson for them to grow to even smarter entrepreneurs.

Even when they are successful, they will keep on learning to grow themselves for greater challenges in the future.

In short, great business leaders are life-long personal development students.

Now, let’s close it by a quote from Jim Rohn that I love so much.

“Formal education will make you a living; self-education will make you a fortune.”

Interpret it well and it won’t be surprised why the most respected business philosopher, Jim Rohn himself, said like that about personal development.