by Donna Vestre

Created on: January 06, 2007   Last Updated: June 22, 2009

Starting A New Business & Choosing Your Business Name

So you want to be an entrepreneur. Do you have a business idea that is tailored to your success? What I mean is, do you have the credentials to ensure your business will succeed? When starting a new business, it is imperative that you have the tools to succeed.

Perhaps you've obtained your masters in accounting and want to open a CPA firm. Years of experience in a specific field may qualify you to start your own business. What ever the case may be, you need a plan. What is your vision? What are your goals and objectives?

Prior to starting your business, it is wise for you to research the pros and cons that other professionals in your potential field experience. Understanding your market is crucial in achieving success. If you have work experience in the industry you are considering, you have had the opportunity to evaluate what potential customers are looking for, what works and what doesn't.

Consider what will set your business apart from the others. The last thing you want is to blend into a mass blur of professionals that all offer the same thing. Emphasize on a particular product or service that will appeal to your potential customers. Make your business stand out from the crowded maze to ensure that your business gets noticed.

Choose a name for your business that will last through the years. I began a home based business, but my vision was that it would some day be a corporation. I could have chosen to name it Anaheim Recovery Consultants, as my business was based in Anaheim CA. Instead I named my business South Coast Revenue. I simply broadened the geographical area I expected my business to remain in. Tagging a location name to your business is acceptable if you expect your business to remain in the jurisdiction the name refers to. But what if you later expand and move your business to another city or state? In my case, I expected my business to remain in Southern California, not necessarily Anaheim California, therefore "South Coast" was a better fit than "Anaheim".

Let's take a look at your vision. Where do you see your business five or ten years from now. Write down what you envision your business to be so that you can focus on your goals, and how you will achieve them. Do you have a mission? Your mission can be created from your vision. Summarize what your vision is when you create your mission statement, you'll want to keep this simple and to the point. Define your mission statement in a concisely

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