There are two completely different schools of thought when coming up with business name ideas in the modern era. In the first camp are those who proclaim that a business name should ideally tell people something about the nature of the business. The other camp thinks that there is absolutely no need for the name to give any clue as to what the business does.
It is much easier to find concrete evidence that the people in the second camp are absolutely correct. Lots of business names are simply the surnames of the founders, yet they have become household names globally, and have even become synonymous with their main area of trade. When most people think of cornflakes, for example, a family names pops into their minds (although many do not even realize it’s a family name). Likewise, “hoover” now appears in dictionaries, not as a proprietary name, but as a generic name for vacuum cleaners.
There are countless other similar examples. Both companies mentioned above are very old. When the founders were establishing their businesses, they were happy to use their family names, rather than names that described the products they sold, and there is no concrete reason why present day business name ideas should only include business-related ideas.
It is arguable that the Internet has completely changed the focus on what constitutes a good business name. It is now important to choose names that are easy to remember and easy to spell. The chosen business names do not have to have anything at all to do with the business.
Two of the biggest Internet companies are Google and Amazon. You would be hard pressed to find anybody who has not heard of these businesses, or anybody who was unable to tell you what they do. This proves that there is no need to directly connect a name with a business type.
However, that message gets clouded somewhat when you take search engine placement into account. Google and Amazon did not have many competitors when they were launched. That gave them a certain amount of freedom to choose any name they wanted.
Today, it is almost impossible to find a business area that is not hugely competitive in terms of search engine placement. Having a business name, or, to be more specific, a website name, that is related to a particular search term can bring higher positioning in search engine results.
When considering business name ideas, confining the choices to names that are easy to spell probably makes sense. Once again, the Internet is the main reason why this is the case.
If people have visited your business website in the past, or have bought something from it, you want to make it easy for them to find the site again. The best way to ensure this is to have an unambiguous spelling. Avoid using words that people may spell incorrectly.
Keeping your new business name short, simple and memorable is the way to go. If you already have a business that does not fall into this category, you can always try re-branding using a newly registered trademark that fits these criteria.
Small business management may be relatively easier than big business management because the small business manager runs a smaller operation. However, it is important to point out that every manager needs to work very hard to ensure that the business does not fail. Some of the most important things you have to consider if you want to manage a business effectively are cash flow, effective advertising, product quality, overhead costs, customer relations and expansion plans.
Managing cash flow effectively
This is one of the most important jobs of the small business manager. Most managers will tell you that cash is the lifeblood of every business. It therefore follows that the business manager has to find a way to run the business so that there is always cash to meet short-term and long-term obligations. For instance, a small business manager cannot extend a large credit line to customers if this will have a negative impact on the cash position of the company.
Cost effective advertising
If you run a small business, you have to advertise your goods and services. The problem here is that you may not have a large budget to advertise your products. Now, this is where cost effective advertising comes into the picture. You can take advantage of cheap options like flyers, posters and promotional gift items. You can also run a promotion or a bonanza. This is one good way to increase sales and increase profits too.
Every business is as good as the quality of the product it offers the public. Know this and do not compromise on quality. Always go the extra mile and offer your customers high quality products because this is one sure way to succeed in business.
Reducing overhead costs
Every business has overhead costs but it is the duty of the small business manager to find a way to cut these costs. One sound principle of small business management is to cut costs because a reduction in cost will translate to an increase in profit. Some great ways to cut cost include paying less for labor, transport, power and logistics. Once you can save money in these areas, the business will make more profit.
One good thing about running a small business is that you are likely to know all your customers. This makes it easier for you to give personal service to each customer. It also means that you can relate to your customers on a one-on-one basis. Remember that your loyal customers are the ones who make your business a success. It therefore follows that if you can keep your customers happy, your business will grow.
The best strategy for every smart business owner is to start small but think big. This means that the small business owner should expand his or her operations anytime the opportunity presents itself.
As stated already, small business management is not different from big business management. It is just a matter of applying the right principles making these principles work for you.
The Internet has made it possible to set up new businesses without having to invest large amounts of capital. People can work from home, and they do not have to buy or rent costly retail outlets. However, some people would argue that profitable business ideas are quite rare, and most online businesses are losing money.
Because of the DIY nature of online businesses, it is hard to get concrete figures that show what percentage of online businesses are making money. It is possible, however, to extrapolate the number of online businesses that have gone bust by looking at the number of lapsed domain names, and it is obvious that the vast majority of businesses are short-lived.
It is easy to blame the competitive nature of the Internet for this state of affairs, and there can be little doubt that stiff competition can break a business. The problem is that this short-sighted view of why online businesses fail ignores the reality. In most cases, online businesses fail because they are badly run, not because of competition or because the owners did not have profitable business ideas. Furthermore, the reasons most businesses with physical outlets fail are exactly the same.
Businesses close down because they are badly run. There are countless ways in which a business can be badly run. The owner may be unable to manage cash flow, and he or she quickly runs into problems paying bills. Maybe the owner has zero interpersonal skills, and is running a business that relies completely on creating positive customer relationships.
Yet another example of a badly run business is where the business has been opened in the wrong location. If you want to sell surfboards, for example, you are more likely to be successful if your outlet is near a popular surfing beach.
The key thing to keep in mind here is that selling surfboards is inherently a profitable business. Any business that sells products can make a profit provided the volume of sales is enough to pay all costs with a little left over afterwards. Selling surfboards is a profitable business idea, but not when the outlet is 100 miles from the sea.
People often launch businesses without doing enough research into what potential customers expect of such a business. For example, an entrepreneur may launch a new business selling products at prices that undercut his or her competitors. The entrepreneur has checked out the competition, and can offer lower prices by reducing costs.
What he or she has failed to realize is that the majority of buyers want their purchases delivered next day. The entrepreneur has made cost savings by using lower-cost delivery services, but soon finds reams of negative online reviews about the poor quality of the service offered. Knowing what customers want, and how competitors are delivering what customers want, is essential knowledge.
Having profitable business ideas is great, but the ultimate success or failure of any business is down to the skills of owners. Research is vital, as is honest self-appraisal about the owner’s ability to run a business properly.