Small Business Start Up - Determining your Market & Choosing a Name
How to determine your market and factors to consider when choosing a business name.
Determining your Market
If you want to start a successful business you need to have a good idea. Choose something you have a lot of knowledge about and you generally enjoy. You can do research at your local Economic Development office to determine how many similar companies are in the area. These will be your competition and you will need to compete against them for the market share.
It is ideal to fill a void – something people need but is not currently offered, or to create a niche. A niche is where you distinguish yourself from the competition. For example there are several candy bars however you can offer an organic candy bar. Once you have established a niche you need to market it.
Choosing a Name
Once you have carefully considered what your business is you are going to need to establish a name. Give careful consideration when choosing a name because you will want to build a brand – and changing your name down the line will not help the cause.
Now I have read that using your name for a home improvements business lends credibility – example: Frederick Redwork Construction. I have found while searching for companies this business name appears unoriginal (which it is) and gets lost in the sea. Customers will confuse the name with similar names beginning with Fredrick or similar sounding last names.
Second I have read that choosing a name that begins with A will get you a higher placement in phone directories. AAAAA auto wreckers. Again having a name that is memorable is much more important. Plus you will often get higher ad placement in the phonebook by spending more money by purchasing larger advertisements.
A name that describes a feeling or your product is often beneficial. Once you have chosen your name go down to your local government office and search it. You do not want to have a name similar to anyone else’s in the area that you are operating in. We are going to work on proper placement of your company and you don’t want your efforts to aid in helping another business.