Business lesson 103 – How to start your own business

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Hi kids!

It is Wednesday! And it is time to carry on with our lesson on the three key components or “C’s” of a business;

C – Concept
C – Clients or customer
C – Cash flow

What is the concept or the idea you have for your business? What is your business all about and what makes it unique.
Link to Lesson 101

We took a closer look at your customers or clients, in other words who is your target market, their demographics, budget group etc.
Link to Lesson 102

For Lesson 103 we are going to stay with your clients or customers.

Now that you have established who your clients or customers will be the next thing is to look at what they want.
Yes, they want quality products and quality service at a low cost. This we all know too well.

A little secret… it is all in the name!

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Clients shop with their eyes and the first thing they see is not your products nor your service and not your prices. The first thing they see is the name of your business. And that impression can be either everlasting or soon be forgotten!

Choosing the correct business name is therefor of utmost importance!

1. It is the BRAND of your business – It forms your logo, your slogan, your advertising and your whole concept, the idea of your business.

2. It determines your SUCCESS! In today’s difficult economic world you have to stand out and the first place where you can start is with the name of your business.

Let’s go back to Facebook. In Lesson 101 I briefly discussed the concept of Facebook. My question to you today is, do you think that the name Facebook is the correct name?

Indeed it is!

It is the “face” of millions around the world.
It is the “book” shared by millions around the world.

You have to choose wisely when you choose your business name.

To help you I am going to share 10 tips with you which you can take in consideration when you choose that PERFECT name!

1. The most important factor is to choose a name that you like! It is your business and you have to build it.


2. Choose a name which relates to your kind of business


3. Find a name that doesn’t exist or which is not in use and the best way to do it is to search “Aunty Google”.


4. Choose a name which is not difficult to spell like “Facebook”. Choose short names which have a “ring” to the ear.


5. Don’t choose a name which does not limit your business. In other words choose a name which is applicable to many things like “Cloud”. If you make it “Cloud books” you are limited to books but with the name “Cloud” you can start with books but add on products as your business and needs grows.


6. Make sure that the name domain name (website name) is available. Also make sure that it available as a .com domain. In other words, choose a name which is “web friendly” Example: “www.cloud.com”


7. Also make sure that the name of your business is social media friendly. You will have to do some investigation on all the social media platforms.


8. Never pick a name which is similar to that of your competitors or pretty soon they will sue you.


9. Get the opinion of other people like your family and friends


10. Choosing a name for your business is exciting and it should be fun therefor you must enjoy it and you must put an effort into it

Homework:

That dreadful homework time! Don’t worry I am going to keep it simple and easy.

I’m going to give you 5 examples of name and all I want you is to tell me if you think it is a good name or not and the reason for you decision.

You can either post your answers at the bottom of this post or you can write a separate post for it. Just remember, 300 words, use the correct tags like #business and #learnwithsteem and make it unique so that you can be seen by the curators.

See you all next Wednesday!

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