This is an interesting graphic compilation of business entities in the US and other related information. An interesting point for me is that Sole Proprietorships are the most common, but Corporations take home more of the revenue. Although this does not surprise me. If you would like to see a larger view of the graphic, just click on it.
Business Entity Landscape: Corporation, Partnership, LLC, etc.
The first people most small business owners turn to when trying to name (rename?) a business is family, friends and colleagues. That could be a big mistake for your small business.
Why? Those people know and love you and have a tough time being objective and providing candid feedback.
The best place to test out your new name is with your target market. You might remember two recent posts — Naming Your Small Business Can Make It or Break It — and Is Your Business Name Important on this same topic.
Well, I just got the question again. This small business owner identified her core business as a childrens consignment shop along with a variety of peripheral products and services. Then she offered a brainstormed list of potential names — several incorporated her name into the title.
Here’s what I told her.
Don’t try to be all things to all people. Select your name based on your core business, then you can add peripheral services.
If your core business is a consignment shop, then you need to laser in on that audience to determine your company name. Finding the right niche, focusing on it and then adding on the complimentary services will take you a lot further than trying to find a name that fits everything you are trying to do.
Given that, narrow down your names to your core business focus. Then select from there.
Side note: I don’t recommend you use your name in your business name. It really means nothing to your target market (although it may mean a lot to you!).
What do you think? Is it appropriate to use your name in your business name? When and why?
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The economy has created a ton of new small business owners and entrepreneurs who are just starting out on the self employment path.
Do you remember what it was like when you started your business? Pretty scary for most of us. You had a million things to do and no idea where to get help or where to turn for advice. I remember those days (still have them sometimes!) like they were yesterday even though I started my business in 1996.
You can help those new small business owners out by sharing some of the lessons you’ve learned. [Read more...]
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