April 6th, 2025
Your name is the first impression for customers. It's more than just the words on a page—it's a part of your business's brand and identity. It will tell your potential customers so much more than just what you offer. It can showcase your business's personality. It can be playful and humorous, or more serious and business-forward. Take an example:
Business Type: Pizza Shop
Name 1. Cheezilla
Name 2. Stone & Fire
The two names both work great for a pizza parlor. But both will indefinitely attract different customers based strictly on their name. The name will define your company. So choose your name wisely. A last note about the name is how easily is it searchable on the internet? Is the domain name taken? Can you get the proper social media handles for it? Does another business already exist with the name? All points to be taken into consideration when choosing what to call your business.
There will be established businesses that you will have to compete with. Companies that have been around much longer than you. So how can win over their clients and prove that you are the better option? Who is your target audience and why will they choose you over the other options? What market gap are you filling with your service or product? How are these potential customers making their decisions? You have to fill a need and see that there is actual demand for what you are offering. How are your competitors pricing their product and how can you compete with it? It's less guessing and more knowing by understanding the market you are entering and how your business will fit in it.
We've established the problem you will be solving for your customers, but great products might not make it out alive because they weren't properly planned. What makes up a business plan:
Business Idea
Goals For 1 year / 2 years / 5 years
Target Audience
Marketing Strategies
Financial Projections
Operational Structure
How much is it going to cost monthly to keep the business up and running. What's the overhead cost to produce your line of products and what is your net profit off each sale? Figure out how you are going to sell your product or service and what each sale will net in profit. Think about whether you are going to be a high-volume business making many sales annually with smaller profit margins or low-volume but higher profit margins.
In order to be a legitimate business you have to register your business and obtain a license to operate. You can do so typically at your local city or county government office. Once you have this in place you can file for an EIN —a federal tax ID number for businesses, tax-exempt organizations and other entities. You can get an EIN for free directly from the IRS in minutes.
By having a single bank account connected to your business you can stay organized. You open a credit card under that same account and keep all of your expenses in one place so at the end of the fiscal year, you can use the account as a reference for your tax deductions. Anything spent on the business can be considered an expense for the business and therefore tax deductable.
In the same vain of doing your market research, it's important to understand who your main competitors are. What are the products/services available that you will be competing with? What will it take to have one of their customers turn towards you rather than sticking with them? How can you win over these new customers and show that you are the better of the two options? Identify your competitors strengths and weaknesses. This will not only help you better understand who you are marketing yourself to but also the identity you want to create around your business to allow you to do so. Maybe you are offering swimwear and the leading companies in the industry aren't offering custom fits that give you the confidence you want when hitting the beach. Maybe all the companies who offer swimwear aren't ethical in their production and sustainability. Knowing whose the best will help you better understand why a customer will choose you over everyone else.
The unsung hero of every business is their design. We often times forget to think about design because we are so wrapped up in the product or service itself. Branding your company early on is one of the best investments you can make. You are going to have to make marketing materials to help you promote your business. By establishing brand guidelines you place yourself ahead of the curve. You will then have your logo, typography, color schemes, mission statement, and personality/tone of voice laid out so whenever you are creating a new asset for your business you don't have to make those decisions on how it will look and sound. Establishing your brand identity early on will relieve the stress and confusion in decision making later on down the line. This will help build trust with your customers over time as you stay consistent with who you are and how your company looks aesthetically.
The majority of the world has the internet in their pocket at all times of the day. Having a website and a digital presence is everything today if you want to succeed. Having a website can have so many benefits. Allowing potential customers to find you from anywhere and at any time of the day. Social media has become a great affordable way to market yourself if you leverage your creativity properly. By having a digital marketing campaign that's eye catching and interesting we can directly reach our target market.
If the company is strictly digital, then maybe you invest in a new computer or better software to stay organized or automate the boring, mindless tasks. Maybe you need a new desk and workspace all together. If you started a sticker business maybe you need to buy the proper printer to be able to print everything in house. Understanding what you need to get the business up and running is crucial to having a strong start.
If you can't take in money legally and have a way to process payments, then you aren't going to be in business for very long. Whether is a Stripe account or through your hosting provider (Shopify), you need to be able to process transactions.
Conclusion
It's important to get organized before launching so you will be better prepared to weather the storms. Problems will come and go, that's a part of business. But by planning accordingly, you can set yourself up for a better chance at success. A good business name, a thought out marketing strategy, an eye catching website; All of these will have an impact on the make or break of your business. Start with this list and you will already double your chances at making it to the finish line.
