Business Education

Tips for Choosing a Brand Name

Okay, so you have a great idea and want to launch a brand. You’ve got plenty of inspiration in every other aspect. But, when it comes to giving it a brand name, the well is just plain dry. So, you’re looking for various ideas to give you some direction. Well, one thing is for sure, it’s got to resonate with people. Or, does it? Now that’s a scary thought. However, it’s a necessary thought-experiment.

Differences between a Company Name and a Brand Name

Let’s first look at what we’re actually talking about. If you’re going into a trade or profession, it’s customary and wise to go with tradition. In other words, if you’re going to open a specialty bakery, it’s perfectly okay to go with something like “Little Miss Muffin.” People will get it. Although, you might toy with the prospect of giving it a more eccentric name. Just be aware, doing so is a big gamble.

Throughout the entire life cycle of your business one thing is constant – your business name. And this means getting it right, the first time. Why? Consider this – assuming you optimize your Web site, post your business on local online listings, develop a social media strategy, and deliver a great service, your business name and all that it represents will go viral (and hopefully in a good way).
—Small Business Trends

That’s really the difference between a company name and a brand name. Think about it this way. If you were approached in 2005 and asked “What is Facebook?” Or, “What is Twitter?” Could you answer? Nope. The reason why is obvious, neither existed back then. But today, they are household names. Even though their names do not describe what they are or what they offer.

Tips for Choosing a Brand Name

Let’s put it another way, when you choose a brand name, you’re giving your entity a brand or an identity. Now, it makes sense to name it after yourself or to take off from an existing brand. But, doing so creates some problems. So, here are some helpful tips on how to choose a brand name:

Conduct several web searches. Dropbox. Twitch. YouTube. Though familiar to nearly everyone now, at one time, these were unknowns. A good place to start is simply by searching the web to learn if there’s already a spot-on or similarly named company out there.
Compare and contrast what’s out there. Speaking of out there, once you begin to identify organizations, take the time to compare and contrast what’s similar and dissimilar. It’s definitely worthwhile because you’ll learn important lessons.
Find something that will set your brand apart. Of course, you’ve got to pick a brand name that will set you apart from the competition. But, don’t go too far out or you might confound anyone who encounters it.
Don’t rely on incumbent brands because it’s a mistake. One the other side of the coin, some organizations take an approach of building off another entity. For instance, publications like “Android Police and Mac Rumors.” While these make sense for the present, they could well look outdated in the future. After all, Google might rebrand its mobile platform or Apple could very well come out with a new line of computers.

What other suggestions do you have for choosing a brand name? 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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Thinking of Hiring a Family Member for Your Small Business? Here’s Why You Should Think Twice

August 25, 2023 No Comments

Bringing family members into your small business might seem like an appealing idea, often driven by the desire to strengthen family bonds and keep the business within the family circle. It very much seems a win-win situation. At least, on first thought. However, this decision merits careful consideration. While there are undeniable advantages to hiring family, there are also potential pitfalls that can impact both personal relationships and business success. So, read on to explore the pros and cons of hiring family members in your small business. Pros of Hiring Family in Your Small Business There is certainly no question that hiring one or more family members comes with a few enticing benefits. (You can probably think of a few right off the bat.) Here are some of the biggest advantages to bring a family member on board your small business: Shared values and loyalty. Family members usually share your values and vision for the business, resulting in loyalty and dedication. Family members are more likely to be invested in the success of your business than non-family members. They’ll be more likely to work hard and go the extra mile to help the business succeed. Trust and reliability. Family bonds often translate into greater trust and reliability, reducing concerns about employee dishonesty. Plus, you know their strengths and weaknesses, their work ethic, and their commitment to the family. This can make it easier to trust them with important tasks and responsibilities. Flexible work dynamics. Family members might be more willing to work unconventional hours or take on varied responsibilities, contributing to the business’s flexibility. Additionally, hiring a family member can save you money on labor costs. You won’t have to pay them as much as you would a non-family member, and you may be able to arrange a more novel pay structure or compensation package. Another benefit is their personal knowledge of family dynamics. Family employees often understand the nuances of family dynamics, which can be quite advantageous in managing the business together. Cons of Hiring Family in Your Small Business Obviously, as with anything else, working with one or more family members can cause a few headaches. While the good can easily outweigh the bad, there are some things you should think long and hard about before hiring family to work in your small business: Blurred boundaries. Lines between work and family life can blur, leading to conflicts and stress that spill over into both realms. Working with family members can create conflict, especially if there are personality clashes or disagreements about how the business should be run. This can damage your personal relationships and make it difficult to work together effectively. Lack of objectivity. Family dynamics can hinder unbiased decision-making, potentially leading to poor business choices. When you’re working with family members, it can be difficult to be objective. You may be more likely to give them preferential treatment, even if they’re not the best person for the job. Creating unfair perceptions. Non-family employees might perceive favoritism or unequal treatment, affecting team morale. What’s more, it could involve limited skill diversity. Relying solely on family for expertise might limit the diversity of skills in the business. The decision to hire family members in your small business requires careful consideration of both the benefits and challenges. While shared values, loyalty, and trust can be advantageous, the potential for blurred boundaries, lack of objectivity, and conflicts should not be underestimated. Navigating this dynamic successfully requires a balance of clear communication, well-defined roles, and professionalism. Before extending a job offer to a family member, weigh the pros and cons, assess the potential impact on both your business and personal relationships, and establish strategies to manage challenges that might arise. By doing so, you can make an informed decision that serves the best interests of both your small business and your family ties. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Get Your Body Butter and Toothbrush Rentals Here! What could Possibly Go Wrong?

April 10, 2019 No Comments

Strangely, no one is lining up outside the body butter and toothbrush rental stand. How odd? Who would have guessed such an idea wouldn’t take off? After all, you have a huge selection. So, there are plenty of choices. Yet, no one is interested. Something’s amiss here and you can’t quite put your finger on it. Even Good Business Ideas are Not Guaranteed Winning Strategies Okay, so the headline says it all. It’s a totally ridiculous business model. There’s not a person near or far interested in renting body butter or a toothbrush. Yet, people do come up with some strange concepts to sell and are surprised when they don’t pan out. You’ve created something unheard of. You’re passionate about it. You believe in it. You’ve also spent an insane amount of time figuring the whole business out down to the tiniest detail. By now, you can talk about it for hours — and to top it off, it actually is a great idea. But for some reason, you can’t sell it. So, what’s the problem? —Forbes.com On the flip side, there’s no guarantee a really good idea will widely succeed. Even the best concepts run into problems. In other words, solid products and services aren’t immune from the realities of the marketplace. Put another way, there is no straight path from unknown to sensation. How to Test a Business Idea So, how do you know if a business idea is worth pursuing in the first place? How can you determine if it’s something which has a real chance of making it in the free market? Try these suggestions to establish a baseline: Look for successful competition. Everyone wants to believe their idea is “new.” But, that’s usually not the case. In-part or whole, it’s likely been done before. So, look for examples and see how they fared. Test different versions several times. There’s no such thing as perfect. Meaning, your business idea isn’t without some sort of flaw. Even if you’re really confident in what you’ll offer, it could perform better or worse, depending on a few tweaks. Offer a variety and see which works. Explore the industry to gain an understanding. It’s certainly true good ideas are boxed out of the marketplace because they aren’t allowed. Perhaps it’s too heavily regulated or there are just too many obstacles to make it feasible. Think about how it can scale and adapt over time. If the business can’t scale up to meet demand, that’s a big, red flag. And, if it’s not able to evolve with the changing times, that too, is a big obstacle. Think about creating a Minimum Viable Product (MVP). Ok, what the heck is an MVP. A minimum viable product (MVP) is a concept from Lean Startup that stresses the impact of learning in new product development. Eric Ries, defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. This validated learning comes in the form of whether your customers will actually purchase your product. A key premise behind the idea of MVP is that you produce an actual product (which may be no more than a landing page, or a service with an appearance of automation, but which is fully manual behind the scenes) that you can offer to customers and observe their actual behavior with the product or service. Seeing what people actually do with respect to a product is much more reliable than asking people what they would do. If the business can’t scale up to meet demand, that’s a big, red flag. And, if it’s not able to evolve with the changing times, that too, is a big obstacle. How do you test a business idea to ensure it’s a viable one? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Business Owners Can Effectively Deal with Loud Quitting

December 1, 2023 No Comments

How Business Owners Can Effectively Deal with Loud Quitting In the extremely fast-paced world of small business, a unique and often frustrating trend has emerged that’s a disturbing sequel to Quiet Quitting known as “Loud Quitting.” This phenomenon refers to employees who depart from their positions in a manner that disrupts the workplace, creating tension and negatively impacting team morale. As a small business owner, dealing with loud quitting can be challenging, but it’s crucial to address the issue head-on to maintain a healthy work environment. Understanding Loud Quitting Loud quitting can manifest in various ways, from confrontational resignations and public outbursts to passive-aggressive behavior during the notice period. It often stems from dissatisfaction, stress, or a lack of communication within the workplace. Identifying the root causes is the first step in effectively dealing with this disruptive trend. The trend began to gain traction earlier this year and reached a peak during mid to late summer. Since then, it’s not particularly been as widespread but with the end of the year fast approaching and 2024 right around the corner, the lasting impressions of The Great Resignation could very well spark another robust round of bold employee departures. So, it’s best to be prepared rather than just hope it won’t happen again. The Impact on Business Loud quitting can have far-reaching consequences for a small business. It not only disrupts the daily workflow but also has the potential to harm the company’s reputation both internally and externally. A toxic work environment resulting from loud quitting can contribute to decreased employee morale, increased turnover, and difficulties in attracting new talent. Tips for Dealing with Loud Quitting Fortunately, there are ways companies of all sizes can prepare and deal with this behavior – either to prevent it from manifesting or to minimize its impact when it does occur. Here are some effective strategies for dealing with loud quitting you can use: 1. Foster Open Communication Encourage a culture of open communication within your workplace. Regularly check in with employees to understand their concerns and address any issues promptly. Providing channels for feedback can help employees feel heard and prevent dissatisfaction from escalating to the point of a loud departure. 2. Implement Exit Interviews Conducting exit interviews can provide valuable insights into the reasons behind an employee’s departure. This process allows departing employees to express their thoughts, helping you identify patterns or areas for improvement within the organization. 3. Set Clear Expectations Clearly communicate expectations regarding behavior, performance, and workplace conduct from the outset. Having a comprehensive employee handbook and conducting orientation sessions can ensure that all team members are on the same page, reducing the likelihood of disruptive exits. 4. Provide Adequate Support Ensure that employees feel supported in their roles. This includes offering professional development opportunities, recognizing achievements, and addressing concerns promptly. A well-supported team is less likely to resort to loud quitting as a means of expressing dissatisfaction. 5. Create a Positive Workplace Culture Foster a positive workplace culture that values teamwork, respect, and collaboration. Recognize and celebrate achievements, and promote a healthy work-life balance. Employees who feel valued and connected to the workplace are less likely to engage in disruptive behavior upon leaving. 6. Develop a Comprehensive Offboarding Process Implementing a thoughtful offboarding process can help manage the departure of employees more smoothly. Provide clear guidelines for the notice period, ensure a thorough handover of responsibilities, and maintain professionalism throughout the transition. 7. Address Issues Proactively If you notice signs of dissatisfaction or tension among employees, address these issues proactively. Ignoring or downplaying concerns can contribute to an environment where loud quitting becomes more prevalent. Summing All of It Up Dealing with loud quitting requires a proactive and strategic approach from business owners. By understanding the root causes, fostering open communication, and implementing supportive practices, you can curb this obnoxious trend and create a healthier, more positive work environment. Small business success hinges on the strength of its team and maintaining a cohesive and productive workplace. Remember, a happy and engaged team is more likely to contribute to the long-term success of your business. If you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. Contact us for dates and times. We GUARANTEE that you will leave this workshop knowing exactly what to do to grow, profit and cash flow your company like you always dreamed you could. Contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business into 2024!

Tips for Choosing a Brand Name

Differences between a Company Name and a Brand Name

Tips for Choosing a Brand Name

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Thinking of Hiring a Family Member for Your Small Business? Here’s Why You Should Think Twice

Get Your Body Butter and Toothbrush Rentals Here! What could Possibly Go Wrong?

How Business Owners Can Effectively Deal with Loud Quitting