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4 Tips for Choosing Your Business Name!

Who knew? April 9 is “National Name Yourself Day,” a day when you’re encouraged to give yourself a new name for one day. Sounds like fun, doesn’t it? And if you search for the hashtag #NameYourselfDay on Twitter or Instagram, you’ll surely have a few laughs upon seeing the new names people adopt for the day.

But selecting a name for your business is no laughing matter. It requires serious thought because a business name serves as the cornerstone of your brand.

  • It serves as your brand’s first impression, affecting how prospective customers perceive your company.
  • It differentiates you from your competitors.
  • It affects your company’s capacity to become memorable.

Tips for Selecting a Business Name

With so much riding on a business name, how do you go about choosing the right one? Consider the following tips:

1. Think about your company’s culture and vibe.

Make sure your name authentically projects the tone of your business and your approach to what you do. Consider how you would describe your company’s aura (such as formal, edgy, academic, approachable, serious, or light-hearted, etc.)—homing in on some adjectives can help you assess whether potential names will be a good match. Having a name that reflects the vibe of your business will help customers know what they might expect from buying your products or services.

2. Be mindful of cultural and societal sensitivities.

Take care not to select a name that will offend, alienate, or outrage the public at large or segments of your market. Unless your brand will be intentionally controversial, names that hint of political, religious, ethnic, or other biases will hurt rather than help you build your business.

3. Keep the future in mind.

Most businesses evolve over time. So when you decide on a name, think about your long-term vision. Avoid choosing a name that will limit you as our business grows or changes. For example, the name “Smith’s Hockey Shop” would become obsolete if the Smiths decide to expand their offerings to equipment and accessories for a variety of sports.

4. Check availability before putting the name on a website and marketing materials.

This is critical because if another business is using your desired name, you may not be able to use it legally. You’ll find free name search tools online, and many states offer a name search option on their websites so that you can see if any other businesses in your state have claimed the name you want to use.  

If you believe you may eventually want to expand your business in other states, you can check on the United States Patent and Trademark Office’s website to see if anyone else has registered for or been granted a federal trademark for your proposed name.

You Decided on a Business Name. Now What?

Attorneys that specialize in business formation and trademarks can guide you in taking steps to protect your business name.

Sole proprietorships, if they use a name other than their owner’s legal name, must get approval to use that name by filing a DBA (“Doing Business As,” also known as a “fictitious name”).

By registering a business as a legal business entity (e.g., LLC, Corporation), a business name becomes protected within the state of registration, helping to prevent any other registered entities within the state from using it. Obtaining a trademark protects a name throughout the entire United States.

SCORE, of course, can also help you as you decide on your business name. With expertise in marketing and branding, our mentors can offer valuable input and feedback. Contact us today to connect with a SCORE Maine mentor!

Back to the Basics: What is a Business Plan?

If you’re driving cross-country to a destination you’ve never visited before, would you want to leave home without your GPS?

Probably not.

However, new business owners sometimes make the mistake of accelerating at top speed to launch their companies without having a business plan to guide them.

A business plan serves as your roadmap. It describes your objectives and the strategies you’ll use to achieve them. Like a GPS, it offers assistance to help you get to where you’re going. And like a GPS’s directions—which change depending on traffic conditions, detours, and other unexpected circumstances—a business plan is a flexible tool. As you encounter market demand changes, new competitive pressures, altered regulatory requirements, and more, you can revisit your business plan and make adjustments to reset your course.

What does a good business plan cover?

What a company includes in its business plan depends on the nature of its business, whether it wants to pursue funding, and other factors. Some companies might find that a simple two-page business plan provides enough direction while others will need one that’s far more extensive and detailed.

The following elements are commonly found in business plans:

  • Executive Summary
  • Business Details
  • Market Analysis
  • Management and Organization
  • Description of Products and Services
  • Marketing and Sales Strategy
  • Financial Projections
  • Supporting Data

 

Executive Summary

This section of a business plan summarizes what your company is, what it does, where it’s located, and its mission. You might decide to include an overview of your leadership team, staff, finances, and growth objectives.

Business Details

This includes detailed information about your company and the problems it solves for its customers. In this section, share about your business’s competitive advantages (e.g., team expertise, use of advanced technology, etc.)

Market Analysis

To complete this section, you’ll need to do some research to learn about your target market and industry outlook. This is where you’ll identify what your competitors are doing, the market challenges you anticipate, and how you intend to successfully compete in your market.

Management and Organization

This section explains how your company is structured and managed. Will you operate as a sole proprietor, partnership LLC, or some form of corporation? It should also share about the people who are running your company, including their level of experience, education background, and skills they bring to the table.

Products and Services

In this part of your business plan, share details about the products and services you offer. How do they benefit your customers? Are you safeguarding your intellectual property by applying for patents or copyright protection? What is your research and product development process? What is your pricing strategy?

Marketing and Sales

Describe your strategies and tactics for attracting new and retaining existing customers. How will you reach your target audience and what does your lead generation process look like?

Financial Projections

This portion of the business plan has a two-fold purpose. It’s for your own benefit (to help you establish your financial goals and expectations) and for potential lenders who want to assess how well your business might perform financially. Within this section, businesses often include sales and income projections, an expense budget, cash flow statement, balance sheet, and break-even analysis. Graphs and charts can be particularly helpful in this section to aid understanding and highlight key information.

Supporting Data

Having an appendix at the end of your business plan will allow you to provide supplementary documentation and information, such as credit history, resumes, patents, licenses and permits, contracts, product guides, or items specifically requested by a lender or investor.

Where to Find Help in Developing Your Business Plan

You can find many online resources that offer business plan templates. For example, the Small Business Administration has a Build Your Business Plan tool, which provides a step-by-step guide for creating a business plan. Also, SCORE has a downloadable Business Plan Template for startups. As you use these tools to get started with your business plan, consider reaching out to a SCORE mentor for guidance and feedback, too. With experience in helping business owners in nearly every industry start their companies, our mentors can offer valuable insight as you develop your business plan and use it as your company’s GPS to success.

 

Does Your Small Business Need Licenses or Permits to Operate?

 

Before your business starts selling its products and services, you may need to have certain licenses or permits to legally operate. Licenses and permits are often for the protection of customers. Some are to identify you and your business for the collection of sales, local, income and other taxes. Federal, state, or local licensing and/or permit requirements might apply, depending on the type of business and where you’re located.

You definitely don’t want to find yourself not in compliance with the regulations. If you fail to maintain the required licenses or permits, you could face some hefty fines and penalties, or you might be forced to stopped doing business.

 

Where do you start your research to figure out if your business needs to have licenses or permits?

You can start by visiting the Small Business Administration’s website. On the site, you’ll find information about the federal licenses and permits required of businesses operating in certain industries, including transportation, agriculture and alcoholic beverages.

The SBA website also provides an online list of links to where you can find specific information about business licenses required in your state. On that list, you’ll find Maine.gov’s website, which walks you through how to get a business license in the state of Maine.

Individual towns, cities, townships and counties have their own requirements. Generally, the best way to find what applies to you is to contact the offices directly or review the information on their websites (be sure to confirm with them that the information is up to date). Throughout Maine, general licenses to operate businesses are handled at the local town or city level. For information for the city of Portland, click here.

As you research and complete the paperwork to obtain the licenses and permits you need, make sure you give yourself some time—and expect to exercise some patience. The registration process could take days or months or longer, depending on the nature of what you’ll need. For example, to gain zoning clearances, it might take up to a year if you meet resistance and hearings are required.

Although figuring out what requirements will apply to your business may seem daunting, remember professionals and resources are available to help. Consider consulting with an attorney to make sure you know what you need to do to be compliant. SCORE mentors are here to help you cut through the confusion. Contact us today to schedule an appointment with a mentor who is knowledgeable about your industry and can help you move your business forward.

Five Tips to Improve Local Business Search Results

For businesses serving their local communities, ranking near the top of Google search results provides a key marketing edge. According to Google research into local search behavior, 4 in 5 consumers use search engines via mobile devices and computers to find local information such as store addresses, business hours, product availability, and directions. People choose from the first few search results rather than dig deeper in the search engine results page (SERP), so it is vital to get your business near the top of  the searches.

Here’s a checklist of simple steps to help ensure your company doesn’t get lost in the local search shuffle:

    1. Make sure your business information is accurate and complete—everywhere that it appears online. If you haven’t already, make a list of all the places your company is listed online and verify you’ve provided up-to-date and consistent information across all channels. Google My Business, industry directories, social media channels, Yellowpages.com, etc.—your name, address, phone number, website URL, and other information should be uniform and relevant.
    2. Focus on delivering ease-of-use to your website visitors—and avoid applications like Flash media. Usability of your website can play a role in how long website visitors stay on your site, which in turn plays a role in the online authority Google attributes to your company. Flash media may create some fancy visuals, but it can slow the load time of your pages and detract from the user experience.
    3. Optimize your website for search. Aside from consulting an SEO (search engine optimization) specialist to help you with this, you can take some measures on your own. Pay attention to the page title tags on your site so they provide not only your company name, but also give a brief description of your business (just be sure to stay within 50–60 characters so your title isn’t cut off in the results). Your meta descriptions, the 150–160-character long snippet that displays with your title in search results, should provide searchers with information that captures their attention. And on your website, make sure you include contact info on every page.
    4. Blog consistently, so you’re regularly adding fresh content to your website. A website that updates its content often will stand a far better chance of ranking higher in local search than one that is stagnant. Your blog posts will enable you to provide fresh content targeting local keywords and search terms related to your business. Not only does blogging provide SEO benefits, but it also gives you an opportunity to demonstrate your expertise and build trust with your audience. And don’t forget to share your blog posts via your social media channels to generate more traffic to your website. Engagement on social media in combination with blogging works well in boosting your local search mojo.
    5. Make sure your website is mobile friendly. Google’s research revealed that 88 percent of local searches are done via smartphones. And those local searchers tend to take action quickly when they find what they’re looking for. According to their study, 50 percent of consumers who performed a local search on their smartphone proceeded to visit a store within one day. Those statistics say it all for stressing the importance of having a mobile-friendly website!

When you sell your products and services to a customer base that’s primarily local, these small efforts can make a big difference in your success in securing business through online searches. If you need guidance in getting on the right path with your online and other marketing efforts, remember that our SCORE mentors bring a broad spectrum of expertise and experience to small business owners in all industries. Contact us about our free mentoring services.

 

Professional Development Benefits Your Business

Whether you’re a brand new entrepreneur or a small business owner who has been in business for years, expanding your knowledge and fine-tuning your skillsets are crucial for sustained success.

Professional development never goes out of style, and if you make it a priority, it can set your business apart from your competitors. Dedicating time and energy on a continual basis to honing your talents and learning new things will show your customers that:

  • You’re dedicated to providing them with the best products and services.
  • You can provide them with more value than your competition can.
  • You have a grasp on the bigger picture and are better able to propose solutions.
  • You’re worth every penny they’re paying you.

Finding Opportunities For Professional Development Isn’t Difficult. Finding Discipline To Follow Through With Professional Development Can Be.

As you explore how you might boost your knowledge and improve your skills, consider these effective and affordable options:

  • Reputable industry or topical blogs—Look for blogs that specifically address topics related to your types of products and services and for those about managing a business.
  • E-books—Ditto on what we said about blogs.
  • Business podcasts—With a vast selection of podcasts about leadership, marketing, business, and industry trends out there, you have plenty of options. To stay productive when you sit down to listen, consider hitting “play” while you’re taking care of “no brainer” busy work.
  • SBA online training center courses—In addition to a wealth of informative articles, the SBA also offers a number of free online courses to guide you through different aspects of starting and managing a business.
  • Local lunch & learns, seminars, etc.—Chambers of commerce often offer these types of programs to help their members manage their businesses better. They also provide the opportunity to network with other professionals in the community.

To make the most out of any of the above professional development tools, also consider signing up for free face-to-face or email mentoring with certified SCORE mentors. They have knowledge of and experience in every aspect of starting and running a business, so they’re well equipped to guide you as you navigate the opportunities and challenges of entrepreneurship.

Ready to get your small business off the ground or take it to the next level? Contact us to get started!

Is Cloud Based Accounting for You?

As a solopreneur or small business owner, it’s likely you’re the one responsible for tracking your business’s revenues, expenses, payments, deposits, etc. Whether you decide to do that manually through excel spreadsheets or paper records, buy desktop accounting software, or go with an online solution, you need to maintain accurate and up-to-date accounting information.

With the convenience and level of comfort with cloud computing solutions growing, many entrepreneurs are turning to online platforms like Quickbooks Online, FreshBooks, and others to manage their financial records.

Could a cloud-based solution be right for you? Here are some of the perks and pitfalls to consider:

Advantages

  • Platforms are easy to access. (Because they’re online, you can access the solutions from anywhere. Some offer access via mobile apps, too.)
  • Most are very easy to use.
  • Software is automatically updated by the solution providers (no need to purchase updates).
  • Cloud computing solutions are subscription based with a generally low monthly fee. (Payments are set up to process automatically. There’s no large upfront investment.)
  • Data is automatically backed up by the solution providers.
  • Data security is managed by the solution providers.

Disadvantages

  • Over time, paying for a monthly subscription may add up to more than buying desktop accounting software (which typically needs to be updated every four to five years).
  • Cloud accounting software may lack some of the capabilities desktop solutions provide.
  • They’re dependent on an internet connection. (If your internet connectivity is down, so is your ability to use the platform.)
  • You might not be able to make a backup of your data and export it or save it to your own computer. That could make it difficult to change to a different solution. (And if you decide to close your business, you might be stuck paying the monthly subscription so you can keep long-term records as required by the IRS.)

Want to learn more about the pros and cons of cloud-based accounting platforms?

Here are two articles that provide helpful insight:

The Best Cloud-Based Accounting Services for Small Business via PC Mag

Best Accounting Software for Small Business 2015 via Business News Daily

Ultimately, it’s up to you to decide which systems of bookkeeping and accounting will work best for you. But that doesn’t mean you couldn’t benefit from a little direction. As you’re setting up your business processes and exploring options, talk with a trusted accounting professional. Also, turn to a SCORE Maine mentor for guidance. SCORE provides mentoring for free. With practical knowledge about all aspects of starting and running a business, we have Certified mentors with the expertise and business experience to help you succeed.

Can I Use that Image from the Web?

The use of images in your marketing efforts can help draw attention to and build interest in your products and services, and it can make your brand more memorable.

But unless you are a photographer, pay one to take professional photos for you, or are satisfied with solely using amateurish pictures from your smartphone, you’ll likely find yourself using images created by someone else who has shared them online.

No problem, right?

Actually, it could be a big problem if you’re not careful.

Most Online Photos Aren’t Fair Game

Just because a photo is on the Internet doesn’t mean it’s fair game to use in your own online communications. Using images without permission, without attribution, or without paying for them (or some combination of the three), could land you in trouble for infringing on copyright law.

According to the U.S. Copyright Office, “Copyright, a form of intellectual property law, protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture.”

Photographs are protected by copyright law, and that gives creators the right to determine whether or not they can be re-used—and how they can be re-used—by others.

Creators of images don’t have to file anything legally to be protected by copyright law. While registration is needed to fully enforce rights of ownership, the creator doesn’t have to go through the process of registration to legally use the © to indicate an image is copyrighted.

And it’s important to know that if an image doesn’t have the copyright symbol associated with, it doesn’t mean it’s not protected.

 Do Your Homework Before Using A Photo That You Found Online

Before you use an image on your website, blog, social media, or in other marketing and advertising materials, it’s important to find the original source and find out if you can have license to use it. Some will allow you to use it for free with attribution (explicit credit given to the artist/owner of the work), while others might only allow use if you pay for it.

It’s well worth finding out the requirements before you download or save the image and use it for your own purposes. Penalties can be steep for copyright infringement, depending upon the particulars of a situation. They can range from $200 to $150,000.

Willful infringement typically results in higher penalties than unknowingly infringing on a copyright, but ignorance doesn’t get you off the hook.

That’s why it’s so very important to play it safe and ensure you know whether or not an image is OK to use.

Use Reputable Image Sources With Clear Guidelines

Luckily, there are a number of stock photography websites where the rules are clear about what you need to do to legally use the images available on them. Some allow you to download digital images on a transactional basis and others require you to subscribe to a plan.

Several that you may want to check out include:

Canva (Not only can you download professional images for $1 each, you can also create your own designs sized for blog graphics, various social media platforms, presentations, and posters.)

Freedigitalphotos.net (The Standard License allows you to use photos for free with attribution presented and placed according to their terms and conditions. Or you can purchase images in various sizes to use them without attribution.)

BIGSTOCK (Subscriptions for image plans start at $79 per month.)

Shutterstock (Options include “Pay As You Go” starting at $29 for two image downloads and monthly subscriptions for those with more robust needs.)

Morgue File (Provides photographs freely contributed by artists to be used in creative projects by visitors to the site. The site advises that before using images for business purposes, you should contact the photographers to ask permission and find out if and how they want attribution made.)

A Reminder

While it’s easy to download or copy images from any website or from Google Images, resist taking shortcuts. Remember, you could get slapped with a lofty fine, and even legal fees. When there are websites like those mentioned above and others, you have plenty of options to allow you to find and use images ethically and legally.

New Business StartUp Costs

While every entrepreneur knows starting and running a business isn’t free, not all realize the variety (or breadth) of costs that come into play. That’s not surprising considering all that’s involved. If you’ve never been down the road to entrepreneurship before, you don’t know what you don’t know. But lack of experience doesn’t mean you can’t educate yourself so you’re better prepared for the small business journey.

To get you started, here’s a checklist with some of the costs entrepreneurs face when starting and operating their companies.

Fixed Costs

Fixed (indirect) costs are those that are not affected by the volume of products or services you make or sell. They might change over time due to other factors (like vendor pricing, economy, etc.), but they’re not tied directly to your level of production or amount of sales.

EXAMPLES OF FIXED COSTS INCLUDE:

  • Rent or office mortgage
  • Insurance
  • Bookkeeping and accounting fees
  • Legal fees
  • Licenses and permits
  • Utilities and phone
  • Dues for memberships to professional organizations
  • Office equipment leases
  • Salaries
  • Marketing and advertising

Variable Costs

Variable (direct) costs are those that rise and fall as a direct result of your production and sales volumes. When production and sales increase, your costs increase. When production and sales decrease, your costs decrease.

EXAMPLES OF VARIABLE COSTS INCLUDE:

  • Raw materials to make a product
  • Inventory
  • Packaging supplies
  • Shipping expenses
  • Hourly wages associated with making a product
  • Sales commissions

Costs: A Major Consideration As You Explore The Feasibility Of Your Business Idea

As you’re determining the viability of your business idea, think carefully about the costs that will affect your company. Not devoting the time needed to determining costs can result in unwelcome surprises that could put your business model in jeopardy.

That may sound a bit overwhelming, but you don’t have to do it all alone. Consider asking for guidance from a SCORE mentor.

SCORE mentors can help you determine the fixed and variable costs your business will face. They can also help you identify how much you’ll have in startup costs to open your doors and ongoing operational and administrative expenses. Best of all, mentoring from SCORE is free of charge.

With over 6 locations  in Maine you can easily find a SCORE mentor near you.   SCORE can help with all aspects of starting and running a business. Mentors can meet with you face to face or over the phone, or  via email.

3 Tips to Boost Your Linked In Profile

With over 300 million users, it’s no secret that LinkedIn is one of the most effective online social networking platforms around. But could you be missing out by not paying attention to some simple details? Even if you don’t have a lot of time to devote to interacting on LinkedIn, tending to some basic “housekeeping” on the platform can help boost your credibility and make people more inclined to connect with you.

  1. Put a face to your name. Use a professional-looking headshot. Other professionals are more likely to connect with you if you’ve taken the few minutes it requires to replace that generic shadowy silhouette with your photo. A profile with a photo is 11 times more likely to be viewed than one without. It’s a rookie mistake not to have a photo. Likewise, steer clear of using profile pictures like couple’s photos, glamour shots, and anything excessively casual (e.g. wearing a t-shirt and baseball cap while proudly holding up a 4-foot sailfish).Need help?  Check out the pointers for choosing the best LinkedIn profile photo in this SlideShare from SUCCEED Powered by Staples.
  1. Use first-person voice. Yes, LinkedIn is a professional platform, but that doesn’t mean you need to sound overly formal. Your profile is YOU sharing your professional experience. Avoid sounding aloof by writing it in third person. Which of the samples below sounds more open and engaging?  For over fifteen years, Joe Smith has worked with clients, helping them increase sales and improve productivity. He is dedicated to educating and empowering business professionals with game-changing knowledge, tools, and resources.orFor over fifteen years, I have worked with clients, helping them increase sales and improve productivity. I’m dedicated to educating and empowering business professionals with game-changing knowledge, tools, and resources.Your LinkedIn profile’s purpose is for you to connect one-to-one with other professionals. You’ll risk appearing disconnected if your profile reads like you didn’t write it yourself.
  1. Include your contact info. Nothing is more frustrating than looking up a public LinkedIn profile in search of a phone number or an email address and discovering the person hasn’t included those things. Go to your profile RIGHT NOW and add that info if it’s not already there. Remember, it’s not just your first-level contacts who might seek someone with your credentials and expertise. Make it as easy as possible for any prospective clients to find and contact you.

While none of the above action items take a lot of time or effort to tackle, they can make a big difference in how others perceive you on LinkedIn. They’ll make you more approachable and accessible to other professionals, so don’t wait if your profile needs those basic updates. And remember, SCORE mentors are here to provide feedback and advice as you hone your presence on LinkedIn and your other social media platforms.
In fact, we’re here to help you with all aspects of starting and running a business. Learn more about SCORE’s FREE mentoring, affordable workshops, and other resources.

Pricing Your Professional Services: Your Time is Money!

If you’re a new small business owner offering professional services and are struggling with nailing down your pricing, you’re not alone. At SCORE Maine, we talk with a lot of new services providers who find arriving at the right rates a mysterious endeavor. With no inventory or cost of goods sold to deal with, you’d think pricing professional services would be easy. But that’s not the case!

Time and value stand as the predominant considerations when determining rates for professional services. Assessing each correctly involves understanding all the factors  involved in providing the services you offer,  as well as the value you bring to your clients.

As you consider the time spent in delivering your services, there’s one component a lot of new professional services providers fail to consider.

The time they’ll spend collaborating with clients.

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