Have you ever met an individual, and when they introduce themselves you do a silent *wow* in your head because their name is so powerful? Is it just me? Okay. Well I have met several individuals with strong names that command attention. This reaction is exactly what we want in business when we choose our company names.
Your company name is the first impression to your brand. What do you want it to say about you? Is it catchy? Will people remember your business an hour after introductions? Large companies put lots of money into market research, sending out surveys with probing emotional questions. For example:
Would you buy this product? How does the name make you feel? Are you more likely to give this product a try compared to your regular brand or less likely?
Market research is great however as a start-up we may want to put funds into other areas. The best resource we have is friends and family. Use your resources to provide open and honest communication on your prospective business name. Ask them to really tune in to their emotions as a consumer. With this approach you are sure to garner some great feedback!
I recently had someone reach out to me on Facebook and ask me how I managed to leave the financial sector and start my own business? How did I gain the confidence to jump into the land of the self employed from receiving a paycheck bi-weekly? My response was that I knew I was doing something I was passionate about. I gave free advice and knowledge away daily so why not do it for myself instead of another company.
My thought process looked something like this…I am passionate about laying in bed and eating ice cream with rippled potato chips. However I don’t know anyone that will pay me to do that! I am also passionate about gardening and art. Maybe someone will pay me for that. I love to dance but I am not good enough for someone to pay me for it *sigh*. I love finance I just wish there wasn’t so much politics around it.
When we consider becoming an entrepreneur we think; What do I love doing? What would be my dream job? The real question is how can I take what I enjoy doing and I am good at to generate income? Some people may say “it’s not about the money” (so cliché). Let’s be clear, we all have expenses and need to survive. It is very much about the money! It’s also about happiness, being of service to others, peace of mind, or advocating for a cause.
The most important step to finding a good balance between passion and prosperity is:
Where is the bulk of your skill set?
Is there a market for this?
What is the average income for this industry?
What sets me apart?
Where would I like to end up?
Like Stephen Covey said, “Always begin with the end in mind”. If you know where you would like to end up, plan accordingly. Set small tangible goals that are geared towards your END goal. Let me know how you answered your questions and if this exercise helped you gain some clarity on what you would like to do.