Business Education

Disney Might Rename Its Studios Park ‘Cinemagine’ — Why That’s Important to You

A recent news report reveals Disney just might change its studios park name from Disney Hollywood Studios to Cinemagine. It’s one of several choices put out by the entertainment company in a survey. Other names included Beyond Park, Storyverse Park, and Legends Park. But, it appears Cinemagine is the favorite. While a big deal to Disney enthusiasts, it might not strike you as a big deal. It is. Here’s why. A business name plays a pivotal role in marketing. It’s the company’s identity. It also helps to separate it from the competition. So, if you’re considering changing your business name, you should think seriously about a few factors.

Steps to Change a Business Name

Disney isn’t the only company to go about renaming a product. For instance, Netflix revamped its icon. Dunkin’ Donuts is also in the process of tweaking its name. Now, these examples are important because it’s a really big deal for such recognizable brands. But, for most small businesses, this isn’t as nearly as involved. All you need to do is to change your DBA and consult the IRS’ bulletin “Do I need a new EIN?”

One question that small business owners commonly ask is how to change their business name. It’s only natural for a business to grow, evolve or change direction over the course of its lifetime. The name you hatched in the early days may no longer fit your business’ market, activities or brand personality now. The question is: is there an easy way to officially change the business’ name without having to start all over again? —Small Business Trends

Then, you can go about changing the LLC or the corporate name. (The procedure will differ from state to state and might also involve the county. So, be sure to learn what is and what isn’t necessary.)

How to Know When It’s Time to Change Your Business Name

While the step-by-step process isn’t all that difficult, it’s not something you should rush into doing without stopping to consider a few factors. After all, changing your business’ name deals with public perception and more. Here are a few good reasons you should change your business’ name:

It’s too complicated. If your business name is long and/or complex, it’s probably time for a change. Names which are difficult to pronounce or are unusually long just cause confusion or waste space.
It’s just too generic. If your business name is too plain or it doesn’t convey a message, that is also a strong indication it’s time for a change. Look at your competition and even names from other industries for inspiration.
It no longer fits your model. It’s common for a business to start off in one direction and then move into another. Should this be the case and the name no longer fits what you’re doing, it’s only sensible to change your company’s name.
There’s no harm to brand equity. This means if people readily recognize the name, it is its own asset. So, you should think carefully about making a change. But, if there is little to no brand equity, a change might be worthwhile.

Have you changed your business name? What other factors would you consider important? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Here’s the Most Important Takeaway from the Trump ZTE Fiasco

June 12, 2018 No Comments

ZTE who? What? Wait just a moment. There’s headlines all over and most Americans don’t know what to make of the situation. In fact, it’s a bit confusing since it deals with a very boring subject. But, it’s really not that difficult to understand. Ostensibly, it’s the result of bad business practices, and it’s causing real-world consequences for a very large company. At the most basic level, it delivers a great business lesson, which many entrepreneurs would otherwise avoid. It’s an uncomfortable topic but it’s also a never-ending threat — complying with the law. The Trump, ZTE Fiasco in a Nutshell Of course, very few business owners intentionally break the law. However, this doesn’t mean it’s not possible to accidentally cross the line. (In fact, it’s entirely possible to inadvertently make a mistake, only to realize it when it’s too late. After all, there are so many laws, it’s nearly impossible to always be in-the-know, all the time.) Basically, the Chinese company, ZTE, sold its products to Iran and North Korea. Now, what triggers the trouble is the fact those products contained American-made components. Today’s business owners have a wide array of concerns, not the least of which is turning a profit in what can be a volatile economy. However, financial success is of little consequence if the government compels you to dissolve your company for failing to comply with legal requirements. —Intuit Quickbooks The net result is a colossal fine of $1.19 billion. Yes, “billion, with a ‘B.’” That’s the cost of violating trade agreements and it’s one which will surely make every international company take notice. But, such a financial penalty will put ZTE out of business. That’s where the controversy comes into play. What to Do if Your Business is Out of Compliance Now, let’s look at the core lesson here — operating a business within the confines of the law. Sure, breaking the law is not something you set out to do. Although, this doesn’t mean it can’t happen. If it does, here are some helpful suggestions for how to deal with a compliance issue: Don’t try to hide it or ignore it. Whatever you do, don’t attempt to hide it or ignore it. The problem won’t magically go away. It will only worsen and that’s much more damaging. Face it, apologize, ask for forgiveness, take responsibility and do so humbly. Get sound legal advice, right away. If your business does break a law, it’s not necessarily the end of the world. Sure, it’s definitely unpleasant and uncomfortable. But, that means it’s time to tackle it head-on, as soon as possible. Speak with a lawyer, if necessary to learn about your options. Openly address the situation carefully. Chances are excellent your team members will learn about it at some point. Do yourself a favor and address it pragmatically. Just like when you fire an employee, there will be questions and you have a duty to provide answers. Learn from your mistake and move on. While it’s a bad experience, that doesn’t mean it’s worthless. Take the opportunity to learn from your mistake and then put it behind you. Have you ever experienced violating a code or law? What other advice would you offer about learning and getting past the experience? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Biggest Mistakes to Avoid when Selling a Small Business

April 14, 2022 No Comments

When it comes time to sell your small business, you want to make sure that you avoid making any major mistakes. If you wait too long to sell, you may miss out on a great opportunity. If you don’t find the right person to represent your business, you could end up selling it for much less than it’s worth. And if you don’t market the business for sale, you may not get the best price. In this article, we will discuss five of the biggest mistakes to avoid when selling your small business: Not finding the right person to represent the business: If you don’t find the right person to represent your business, you could end up selling it for much less than it’s worth. It’s important to find someone who knows how to negotiate and who has experience in selling businesses. Otherwise, you may not get the best price for your business. Most sellers don’t expect the exit from their company to be easy, but many are surprised by how difficult it can be to sell their business for a good price in a reasonable timeframe, especially in the current economic environment. It’s important, however, to not let frustration get in the way of maximizing your sale. —Entrepreneur.com Before you speak with a business broker, it’s highly advisable to get your corporate affairs in order and understand the process. An experienced business consultant can help with these and much more. The bottom line is, that you need to know key details in order to identify the right buyer. Forgoing marketing the business for sale: If you don’t market the business for sale, you may not get the best price. You need to let people know that the business is up for sale and you need to promote it in order to attract potential buyers. You want multiple buyers interested in making offers so that the demand drives up your selling price. This doesn’t mean spending copious amounts of money. But, it does mean advertising smartly to the right people. Asking too much or too little for the business: If you ask too much for the business, you may not get any offers. If you ask too little, you could end up selling the business for less than it’s worth. It’s important to find a fair price that will attract buyers but that won’t leave you feeling like you’ve given away your hard work for nothing. Conversely, if you put it up for sale at a discounted price, otherwise interested buyers might think you’re trying to sell to get rid of a headache. Selling to the wrong person or other company: If you sell to the wrong person or other company, you could end up regretting it later. Make sure that you know who you’re selling the business to and that they are someone who will be able to take it in the direction you want it to go. In other words, someone who shares your business values and approach. Otherwise, you could see your beloved creation turn into something you would never want it to be. These are just a few of the biggest mistakes to avoid when selling your small business. By following these tips, you can help ensure that you get the best price for your business and that you don’t end up regretting the sale later on. If you have any questions about selling your small business, please feel free to contact us anytime! We would be happy to help! Interested in learning more about starting, running, buying, or selling a business? Then just visit Waters Business Consulting Group.

Here’s Another Key Ingredient to Success — Stop Comparing Yourself to Others

December 15, 2018 No Comments

“Stop comparing yourself to others!” Chance are excellent you’ve heard this advice more than once before. It might have been a parent, coach, a teacher, or even a friend. Okay, we all know this is true. Comparing yourself to others will inevitably lead to disappointment. But, we all fall into this trap and it isn’t helpful. So, how do you resist the feeling in the first place? Let’s take a look at how you can effectively stop comparing yourself to others. If You Keep Comparing Yourself to Others, You’re Standing in the Way of Success Before we get into the logistics, we’ll take a peek into what this actually does — it prevents you from succeeding. That’s right. Think about it. If you’re always comparing yourself to others, you keep moving the goal post. Comparing yourself to others’ accomplishments is a losing battle. There is an endless supply of people to whom you could compare yourself and your accomplishments, but, inevitably, you’ll always end up on the losing side of the comparison. That’s because there will always be someone who has done something that you wished you could also accomplish. —Forbes.com And, we all know what that means. So, doing this is essentially self-defeating. You can’t reach the goal if you keep moving it further away. It’s really that simple. Yet, it’s difficult to resist the urge because we all want to accomplish more. How to Stop Comparing Yourself to Others Now, how do you stop comparing yourself to others? Sure, it sounds easy but it isn’t. Fortunately, there are ways to beat back the impulse: Practice getting over your FOMO urge. FOMO or fear of missing out. It’s a good portion of what drives the success of social media giants like Facebook. People are always measuring their own lives up against others on social media. Take a break. For instance, don’t check social media for an entire weekend. Or, make your evenings social media free. Look for commonalities, not differences. Instead of comparing yourself based on differences, try identifying commonalities. It will give you a level of reassurance, at the very least. It will also tell you that you are incumbents in some ways and boost your confidence. Take a long, mindful trip down memory lane. One of the best ways not to compare yourself to others is to compare yourself to yourself. That’s right. The you of today is likely a great improvement of the you of the past. Understand what you can and cannot change. Another way to stop comparing yourself to others is to understand and accept there are things you can change and things you cannot change. Doing so will certainly help you contextualize. What other methods would you recommend to stop comparing yourself to others? Please share your thoughts and experience by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.