When you get a good idea, sometimes it can’t wait. It’s a sudden rush – inspiration strikes. You just get that golden idea and you want to safeguard it right away. You might write it down, make a note on your phone or tablet – or perhaps record a voice memo. Maybe you even sketch out a logo design.
But that’s not really safeguarding your business, there are many points at which a competitor can become involved and take your company idea. You should expect some competition, after all – ideas can be had by more than one person.
But you can safeguard the name. It’s always important to keep the name of your company saved – as the name is often tied to ideas of brand and identity. So, if you’ve got an idea – register a company name now.
But this begs the question, how do you make the business work after you’ve reserved your name? Let’s explore.
Once You’re Ready To Trade
If you’ve reserved your company, you might not be ready to trade right away. In fact, you’re probably not anywhere near ready if you’ve just had the idea. An idea needs fleshing out before it can be useful for your business. You must have a good look at the business plan beforehand.
There is little point in registering a name if you don’t have the proper approach to business. So remember the following when you’re making your new business idea a reality:
- Brand – If you’ve got your name reserved, that’s a big part of brand – but there are many other aspects that you need to consider. Marketing, logos and other considerations like that are very much vital before you start trading.
- Budget – There are so many budgetary considerations when starting out a business. What is your cash flow situation, how many investors do you have? If any? Are you going to be working for an employer in the early stages? These are all massive considerations.
- Balance – The business needs to grow in a level way, incrementally building in every aspect of the company. Do you have the time and resources to balance the approach and given enough attention to your new business?
Jayson Demers, CEO of content and marketing firm AudienceBloom, wrote in Entrepreneur.com that “Even if you have a great idea on paper, if you aren’t passionate about it, you aren’t going to be driven to make that idea successful. The most successful entrepreneurs are ones who begin with passion in their hearts, and if you’ve already found yours, you could be ready to begin”. So – it’s fair to say the biggest sign you’re ready to start trading is when you have the drive and enthusiasm to make it great.
Keeping Trade Going
One of the most important things to do is make a solid assessment of your competitors. There are a lot of ways you can do this, including company searches, but the best way to make yourself do that is to make sure that you have a regular period of competitor analysis.
Other ways to make your company keep on going are:
- Innovation – If you can add some new products or services, you expand the business. As such, this is an important factor for growth.
- Expansion – Whether it’s a new kind of staff member, a different way of doing things or a complete overhaul of the business – it’s all expansion and it’s key to keeping trade going beyond the initial stages.
- Evolution – If you can make yourself adaptable, you’re much more likely to survive. This means focussing on areas of your business that are going well and escaping areas that are going badly. If you have a characteristic of your company that is failing, you’d better breed it out of your company or it won’t work.
The consequences of keeping a business going are dramatic and it’s very much essential for a long running business to adapt and shift their focus as required, even if it’s a completely different direction than originally planned.
Getting A Company Name & Building A Great Business
If you’ve got your company idea, reserve your company name and make a better business with the approach detailed above. There are just so many different approaches, so make sure you take a look.
See our blog for more, particularly the ‘Tips From The Team’ section.
By Alex Novakovic at MadeSimple – Find Alex on Google+