The Importance Of Planning In Business
What Plans You Need To Make To Ensure Your Business Is A Total Success
1.Do market research
2.Choose a name for your business
3.Pick a legal structure for the business
4.Develop a business plan
Every one of these is crucial to your business and, when you’re in the planning stage, you need to have the information in hand to make sound judgments to move forward in the business.
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However, planning isn’t everything to your business’s success. Yes, planning is important – probably one of the most important aspects to running a business, but, you need to understand that planning must go along with market research… if you’re going to succeed.
Market Research: What Is It?
What is market research? According to the WiseGEEK website (http://www.wisegeek.com/what-is-market-research.htm), market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics.
Basically, market research is used to determine what part of the population purchase or will purchase a product, based on the following variables:
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Avoid cute puns that others may not understand.
Unless you’re incorporated, don’t use “Inc.” after the business’s name.
3 – Be Creative
It seems like every word in the world is trademarked, which is why coined names have become so popular – Compaq, Acura, Microsoft, etc. Of course, names that are entirely made up will not fit in every situation. New words can appear complicated, making people assume that the business is also complicated. The best thing to do is use various forms of existing words to develop your business name.
4 – Test The Name Out
After you’ve weeded down to three or four memorable names, you need to do some trademark research. Not all business names have to be trademarked so long as you’re not approaching on another business’s trade name and the state government gives you the thumbs up sign. Still, it’s best to hire a trademark lawyer or find a trademark search firm to ensure the name you have chosen isn’t going to be a problem.
5 – Your Final Decision
Okay, so you have the names that passed the tests. What should you base your final decision on? Look back at the criteria you have set. Which of the names effectively fit what you’re trying to accomplish? What name best describes the