Naming Your Business

Let’s Review What is a Business Plan? Who looks at a Business Plan? A written proposal addressed to potential lenders and investors. Describes a new business and tells why it is deserving of financial support Who looks at a Business Plan? Potential lenders or investors

Let’s Review What are the two main factors you must look at when developing a business? Demand Needs to be a demand for the business Competition Need to find a way of separating yourself from your competition

Naming Your Business Tips for creating a good business name: Start with positioning Use a name that will appeal to your target market Selling quality, at an affordable price (Best Buy) Keep is short, simple and easy to remember Short names are easier to remember Catchy Be creative, not generic Should describe what your business does Give the customers an idea as to what is unique about the business.

Good Business Names Renuzit by Glade™ Simple and Short Catchy Tells the customer what the product does

Good Business Names 2nd Swing Golf – Brookfield, WI Store specializing is selling used golf equipment. Makes it obvious as to what type of products are sold “2nd Swing” gives the idea of used equipment.

Good Business Names Java Jams Java Jams (Student Business Plan) Music store and coffee shop Short Catchy Describes the uniqueness of the business Java Jams

Good Business Names The Sub-Marina The Sub-Marina (Student Business Plan) Restaurant specializing in sub-sandwiches Building is an old renovated boat located near the lakefront The Sub-Marina

Good Business Names Dessert Oasis Destination Unknown Fine Dining Specializing in desserts Destination Unknown Fine Dining Restaurant divided into four major sections, each decorated as a different part of the world.

Naming Your Business What you want to avoid: Hard to pronounce names Customers get frustrated trying to remember a store name Generic Terms or Phrases Depot, -O-Rama, etc. Trademark or Copyright Infringement Example: McDougal's Restaurant Personal Names Theirl Sporting Goods

Naming Your Business A good business name should be able to answer most of these questions: What type of business is it? What are the distinguishing characteristics of the business? What benefits does it provide to customers? Hartford Quik Lube Oil Change Represents fast service

Work Time Customer Profile (Due Today) Create three potential names Follow the guidelines discussed in class Design three potential logos for your business Computer generated, needs to be replicated