The health and wellness industry is saturated and very competitive. Are there are any niche areas to tap into? How do you make an online health and wellness business more profitable?
How do you get inspired to come up with an awesome business name that truly reflects your brand? What should be involved in the creative process?
I came up with a business name because I wanted it to be a reflection of what I do and my value proposition.
So I came up with the tagline first - "I Sell Words Because My Words Sell." I write copy because copy sells your product or service. (Which is nowhere near as catchy.)
I'm also a firm believer and practitioner that simple means more people understand your offering, leading to wider adoption or sales. So instead of taking an existing noun and making it an adverb (try it yourself - take any place, thing, or name and add "ly" to the end) which so many digital startups seem to these days, I just focused on that simplicity. What do I do? Who am I? What is my company?
I Sell Words.
My advice would be to think about your business and write at least a paragraph about your value proposition and goals. Whittle it down to an essential sentence. Then the words in the sentence can guide you to a suitable name.
Hello All, I am trying to understand ways to take my idea and turn into business. Everyone has ideas now a days and I understand the execution is the key here but how do I move from idea till...
I actually do know where you're coming from on this one. Big business does have a major advantage in having large advertising budgets, but on the downside they are less agile and this is where smaller business can gain a foothold.
You only have to jump onto any one of your local Facebook groups to see how many individuals out there are actively looking for local service provider recommendations to know that there's something that they're missing in their offerings.
My suggestion in this scenario, would be to try and source a solution that is somewhat 'out-of-thebox', and keep your initial overheads low whilst you are establishing if there is a market for your service. Rather than spend a lot on customised software solution for example, is there something out there in the marketplace that is already setup to help match customers with services that you can launch with sooner and at low cost?
You could start locally, which would also keep your marketing costs down, and use this to gain valuable feedback and find out what the people really want and, as others have mentioned - test, re-test and then test some more.
As someone that does a lot of new product development every year, I’m always interested and intrigued to hear what is working for another business owner. Additionally, is there anything in this area...
The person with the idea is responsible for creating a presentation in some form. A document or whiteboard work fine. From there it's reviewed by the affected department heads, put out for all senior management to view and comment on, then we do a Managers meeting to hone it down to what will work best. It is again vetted by the department manager who will be responsible for inplementation, and is then put into action. It sounds laborious, but really only takes a week or two to get rolling.
Do you have a formula or use tools to generate good business names to consider? What makes a business name good and what makes it bad?
I don’t completely disagree with @Aishah Mustapha , but I think it is a limited answer. The problem as a startup venture you don’t always have all the answers figured out before you start doing business. I’ve been a beta tester of many services that changed after some initial traction. One was called Mogulus (a live streaming company back around 2008) they later transitioned from individual creators to businesses and large events and rebranded as LiveStream. Another one was an online course creator that started out as With Coach, it later became Podio. As my examples show one went from Abstract to literally saying what their service is and the other went from being straight forward to being a bit more abstract (the thinking was that Podio is similar to Podium).
I agree that if you execute well it doesn’t matter so much what your name is, but it can have implications that impact the rest of your brand. Some names are easier to brand around than others, but that may not be known at the beginning. Also if your products, services or customers change than perhaps it is worth revisiting your business name.
It is also vital to understand your customer base. Many fashion brands (especially luxury ones) typically use some version of the founder’s name or initials. This type of choice can also determine or help drive your branding colors, font choice, imagery, price point of product or services and more. Another example is the sun lotion brand Sun Bum, they have playful colors, a playful gorilla mascot, and do lots of ads with surfers. However, Apple is sleek and serious but wants to show you that it doesn’t look or function like other similar brands and its prices follow that.
I would dissuade you from using a name generator if you are ever interested in trying to trademark or protect your name and logo. You need to do some serious thinking and research to understand if the name you want is already in use to give you a jump start on protecting your intellectual property as well as avoiding lawsuits from similarly named ventures (locally, regionally, nationally, and even internationally).
What are the risks in sharing your startup or business ideas with others? What precautions should you take?
Like all things, it depends.
I advocate talking to as many people as possible - that have the problem you are solving. So you can find out more about other people who are possible customers when you get your product sorted.
There really is no need to talk about the idea.
For those starting a business, one of the most important things is coming up with a product or service that people need or want. Unfortunately, this is not as easy as it sounds. If I've got a...
You have it right. Google.
Don't just type in Google your idea in your words, try other variations. Similar ideas or products and see how they track.
Reality is, Google has made life a lot easier when it comes to researching ideas. So it is the logical first place you would go.
Biggest issue is most people don't know how to use Google to it's full potential. Typing in a persons name is not how you search for them on Google.
Here is a video I made on using Google for skip tracing. The first 10 minutes should be enough to show you some ways to research your ideas a little better.
Family and friends could give you a bias opinion. Google will tell you from a Global scale what interest there is out there. Google will not say it is a Good or Bad idea. It will give you the data so you can make that assessment yourself. So yes, Google it. After you have done that and you believe it is a viable product. Then look at drafting a business plan and continue to research as you go.
I am a student looking to start my own business. I have been considering various options, but can anyone here on SavvySME suggest any business ideas that will cost next to nothing?