You’d probably think twice before going for a trim at Yummy Hair or getting an oil change at Sham Auto Repair, right? Choosing a business name is one of the most important decisions an entrepreneur can be faced with- the name will stick with your company for years into the future, tell customers what your business is all about, and determine branding, online marketing, and advertising strategies. Here are a few things every entrepreneur needs to consider when selecting a business name:

The “Sticky” Factor

Choosing a memorable business name can be tough. Many branding and online advertising experts advise starting with brainstorming or mindmapping.  While bouncing ideas off a few trusted sources is smart, try to avoid involving too many people (employees, spouses, silent partners) in the naming process. If you’re in need of a little inspiration, check out sites like rhymer or wordlab. Noemata and bubbl are also good places to start or to browse if you’re fresh out of ideas.

SEO Implications

Sure, you know a few search engine optimization basics- your business name should be simple to search for and easy for prospective clients to identify. But did you know that many common search terms are delivery devices for malware? According to a recent study by McAfee, certain popular terms, celebrity names, and phrases link to malware sites that can crash the computer where the term was searched- not entirely your fault (unless your business offers that dangerously named “Jessica Biel Screensaver”), but a bad first impression nonetheless. Do a little research, and avoid choosing a name that’s too similar to a dangerous, obscene (likely to be blocked) or otherwise undesirable search term.

Copyright/Trademark Issues

Copyright and trademark issues don’t just prohibit you from calling your own burger restaurant “MacDonalds.” Licensing regulations can impact logos, tag lines, graphics, and overly similar company names alike. Yes, it’s time consuming to perform a U.S. Patents and Trademarks Office search, but the effort will be well worth it if you find that you need to make modifications to all of your promotional materials before they’re printed. Check out the SBA website’s tutorial on copyright and trademark issues for more information.

Domain Names

In an ideal world, your domain name would be the same as your business name. This isn’t always possible, especially if you have a name with a common term in it. Try to avoid modifying the name beyond recognition (“PriceLogic” shouldn’t ever become “PryceLogixNetworkOnline”). You can also choose a catchy tagline or a descriptive domain. For example, one local taco shop went with www.eataburrito.com. Instead of a popular domain that might be unavailable (drsmith.com), try something descriptive (Marina del Rey Opthamology or Marina Eye Doc). Even if your name is available, you should still be careful- some businesses who register their full company name don’t count on the way the words read as a single block of text. It always helps to get a second opinion before you commit to a domain.

Translations

If you plan to do business in foreign markets, you’ll need to consider the language and cultural implications of your business name. We’ve all heard about the Chevy Nova and its unpopularity in Spanish speaking countries- naming the U.S. model the NoGo probably wouldn’t have been a smart move, either. While services like Google Translate are free and easy to use, they aren’t able to translate the cultural or slang implications of a certain name. Ask a native speaker what they think of a prospective name before committing to it.

Naming your business is an important (and fun!) first step in starting your company. Avoid the mistake of an unfortunate name (like Yummy Hair) by doing your research and choosing wisely.

Every business owner wants to use time-proven, effective marketing tactics that build strong brand awareness and increase its clientele. Small business owners today may not necessarily have the tools to spend an insane amount of money on television advertising, radio spots, or other costly advertising avenues such as billboards emblazoned with state-of-the-art graphics. Other advertising methods exist that are cost-effective and have the ability to get the company’s branding message across. We have looked at some of the most efficient and least expensive advertising measures from websites such as here and others for small business owners that we believe will fit in with your budget while helping to create a profitable business. These include:

1. Postcard marketing
2. E-mail blasts
3. Social networking sites (i.e. Twitter or Facebook)
4. Podcasting
5. Creating a website

It is no surprise that 163.3 million Americans use the Internet whether it is to find out new information, shop online, or learn about a business. For this reason, it is crucial for start-up and small businesses to leverage the power of the Internet instead of focusing on traditional advertising maneuvers such as print media and television advertising.

Postcard marketing may seem slightly outdated, but it is important to highlight the massive effect of postcards. Postcards printed on 4” by 6” index cards are highly noticeable in the mail because they can be flipped over and read in a matter of seconds. Immediately, the message is sent across to the end-user without them having to peruse through a pamphlet or packet that usually instills a lack of interest or frustration.

E-mail blasts are excellent for small business owners to send out to their network of contacts. Even better, they’re excellent for building a database on a website. E-mail blasts should be kept simple, to-the-point, and underscore promotional offers to gain the reader’s attention. Moreover, they can be sent out to multiple parties from the recipient, increasing word of mouth buzz.

Social networking sites have become a marketing phenomenon that is helpful for businesses in spreading their brand, mission, and services and/or products in the form of a user-profile. Also, sites such as www.Twitter.com and www.Facebook.com have changed the face of Internet marketing by establishing the online sphere as a word of mouth metropolis. Now is the time to take advantage of social networking sites.

Another helpful marketing suggestion is to create a simple podcast. Not sure how or where to start? Make sure your computer has a web cam. If it doesn’t, these gadgets can be bought at inexpensive price at large computer and electronic retailers. Introduce your business concept through the podcast that is less than 30 seconds. Podcasts are an excellent marketing tool because they can be posted on a website, sent through e-mail, and posted on sites such as www.YouTube.com. According to www.Quantcast.com, www.YouTube.com averages 72.5 million users per month.

With the implementation of these media, businesses are likely to see an increase in interest. The next step would be to create an intuitive, user-friendly website that summarizes the concept of the business without too many graphics or distractions. Following these steps can help an entrepreneur bolster their brand and reach their selected demographic.

Remember that back-to-school anticipation from when you were a kid? You’d buy a new backpack, pick out your “first day” outfit, get all your new school supplies organized, and excitedly make your way to class for the fresh start of a new school year. As an adult, late August just doesn’t produce that same excitement (unless you count claiming the house back from your summer vacationing kids or finally being able to watch the new season of Mad Men). Back-to-school season is actually a great time to jolt your business out of the summer slowdown mentality. Great deals, online marketing opportunities, and a fully-staffed office are just a few things you can look forward to in the coming months. Here are a few cool things to get excited about as the summer comes to a close:

Great Discounts. Retailers at both online and physical stores ramp up the discounts in order to drive back-to-school purchases- for example, Microsoft’s Bing is running a huge cash back promotion with participating retailers. Now is a great time to get office equipment, office furniture, or even a new copier or printer for a steal.  Many smaller and local companies also offer steep discounts on products and services in the fall.

Summer vacation is over. There is an upside to the end of vacation season. Summer is a naturally slow time for many businesses because so many employees take time off. Come fall, everyone is back, rested, and ready to tackle new challenges. You’re playing with a full team- there’s no need for out-of-office reminders, vacation adjustments, or other distractions that can bog down the workload of many employees.

Everyone’s getting back to business. Statistics show that online media use jumps when school is in session. Whether it’s the increasingly chilly weather or all of those students doing research online, web traffic tends to increase when it’s time to get back into the classroom. This can be great news for any small business owner that’s been working on driving web traffic or creating an online presence. Stay on top of the search engine optimizaton efforts and maintain your social media presence- it’ll pay off in the coming months.

Great promotional opportunities. Back-to-school season has a way of making people get motivated and get moving. Maybe it’s the whole “fresh start” idea, but creative back-to-school promotions are a great way to drive traffic to your website or generate much-needed sales after a slow summer. Now is a great time to think about upping your online marketing efforts.

Full Talent Pool. Back to school isn’t just for elementary-age students, it also means that college students head back to campus en masse. Thinking of hiring an intern? If your business is in a university town, you’ve got access to a great talent pool. To all those future (or current) business owners who are still in college: if you’re interested in a spot at our internship program here at Resource Nation, send us a note (info@resourcenation.com)- we’re accepting applications as of this week!

In the real world, we have to deal with facing down challenges that can’t be overcome simply with motivational catch phrases made famous by Tony Robbins or Dr. Phil. Lately, we’re all taking hits from the recession and the general depression that this has brought on our country. Nationally and locally, business are facing hardships that we as a country haven’t truly had to face in a few generations and we’ve done our best to persevere, but that doesn’t always keep us from being pushed to the mat and the breaking point. The world where business credit was easy to acquire, vendors were lax in their collections, and the consumer was hungry for new purchases is long gone and the small business owner isn’t getting any true encouragement on what to do next.

So what’s the secret? If it’s not a mantra or a chant or a psalm than what is the way to pull yourself off the mat if your prospects are looking bleak? Frankly, it’s remembering the facts about being a start-up. Keep those in mind, and you’ll be able to maneuver your way through Year One.

Negativity: Why be negative when faced with an obstacle? The website isn’t getting the requisite number of hits and you’re baffled about the SEO guidelines from Google. The logo you adore is apparently too similar to one that’s for a restaurant chain in Florida. The only merchant account that you can get wants a 5% fee per transaction. When faced with these sorts of obstacles one must never succumb to the easy way out: negative thinking. Common sense dictates that a “woe is me” vibe around your business will not solve any of the problems you’re facing. It’s just as detrimental as unrestrained blind optimism. Take a deep breath, re-evaluate, consult a mentor, use a magic 8-ball, whatever, but don’t let it ruin the day. Obstacles will always exist. Focus on possible solutions instead of the problem.

The Red is no longer the enemy: Everyone worries about being in the red in their first year. Guess what? You’re supposed to be. No matter how much pre-opening marketing you do, no matter how much buzz you create, you will most likely be in the red for at least the first six months of operation once you’ve opened. Depending on the industry you’re involved in, it could be longer. It’s supposed to be this way. The only way to build cash flow is to be open and gathering a client base actively and that will be a period of time spending working capital and having very little revenue coming in to pay for it. Anyone who shows you a business plan without a period of deficit at the beginning of operations is either walking into opening the business with a client base already established or is not being realistic about their first year. If it’s the former, then they’ve spent longer on pre-opening than the average start-up. If it’s the latter, then they most likely are drinking their own Kool-Aid.

A Few Good Men (or women): “If you’re not smart, surround yourself with smart people. If you’re smart, surround yourself with smart people that disagree with you.” I heard this quote on a television show ages ago and it’s stuck with me. This is what every entrepreneur should consider when building their management team. When you’re starting out, the last thing you need are “Yes Men”. Nothing will get done and there will be no debate when it’s required to enact a change in the strategy. Just as we don’t want one voice in government, we don’t want one voice in the boardroom. The people that work in your inner circle should be those with the requisite experience to help you in areas you aren’t knowledgeable or they should be there to encourage healthy debate in case the strategy needs too change.

Coaches in the locker room tell us what they think we need to hear to keep a positive attitude without much thought to the practical reality that we live in. Remembering the reality about the first year of business will pay off a great deal better than some mantra from a motivational speaker especially one that charges thousands to attend an alarming convention where you are shouted at. You will inevitably have a moment where you see the mat coming closer and closer as you’re about to hit it. As you’re falling, remember the facts and the solutions for how to pull yourself back up from it.

For some services, going local can make all the difference.  Not only are you able to get the personalized service that comes with face-to-face contact, but local service vendors often understand your concerns a little better. That’s why we’ve launched our local directory for phone systems and VoIP phone systems.  Ever wanted to make sure you could have a face-to-face meeting with your payroll processing company, or meet your phone system installer in person?  Now you can make sure you get the best price estimates from local vendors in your state, city, or neighborhood. (more…)

Here’s some good news: small businesses are adding more employees.  One hiring index tracking small business trends reported a 21-point increase over June numbers for the month of July, indicating that the size of the small business workforce is actually growing, despite some other grim economic predictions. That small businesses are hiring isn’t all great, though: hiring a new employee can be a process fraught with tough legal and ethical considerations- background checks, online research, and employment law compliance can all be difficult issues to deal with.  Here are a few sticky topics that can come up when faced with a hiring decision- and how to deal with them.

Background Checks and Pre-Employment Screenings
The Federal Fair Credit Reporting Act (FCRA) requires a prospective employer to gain an applicant’s consent initiating a “consumer report” on an individual.  A consumer report can encompass traditional background check information and much more:  the FRCA defines a report as “…any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living….” If you plan to use an outsourced employment screening company or perform a criminal background check, you definitely need the applicant’s consent first.

Social Media Searches
Referencing Facebook, MySpace, and yes, LinkedIn profiles could also be considered a background search for which you need the prospective employee’s consent.  Social media searches are a potential legal minefield because they can call information to your attention that isn’t relevant to the job or is otherwise impermissible to consider- a social media search can reveal a person’s age, religious affiliation, or marital status- none of which can be considered a factor in a hiring decision.  Of course, this doesn’t mean that a prospective employee’s online proclivities are completely off-limits.  If you must search, ask an employee who’s not making the hiring decision to do it, or better yet, notify the prospect that you may browse their profile.  Since no clear legal precedent exists so far on the legality of making decisions based on such searches, it’s better to be safe than sorry.

Work Eligibility Regulations
Some industries have specific hiring requirements- for example, long-haul truckers need a specific drivers license, and medical professionals need certain accreditations.  Some industries also require business owners to perform a criminal background check or verify eligibility to work in the US.  It’s important to make sure you have adequate time to perform these procedures when you’re scheduling interviews with prospects.  Make sure you use a reputable source, such as eVerify, to check information (they have a phone system in place that allows you to verify information easily).

Hiring Discrimination Laws
Worse than hiring the wrong applicant can be not hiring someone for the wrong reason.  Among other regulations, the ADA prohibits employers from using medical history or present conditions to disqualify a recruit (technically, you’re not allowed access to medical information at all, unless it relates specifically to the position), the Federal Bankruptcy act offers discrimination protection for applicants who have declared bankruptcy, and other federal and state laws prohibit discrimination based on other factors.  The EEOC website presents an outline of federal regulations, and state labor laws can be researched individually.

Hiring can be a tough process even without all of the regulatory and legal issues to deal with.  Keeping up to date on the procedures that govern your industry can take time, but it’s worth it- whether you hire an employee screening company to perform background checks or verify employee references yourself, take the time to research your responsibilities.  It is possible to protect an applicant’s right to privacy while still getting the information you need to make a fair hiring decision.

Sharks have long been one of the earth’s most maligned creatures.  Even though we’ve all heard the statistics- for example, that you’re likelier to be hit by airplane debris falling from the sky than be attacked by a shark- most of us still cringe at the theme from “Jaws.”  If the shark were a company, we’d say it had a serious marketing problem- until now, that is.  Every year, the Discovery Channel makes an effort to give sharks some much-needed PR help.  The more you learn about sharks, the more you start to realize that they actually have a few things to teach us.  In the spirit of Shark Week, here are a few ways we can all be more shark-like in our online marketing efforts:

Sharks can smell one drop of blood in a million drops of water. While extremely heightened physical senses isn’t something one can emulate, you can definitely seek out the information you need to craft a successful marketing effort.  Google your company, do a Twitter search…find out what people are saying about your business, your products, or your services.

Sharks regularly shed and replace their teeth. Don’t be afraid to let go of efforts that clearly aren’t working.  If you’ve placed affiliate ads on a site for a while and still aren’t seeing the traffic to your site that you want, maybe it’s not a good match.

The largest shark species eat the smallest prey. Competing exclusively for high-dollar sales or big-name clients isn’t always the best strategy.  Throw a wide net with email marketing blasts or email newsletters - they’re free to mail, fairly easy to create, and if done right, very effective.

Sharks have to keep moving stay alive. Sharks “breathe” by swimming forward, which allows water to pass over their gills.  Staying in motion is important- keywords and site rankings change, so your search engine optimization efforts can fade over time.  Managing an SEO campaign is a constant process- make sure you keep up to date.

Sharks cannot swim backward. Focusing on going forward is always a smart idea- if you have a clear plan of where you’re going.  Don’t forge ahead with a social media strategy unless you have a strategic plan and clear goals- once information is out there, you can’t take it back.

For more cool shark trivia, you can take the Shark Week Quiz at the Discovery Channel website.  For more tips about online marketing efforts that don’t involve sharks, take a look at our Buyer Guide.

In an interview in BtoBObline, Marcy Shinder, VP of Brand Strategy and Marketing at American Express OPEN, offered up these tips (in a different format):

• A downturn is a good time to identify ways to transform a company.
• A lot of companies look at delivering better customer service as a differentiator. (For service organizations, this can be a challenge since your competitors are likely to be trying the same things. Instead, think about what improvements would deliver the most value.)
• Companies need to stay relevant. (In other words, think about the problems customers buy from you, and make sure that what you provide truly solves their problems.)
• Provide tangible value. (We have a client with a fascinating vision of the future of technology in their sector, but we’ve advised them to make that game-changing vision a secondary message because their first goal is to sell product. So they need to focus on ways they provide real value to their customers. A compelling vision of what’s to come is good, but that doesn’t always help customers when deciding to buy now instead of putting off the purchase for later.)
• Companies need to market differently from the day of the 30-second spot. They need to provide insight, inspiration and advice during every customer interaction.
• Companies need to answer what they can do for their customers.

Some good common sense advice, yet I’d bet a lot of companies don’t follow up on this. Check out the complete article, “American Express’ Shinder on marketing to small businesses.”

Business plans are the homework that just won’t end. Imagine being in school and being given an assignment to write a term paper. You have an outline of what’s required, a recommended format that you should use, and a timeline in which completing it would be advised. Here’s the rub: what if that assignment is never done. The due date comes and goes and it constantly has to be redone and revised and updated.

The importance of updating a business plan is simple: it creates a long-term strategy for your business, while alleviating the stress and headaches of operating a business if action is continually implemented. There are important factors to consider when revising and updating a business plan. The following outlines the necessary steps in perfecting that business plan you filed away months – or even years ago.

Reminisce: Remember to look back at your initial business plan at least once a year. Perhaps your business’ target market has changed. Maybe your customers are purchasing one particular product or service more than others. And, of course, one must always look at new industry trends – this in itself can have a positive or even devastating effect on a business. Small business owners must continually refresh their business plan by focusing on the aforementioned elements when reevaluating the business plan’s content.

Financial Updates: A financial analysis should be updated monthly. Entrepreneur.com eloquently puts it: “Have a monthly review of the difference between planned results and actual results for your sales, profits, balance and cash.” A solid, well thought out business plans should have monthly milestones, assumptions, and tasks.

Another reason to update a business plan: every small business could use more money at some point. An outdated plan will not convince any borrower – or potential investor – to fund your business. It makes you, as the entrepreneur seem unprepared and unmotivated in staying current with new market trends, financial projections, and customer feedback. Notably, changes to the management team and competition are just as significant. Believe it or not, a business’ competition will at some point increase, decrease, or elevate depending on the climate of the market. Fully evaluating and analyzing competitors is essential to understanding the market and what is needed stay ahead of competition.

Evolution: Finally, if your business is changing, evolving, or adding to its line of services or products, it is absolutely essential to renew the product and services description section of the business plan. With the constant fluctuation of the market, small businesses are adding or taking away products and services in order to meet the needs of their intended market segment.

As the company’s vision continues to evolve, the business plan becomes a reflection of the business’ personnel, mission, and philosophy. However, in order to properly convey a company’s new fangled identity, management team, or other core values, the business plan itself must evolve as the business’ does. Both go hand-in-hand.

Tools: It’s a poor carpenter that blames their tools. Not everyone can feel truly qualified when it comes to writing up their own business plan. There are a few options here to make sure that you’re not going in blind to the formatting, requirements, and structure that may be demanded of your document. Some seek the help of mentors who have written their fair share of business plans to review and advise on the plan that the entrepreneur is writing. Some outsource the entire endeavor to third party firms or even MBA students off of CraigList.org who are looking for a few bucks. The happy medium can sometimes come in the form of tools from companies that offer software solutions.

Business plan updating has become so pertinent to a business’ long-term success that colleges and trade schools are offering courses in this particular subject. Entrepreneurs must recognize that paying close attention – as well as constantly altering and updating the content and past performance or projected financials of a business plan – is vital to not only the company’s future, but ultimately its sustainability and growth in the marketplace.