Operations

Tips to generate a business name

Tips to Generate a Business Name

What’s in a name? One one hand, the name of a business doesn’t seem to really matter. After all, I’m writing this using a laptop with an Apple logo on it. And what does fruit have to do with computers, anyway? But what a company is called matters, so here are tips to generate a business name. 

Branding and business names

Branding is about building connection and recognition. We think of burgers when we see a certain yellow M because of decades of powerful storytelling in advertising. But both these companies started out in a very different time. Market conditions and consumer behaviour were very different. New entrepreneurs starting out need to consider what works today, and in the future. 

1. Negative Marketing

Tips to Generate a Business Name

First, I’ll share this excellent example of a smart business name. The streets of London are full of vans and cars, especially in white and black. Anything really colourful will pop out, but this van didn’t catch my attention for being bright and cheery. In fact, it is visually interesting because it’s the opposite. You don’t often see the word “hate” in company signage. This is known as negative marketing, which has a number of tactics. This company is using negative marketing to empathise with customers who hate ironing. And according to this study, ironing is the chore that Brits hate the most. 

And this is an important tip – consider the main pain points of your customers. What is the problem your product or service solves? Because that may be a way to generate a business name that will catch the attention of your target audience, and stand out from competitors.

2. Repetition and Alignment

Repetition and alignment are important in building a brand. This matters both visually, and in text. An example is using the same logo, colours, and tagline on a website, social media profiles, and marketing materials. Repetition is widely used and known to be effective to create familiarity. Aligning your business name with your messaging is a way to create alignment, and helps your customers find you and understand what it is your business does. For example, if you saw a shop with a sign for “Katy’s Kat Kafe,” you have a good idea what to find when you walk in. But if you call your new e-commerce store “Brad’s Top Tables” and you sell only jewellery, consumers will be confused. Make sure your business name matches what your audience expects. 

3. Know your Niche

Use your niche to create a business name that makes sense. It’s a great shortcut for your audience to understand what your business does. For example – we see SurveyMonkey and expect it to be software to create surveys. However, this can be a bit of a trap. If your company is called “Cosy Dog Beds” and then you want to branch out to sell products for cats or guinea pigs or fish or birds, this name may work against you. When naming your business, check in with your longer term goals. If your strategy is to start with dog beds but later become a top retailer for all pet owners, then know that niche and pick a name which makes sense.

4. Avoid Trends

Finally, avoid trends when thinking of a business name. Keyword research may reveal a particular term is in high demand, and may be tempting to lock it in as a domain name and run with it. However, trends are, by definition, temporary. If you want to build a solid, sustainable business, then avoid naming it after a trend.

Best Tips to Generate a Business Name

Most importantly, check that your business name works everywhere you need it to. For example, you think “Smarty Pants Pants” is a great name for your clothing upcycling business. So next, consider all the social media channels and platforms you plan to be on.

Check to see if your business name is available as a domain name and social media profiles. Also, see who is using the same or similar name.

Because there could be something out there that would cause confusion. As in, a lingerie ecommerce site using  smartypantspantz.com!

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Finding balance as a newbie entrepreneur

Balance as a Newbie Entrepreneur

What is the line between working enough, and working too much?  Understanding this line and finding a way to balance it as a newbie entrepreneur is a challenge. However, it’s important to keep this balance no matter where you are at in the entrepreneur experience. Basically, whether you are seasoned, experienced, or starting over, it’s a critical concept to understand and be aware of. This concept is simply understanding the difference between “working on your business” and “working in your business”. Switching one little letter in that sentence makes a huge change which impacts on your business and your life. Read on to understand this foundational concept of being an entrepreneur, and how to find a balance.

Working IN your business

Working in your business is what most business owners do at the start. This is the stage of wearing all the hats, juggling all the tasks, and being hands-on with every step of the customer journey. Generally, it means managing social media, marketing, processing sales, delivering what your customers bought, responding to all enquiries and questions, and doing all bookkeeping and administration.

Also, what this looks like specifically depends on the sector and nature of your business. It could mean that you are printing labels deep into the night and packaging product to deliver the next morning. It may be opening and closing the store every day, and being there for every hour in between. Or it could be full days doing the plumbing, pruning, grooming or Zooming to keep the revenue flowing in.

The importance of working IN your business

This working IN your business is valuable at any stage; when you are newly starting out, it’s everything. If you are spending all your time being hands on in your business and doing all the work, that’s ok. What is important is that you recognize it, and understand the difference between working IN and working ON your business, so that you can have balance as a newbie entrepreneur. Which brings us to…..

What is working ON your business?

Working on your business means stepping back from the daily details of delivering a product or service to see the big picture. It’s the macro to the micro. It’s planning, not execution. Reviewing, not doing. Here are examples of working on your business: 

1

Reviewing Marketing Metrics

How effective is your marketing? Did that last campaign get your better results? You'll never know until you take the time to review ROI, conversion rates, cost per click, and other vital metrics.

2

Monitoring Profitability

What is your most profitable product or service? You may be surprised when you run the numbers. Knowing this helps you make smart decisions for your business.

3

Market Research

What are your competitors doing? Not just their pricing strategy, but also the entire customer experience they provide. SWOT analysis and understanding your competitors gives you the data you need to know how to compete.

4

Analyse Customer Feedback

What do your customers think of your business? This feedback is not just an opportunity to improve your offering. It's also a chance to spot a need that is NOT being met - which means more revenue and loyalty.

Balance as an Entrepreneur

You may think – wait, I do work on my business! My bookkeeping is up to date, I know my numbers, I plan promotions, build social media campaigns around it, and keep the sales funnel full. Great! But do you also work in your business? Are you in the store, on the ground, working directly with customers and employees? That’s ok also. Certainly, some businesses require more working IN than others. For example, health and wellness professionals (massage therapist, chiropractor, counsellor) tend to work in their business more than someone who, say, opened a retail store and hired staff to run it.

The question is balance. If working on AND working in means no time for family, life, leisure, and fun – this is not sustainable. Or sane! This leads to burnout, which happens frequently to business owners. For the sake of your health and the long term viability of your business, start making small changes to get balance back in your life.

Another key point is neglecting the working ON. As a result, this causes a loss of balance. It’s common to neglect the administrative, analytical, and strategic tasks of running a business. After all, it’s easy to get fully immersed with the daily demands of customers and operations. It’s very risky to lose this balance as a newbie entrepreneur, and there is a true story to explain why:


Balance as an entrepreneur

Losing balance as an entrepreneur: a true story

This really happened. Don’t let it happen to you!

Manny started up a floor refinishing business with a friend. They bought the equipment, did the training, set up a great website, got business cards printed, and joined a networking group.

Basically, all the right things.

And guess what?

It WORKED!

They landed a few big contracts and was busy doing the work.

But they were working IN their business.

And they stopped making time to work ON their business.

What do you think happened?

The email box was full of unread messages. Letter mail piled up, unopened. Basic admin and bookkeeping wasn’t getting done.

But then, they finished the contracts. The work was completed.

And they had ZERO new contracts lined up.

Not only that, they had ZERO leads.

It gets worse.

Their website was gone.

GONE.

Actually, no. Their URL was now being used by a new company. Because they had let their domain expire. So a competitor bought it and directed it to their own site.

So now Google searches for Manny’s business was bring potential customers to a competitor.

Essentially, Manny had to build his business all over again.

The lesson here is to keep working ON your business.

Tips for New Entrepreneurs

First, know the difference between working ON and working IN your business. And make time for it as part of your regular schedule. Check out the classic book by Michael Gerber who explains it best in  The E-Myth Revisited. 

 

Second, do your research and make data-driven decisions for your business. Don’t make assumptions. Every business is different. What worked for one may not work for you. And just because someone else failed to make an idea a success doesn’t mean there isn’t opportunity for you to make it work. 

Last, don’t sink into the day to day running of your business. Stay aware of your big-picture strategy and long term goals for being an entrepreneur. And you don’t have to do it alone. Look at getting a mentor or business coach to create space for reflection, analysis, and brainstorming.

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Answering customer calls

Answering the Phone is Basic CX

This post may contain affiliate links. I will receive a small commission if you use these links, at no additional cost to you. For the full disclosure, visit this page.

It’s such a digital world that it is easy to forget old-school basic CX like, you know – answering the phone. A recent experience with with a local small business turned out to be a powerful example of how the fundamentals can gain or lose customers. Read on, and consider whether your CX map needs some business process reengineering to bring back the basics of answering the phone. Or, you can skip the story and jump down to the Bottom Line bit at the bottom to get the takeaways that can help you be a better entrepreneur.

I recently came to accept that my favourite hair stylist is not returning to London. She went back to Italy to visit family in July, and she still isn’t back. Summer is long gone, so it should have been clear ages ago that it’s time to find a new stylist, but hey, I’m an optimist. Every time I called the salon, they said no, she isn’t back yet. YET. That gave me hope that her return was imminent. I finally went ahead and booked a cut with their senior stylist, figuring this place must know how to spot talent, since they had had the good sense to hire the amazing woman who flew to Italy and hasn’t flown back. YET. My haircut with the senior stylist was a borderline horror story, but that isn’t what I want to share here. This is an example of the power of the basics of answering the phone.

After researching hair salons in my leafy area of North London, I came across a place I liked. It had lots of positive, recent reviews, and Google Maps told me it was a 13 minute walk from my flat. I used the online booking function and the appointment dropped into my calendar. A SMS confirmation popped up on my phone a couple of days before my appointment. Technology was working well.

Technology Fail, or Human Error?

Rather, I thought technology was working well. The morning of my appointment was a crisp sunny Saturday. Perfect for a short walk. I’m very grateful for the good weather, since my walk to the salon took 30 minutes longer than expected. Leaving my flat, I opened Maps on my phone and entered the name of the salon, which was promptly pinned with its name and the icon of a teeny pair of scissors, just to confirm what kind of business it was. I walked through back roads to the High Street until my location on the map matched where Google had pinned the salon. But it wasn’t a salon, it was a laundrette.

I slowly walked up and down for a few minutes, in case the business had moved a few doors down or I was missing the signage. Next, I double checked Google Maps, which had me firmly planted over the salon name and scissor icon. Then I opened the business website and saw the address was for High Street Way – I was on High Street Road. Gah. As I’m entering this new address into Maps, my phone rings. It’s the salon calling, and I explain I’m on Road and the website says Way, I’ll be there in 10 minutes. 

Off I go again, following Maps along more back roads, away from the High Street, until I turn onto Way. It’s a residential street, but I carry on, hoping the end will have a row of shops with a salon on the corner. Like I said, I’m an optimist. At the end of the residential street was another residential street. I wondered if I was being punked, for 2 reasons. One, I was standing at the address listed on the business website. Two, I told the guy who called from the salon that I was on my way to this address.

Signs from the Universe

For a moment I wondered if this was a Sign From the Universe that my stylish young Italian stylist was in the process of returning to London, and that I should just abandon the idea of a haircut today. Should I give up and carry on with my day, or shall I plunge on?

Plunging on with renewed determination, I called the salon again, and told him my story. I went to Road, I went to Way, where are you? He explained where the salon was in relation to Landmark, and finally, I knew where they were. This landmark is a rather prominent and locally famous bit of architecture. I know it well, and finally, I could find them. I made my way there, arriving almost 30 minutes late, because of the 2 unnecessary legs of the journey.

Answering the Phone

Back to why answering the phone is important for business processes and strong customer experience. My failure to find the salon was not due to my map-reading skills (which is surprisingly good, considering how often I get lost). Human error is a thing which impacts businesses, but this wasn’t user error. Google had pinned their location to the wrong spot. I showed this on my phone when I arrived. He responded “that is a problem” which is an understatement. Sorting out settings and updating content in Google My Business is an excellent example of working ON your business. It may take time, be frustrating, and not fun, but neglecting it can cost you revenue.

In addition to being so willing to fix the Google Maps issue, this story is an example of the power of answering the phone. Sometimes, good customer experience is really that simple. For a retail or shopfront or service business, having a real human answer the phone is Page 1 of CX. Technology is wonderful, but it fails, it has limitations, and there is user error. If you have a phone number for your business, answer when people call it.

Note that this website uses affiliate links, which may earn a commission at no additional cost to you, only if you decide to make a purchase. See my disclosure about affiliate links here

Bottom Line: What does this mean for your business?

If you want to skip the story and get straight to the lessons of this customer service experience, read these 4 tips for direction on how to improve CX and marketing visibility for your business.

1. Update Google My Business

Keep your Google My Business listing updated. Clear your cache and test where Google is pinning your business on the map. If you don’t have Google My Business, read about how it will help your business.

2. Include detailed directions

If you need your customers to come to your place of business, include detailed directions on your Contact or Location page. An address alone may not be enough, especially if there are many streets with identical or similar names. Postcodes help, but not everyone will want to look that up. Make it easier for your customers by providing visual clues. “Across from the Main Street Post Office” is more clear than “123 Main Street.” If the salon website had one line explaining its location in relation to the famous landmark nearby, I would have found my way there without fail. 

3. Answering the phone is basic CX

If your business is retail, storefront, or a service, and there is a phone number on the website and Google listing, your business process must include answering the phone. You or your staff must always be answering the phone. And have a system to collect messages. And check those messages, frequently. If that isn’t possible, outsource to a service which can handle this professionally. You can customise your answering service to fit your business needs and budget. In the UK, MoneyPenny is an outstanding choice, and in the USA there is Ruby. If I hadn’t connected with someone to get accurate information about their location, I would have missed my appointment, and the salon would have lost my business. I had gone to the address in Google Maps, and the address on their website, but still hadn’t found the hair salon. Answering the phone and helping me find them landed them a customer.

4. Never blame the customer

Stay positive with customers, even when they do annoying things like rolling up late to an appointment. Especially a new customer, because this first customer service experience sets the tone for the relationship. Instead of being grumpy and abrupt, they were kind and welcoming. I showed them the pin on Google Maps, which placed them a few streets away from their actual location. His face fell and he said “that is a problem.” To their credit, when I paid for my (very good) haircut, I was given an update: “our IT is fixing it.” And they did – their Google Maps now pins their salon in the correct location.


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