Naming Your Business: 10 Simple Dos and Don’ts

Naming your business with an appropriate business name is the most significant step in starting a new business. A good product or service backed up with a smart name can quickly make your business the talk of the town.

Naming your business can sometimes become a complex process. There are choices to make and there is no single, exact solution.

Here are some dos and don’ts to help you create the right name for your business.

  1. Make your business name memorable and easy to remember. It should be short, easy to say and easy to spell.
  1. Stay away from unfamiliar words or tongue twisters. It is easy to make a mistake and forget this rule as you would want to create a business name that is unique and stands out in the crowd.
  1. The name should have a good tone and be flexible so that you can add new products or services without having to change the business name.
  1. While naming your business keep in mind that good business names have positive visualization, the name you choose should remind customers about something pleasurable.
  1. Create a name that expresses something related to your business. Use a word that is associated with something your customer will love. Find expressions and alternative words. Look for translations of the words and connotations such as animals, color, actions, people and plants.
  1. Attract your target market by creating a business name that generates a sense of security or romance or adventure or excitement. Imagine the people whom you want to serve and see if your name appeals to them.
  1. While naming your business use trendy names carefully as many trends become out dated quickly.
  1. Ask some of your friends to spell your potential business name. Many words have more than one spelling. Like the name Insightica, though it is unique enough the name can be spelled using site or sight. Let your business name go through a spelling test before you finalize.
  1. If your business requires a web presence, find out if the domain name is available. Register the name as soon as you finalize, even if you do not plan to create the website anytime soon.
  1. Before you finalize, check the meanings in a few different languages and make sure it is not unpleasant or distasteful. Also, spend some time to research if any other business is using it. Once you finalize, protect it by registering the name with your county or state office.

Naming your business in the right way will convey the expertise, value and exclusivity of the product or service you have developed, and above all, create the right marketing recall.

Although business naming can be a complex process, for new businesses it is essential to get it right. The name establishes the initial connect between the business and its consumers. The impression consumers get from the name will indeed affect how your business will perform in future.

Retro Vacationing in the Great Midwest Dustbowl Recession of 2012

With recently financial difficulties Nationwide, Many Americans (myself included), have found it difficult to go anywhere and do anything. Let’s face it, without a job, you can’t even afford the overpriced gasoline to go anywhere-much less, do anything.

I did manage to find a few gems that I would like to pass along, that may be an affordable break from the awful conditions that we are all experiencing. Chiefly, the relentless 110 degree Midwest temperatures and the lack of financial ability.

I have a family of 4; which consists of one boy (age 5), and one girl (age 12). We reside in the Greater Louisville Kentucky/Southern Indiana area; “Pert Near the middle of the Great Midwest Dustbowl”.

It has been my family’s long goal to go to Disneyland, The Smithsonian, The Grand Canyon, and well you get the idea. Our finances have gone from Bad to worse over the years, making it difficult to do anything. Employers are offering lesser salaries; while prices are still going up. I guess, I am probably preaching to the choir, so I will get on with the gist of my article.

Some folks view that vacations are a waste of money and a poor investment. I believe that vacations are an investment in a family’s memories. You should do your level best, to provide at least some form of morale boosting recreation, especially in these trying times.

I wanted to give my family a Happy July 4th this year. My larger extended Family wasn’t planning anything reunion related; which would have consisted of back-yard fireworks and burgers anyway. So, it was my chance to do something different.

I decided to take my family to Deam’s Lake for the 4th; for a day of hiking, fishing, lake swimming, watermelon and yeah the same burgers. I invited along my Dad’s family and a family friend. Park admission is $5.00 per car-load. Everything else we brought with us, except in that there was no hand-soap in the rest-rooms. I had to pay $2.50, for a small size pump that normally would have cost $1.25, but that was all.

We found a great place near the lake with shade trees and picnic tables and a grill, all for our $5.00 admission (for the whole car-load)! I had spent some time there as a boy with my family. I remember when the open grass was full of bikini clad women working on their tans, when I was about 7 or 8 yrs old in 1970 something.

My uncle, who shall remain nameless, was 5 years older than me. He used to have me chase him with a bucket of water. The goal was to miss him, and hit the young ladies with the water so, that they would jump up, and with their tops un-done for tan line issues; they would expose heavenly morsels to sunlight-or something of the sort. So, the amount and type of folks at the lake are forever burned in my memoirs.

I later spent time there as a 12 year old Boy Scout, and then again as a 1980s teenager with my Pals from High School. During my teen years, I can assure you that I noticed the young ladies that were there. Not quite as many as age 8, but it was about quality, not quantity.

I noticed something unusual, about our 2012 July 4th. First off, there were no sun-bathers at all. The open grass was a dessert wasteland. The type of folks there was different as well. The amount of Hispanics was overwhelming. I minored in Spanish in college, and like the culture, Food and Sangria very much. While there were a few Senoritas there that were strikingly attractive; I couldn’t help but wonder if Arizona had lost, it’s border battle.

All kidding aside, the Caucasian population doesn’t go outdoors anymore. And when they do, they shouldn’t be wearing Bikinis. It appeared that my red bandana and I had time travelled back-all alone.

My kids had an absolute blast. My 5 year old led us on an adventure hike. My daughter caught a fish. We all swam in the lake, and no one drowned. We ate watermelon and had a very “Retro” July 4th that will be emblazoned in the minds for eternity.

I strongly suggest getting your family to the lake, or “A Lake” in the near future. The physical activity will do your family well in the waistline, and the close knit morale that comes from being a “Shope” or a “Thomas” or a Whatever you are, will be priceless.

Another Retro alternative for “The Great Midwest Dustbowl of 2012” was a personal favorite of mine… King’s Island.

The park opened in 1970. That’s me with my Mother in about 1973 or 1974, I am guessing 5 years old. Yes, I am sporting “Herb Tarlic” pants and a Bowl-cut, Mom was as beautiful as ever, may she rest in piece (Don’t Smoke).

At any rate, I remember the park had the most wonderful shops, with Family Crests and knick-knacks that you couldn’t find anywhere else. I remember that the flowers were always beautiful and thick everywhere impatiens galore. You used to be able to play in the fountains at the front entrance.

I expected the park to me more packed than it was, especially with the closing of 6 Flags over Kentucky Kingdom, just 90 minutes away. There was a decent turn out, however there was a break in the heat from 105 degree temperatures down to a more comfortable 88 degrees on the day that we went.

The flowers aren’t quite as impressive as they used to be, and the fountain is now fenced off; but they have added a new water park in 1989 now called Soak City. I haven’t been to it since 1993 or so, and it hasn’t changed much, except for some of the names. Soak City is triple the fountain fun and is included with park admission for free. You can even ride the train to it.

The park has dozens of roller coasters, and the old Hannah Barbara land is now “Planet Snoopy”. Since, I’m another “Joe Cool”, I’m good with most of the changes, except for the antique cars; which are now a tombstone in the graveyard of dead rides-literally they have a graveyard! My Antique cars are now a smoking park, where you can apparently walk your smoker (again-Don’t Smoke).

My family and I decided to go, and try not to spend a dime in the park. Except for admission (we got free media passes). General park admission costs $36.99 per person.

We brought in a bottle of water each, with generic propel fitness packet for electrolytes and a granola bar-non chocolate “Retro” type. We got to the park at opening 10am. The kids were wide-eyed. They were intimidated by many rides, but soon began having a blast.

Most of the rides are included with park admission, and free. We did not purchase fast line cutting passes, and avoided all shops and pay games.

We had a blast in Planet Snoopy. We shot Zombies in the Haunted Hill, and did not pay $8.99 for our picture. We also, did not pay $8.99 for an Icee/Slurpy frozen drink. We ate our granola bar and drank our fitness water, and spent nothing. We had a small backpack to put our drinks, granola bars and camera in. This is necessary for some rides, that ask-do you have any fluids with you.

We got our hand stamped, and ate lunch in the car. We had packet a cooler with sandwich fixins, Veggi sticks and drinks waiting for us. We did not spend $29.99 for 1 pizza.

After lunch, we carried in a second water, packet, and granola bar for another pit stop snack for later in the day. We did not spend $6.00 for popcorn, and $5.00 for a coke.

We did attend a free concert, called of all things, The Retro 1970’s. They played that Funky music White-Boy! Did the Disco Duck, and Freaked-Out to “Freak-Out”. We all thoroughly enjoyed it, and after walking 20 miles through the park, it was a welcome change to sit for 30 minutes in the shade.

The disco ball dancing was in tune with my 1970s expenses. I spent $12.00 to park, and $15.00 for a large locker at soak city, to hold 4 pair of shoes and a bag. I let the kids play 1 game to try to win a 4′ tall red dragon; they spent $1 each-and basically threw those dollar bills away. (stay away from all shops and pay games).

Basically, we spent $29.00 for a family of 4, for a full day of activity, rides, water park fun and even got in a show. Of course the park admission would have cost us $147.69 had I not received my Eagle Eye Productions Freelance Media passes.

We also got drive through on the way home, with a 90+ minute car ride from Ohio at 9pm, it was the only real option. The moral of the story, for under $200.00 you can have a Disney style day trip on a recession budget, and beat the Dustbowl Heat at the same time.

On both occasions, I got to feel like a good parent for taking care of my kids, as best I could, and did not spend a fortune. Their spirits were renewed somewhat, in the midst of “Dust-Bowl fever”.

Best Deals On New Computer Gadgets

If you’re thinking of getting one of the new gadgets on the market, you will probably accept that you will be spending some money in order to get it. But you don’t necessarily have to be spending every penny you have in order to get hold of the latest technology.

There are many ways which you can use to help you get hold of these new gadgets that can actually save you money, so you shouldn’t have to pay full price for these fantastic pieces of technology.

Store cards

While for most purchases that you make, this will not be a particularly useful card, but every now and again, the stores will give you a discount incentive on your purchases if you sign up for one of their store cards. So if you’re able to get 10 or even 20 per cent off your new gadgets by using these discounts, then it might be valuable to sign up. However, to make sure it is a good thing to do, make sure you go over the charging structures that such store cards will take, whether there is a monthly fee or if interest is charged. If you factor in all the costs, and then compare it with the savings on your new gadgets; if it works out cheaper, then go ahead, as long as you make sure that you close the card once you’ve paid it off, and that you don’t let any balances on the
card earn interest.

Online Voucher Codes And Cashback Sites

Of course, shopping around when you’re looking for your new gadgets is one thing you will certainly be doing. But you should also have a look online to find the best prices, and to see if there are any vouchers you can find which can further discount the price of your new gadgets.

Another type of website you will want to consider using when you’re purchasing your new gadgets are the online cashback sites. The main one among these is Quidco, but there are many actually available. Once you’ve found the site which offers the best price for your new gadgets, check on the cashback sites to see if you can get any further savings on your purchase.

Trade-In Sites

If you are anything like me, you will have a large number of gadgets which you no longer use, but they don’t necessarily have to spend the rest of their lives unused at the back of the cupboard. There are some stores which will offer a trade-in facility for your old gadgets, and will allow you a store voucher which you can use against the cost of your new gadgets. Unfortunately, the prices you receive can vary from store to store, so if you can’t get the discount you want off your new gadgets using this method, then you can also consider selling the old items on an auction site such as eBay.

Conclusion

Whatever the type of new gadgets that you are looking for, it is important that you don’t jump in at the first sight of the technology, and pay the full price immediately. While negotiation might be an option in some independent retailers, for most major stores, you will need to look at alternatives if you really want to get the best deals on new gadgets.

What Defines a Serious Business Buyer?

Individuals who desire to purchase an established small business must be well prepared before the search process begins. Well managed, profitable and successful businesses are in short supply and very high demand. Business owners and business brokers alike have little patience and interest in wasting their valuable time with buyers who have not taken the appropriate steps to demonstrate that they are fully prepared to acquire a business.

How does a buyer define themselves as being a “serious” candidate and not a casual, curious, tire kicker? The goal of this article is to outline the steps that a business buyer should take in advance so that they can stand out and be recognized as a serious and credible buyer?

Let’s start with a few examples demonstrating who is NOT a serious candidate.

  • I want to buy a small business in the area but am not sure what type yet. Can you send me information on three of the businesses you have listed for sale – the industrial manufacturing business, the durable medical equipment company, and the online retailer?
  • I am still working at my current job but am contemplating leaving the firm and purchase a business within the next couple of years.
  • My background is entirely in the printing industry but I want to make a change and thought about buying a wholesale chemical products company.
  • I have a little money saved up but need to get a loan to purchase a business. I am not sure how much I would qualify for or how large a business I could afford.
  • I want to buy a business but will need the seller to finance the purchase. I will pay them back entirely out of the future cash flow of the company.

Preparing a business for sale takes considerable work on behalf of the business broker and seller. Just a few of the steps include valuing the business, preparing the Confidential Business Review (executive summary), and organizing all of the corporate, financial, and tax documents. For a buyer to be recognized as a serious candidate, they too have work that needs to be accomplished prior to being in a position to venture in the marketplace and begin assessing business opportunities.

So, what makes a buyer a serious candidate?

  1. Personal profile and resume

Construct a detailed personal profile and biography. Not only will the seller need to see this document but any bank requires this as well. A resume is just a starting place. The document should cover the following questions:

  • What is your education and work experience?
  • Who will be buying the business? Just you, you and your spouse, a partner, an investor?
  • Why you are interested in buying a business?
  • What is your investment criteria?
  • What transferrable skills do you possess that qualify you for managing the business?
  • How will you be financing the acquisition? If bank funding will be utilized, a prequalification letter should be included. How much money do you have for a down payment?
  • What is your timetable to complete the acquisition?
  • Who is your advisory team? Which attorney will be drafting the Asset Purchase Agreement and facilitating the closing? Do they have experience with business acquisitions?
  • What are the contingencies for the business acquisition? Do you have to leave a current job? Do you have to secure funding from a partner or a bank? Do you have to relocate and sell a house?

How will the buyer be funding the purchase?

Buyers should be knowledgeable about the size of business they are qualified to purchase. Will the buyer be utilizing personal funds for the transaction or will third party financing be used? Most acquisitions (without real estate) require 25% of the purchase price as a down payment. (Funds needed for closing costs and working capital are often provided as part of the loan package and can be financed.)

Buying and selling a small business requires a two way exchange of information. The buyer should be ready to disclose the amount they can invest and have a detailed plan on how they will finance the entire transaction. The idea that the seller is going to finance the sale is not a plan and this type of buyer will be quickly dismissed. Business brokers can be a great source for recommendations on which lenders are appropriate and likely to finance the business they represent.

The buyer should have a current personal financial statement prepared. If bank financing will be utilized, the buyer should be clear on their borrowing capacity and have a lender prequalification letter in hand (a banker can prepare this in a matter of hours). Don’t expect the broker or business seller to provide complete access to sensitive and confidential business documents without receiving assurances that the buyer has the appropriate resources to either purchase the business outright or obtain a business acquisition loan.

What industry experience or transferrable skills does the buyer have?

The optimal situation is when the prospective buyer has direct industry experience. This is especially pertinent when bank financing will be involved. Obviously, every business is different and each will have unique requirements for successful ownership. For some businesses, the buyer may be able to satisfy this requirement by having related practical work experience or transferrable skills. Certain businesses may require licenses, certifications, or a particular expertise to operate. If the buyer does not possess these it will be critical to confirm that there is a manager or key employee in place that has these qualifications. In other situations, the business may be very specialized and a buyer lacking a critical credential will be disqualified from obtaining bank funding. These issues should be discussed early in the process as the business broker will need to determine if you are managerially qualified to operate the business.

What is the type of business the buyer is seeking and why?

A serious buyer has developed a detailed and concise “investment criteria” for the business they seek to acquire. Several of investment criteria attributes will include the type of business, the industry, the geographic location, the size of business, and the price/value of the enterprise.

Serious buyers will focus on enterprises which are suited to their background and qualifications. A buyer who inquires about an industrial packaging distributer, a restaurant, and a custom millwork company will not be treated as a serious candidate. Having an investment criteria that relates only to “profitable businesses” or “those businesses which generate a minimum of $150,000 in cash flow” without regard to the business type, industry served, geographic location, and size is a clear red flag that the candidate has not put the proper time into honing their acquisition objective.

  1. Realistic expectations.

Successful entrepreneurs recognize that there is no such thing as a perfect company. Business ownership involves taking on some level of risk and acquiring a business is no different. Buyers who seek to purchase a business 100% free of any flaws will be searching for a very long time. There will be areas of improvement for every business and the buyer will have to make a decision as to which negative elements are acceptable and which ones are not. Buyers who are too risk adverse may just not be cut out for small business ownership and being an employee is a more suitable career objective.

Additionally, buyers often fail to realize that there is a limited supply of great businesses for sale… those that have year over year revenue growth, excellent profits, and bright prospects for continued advancement. Many of these businesses sell for the full listing price and for these types of successful businesses, buyers should be careful when submitting an offer less than 90% of what it is listed at. Most of the time there are a multiple buyers who are evaluating the business and those candidates who submit, either a low-ball offer or an offer with unrealistic terms attached, will be wasting the valuable time of all parties involved not to mention possibly burning a bridge with the business seller and eliminating themselves from consideration.

  1. Ability to react quickly

A serious buyer is well organized, has done their research, and knows what they want and what they can afford. They are decisive and capable of moving through the process in a timely and methodical fashion. If a partner, spouse, or investor will be involved in the acquisition, these individuals are consulted with in advance and are in agreement with the defined objectives. If advisors will be assisting in the evaluation, the advisors are aware of the acquisition search and are on standby for their assignment.

A serious buyer should have an understanding of how businesses are valued in addition to a comprehension of the typical steps in the acquisition process. They are prepared with a list of well thought and detailed questions designed with the objective of determining if the opportunity meets their investment criteria. A serious buyer recognizes that a quick no is far better than a slow no and they tackle those gating issues from the outset that would disqualify the business from being acquired. Once the opportunity is qualified a serious buyer is in a position to make a ‘realistic offer’ and provide a letter of intent or terms sheet. A professional support team has been identified for the drafting the Asset Purchase Agreement and facilitating the transaction closing. Lastly, a serious buyer will understand the due diligence process and already have their checklist in place. Funding for the acquisition has been planned and money for an earnest money deposit is liquid and available.

  1. Professional Communication

A serious buyer is honest, direct, and forthcoming. Now is not the time to be cagey, cute, or evasive. You want to convey at the earliest opportunity your investment criteria, time table, financial wherewithal and reasons for pursuing the acquisition. This type of communication will build a foundation of trust and honest dialog in the weeks ahead. One viable solution for a serious buyer is to retain a business broker to assist with the search and business qualification. This approach provides far better results than a haphazard approach of firing off requests for information on any business posted on-line that catches their fancy. The business-for-sale industry is not the real estate industry. There are no open houses. This is a highly confidential process where professionals are involved and retained to protect the sensitivity of the business for sale data. A buy-side broker is paid by the prospective buyer for the time, energy, and work that is generated on their behalf. They are compensated to produce results.

There is nothing worse than going through the myriad of steps in preparing a business for sale to find a buyer that is not properly prepared nor has gone through the logical thought, planning, and preparation steps for acquiring a business. We have outlined the information that a business broker and seller needs when qualifying a candidate as a serious buyer. In order to close a transaction all of this information is required so it best that the buyer come prepared with this data at the outset. Few parties in this arena, want to have their time wasted or patience tested. The bottom line is that when you find the right business you are in a position to act and make a realistic offer. Successful businesses are few and far between and often receive multiple offers. Why should the business broker and seller invest time in you?