Is your new business one-in-a-million?

A high school teacher in Colorado recently said in his blog, “If you're 'one in a million' in China, then there are a thousand other people just like you.” From his blog came powerful messages about our shifting world; economically, politically, socially, and technologically.

Did you know that China will soon become the number one English speaking country in the world? And the U.S. Department of Labor estimates that today’s students will have 10-14 jobs by age 38. The pace of change is staggering.

What does all this mean to small business owners and would-be entrepreneurs? We are living in exponential times and to start a successful business doesn’t mean conquering the world, simply capturing your small piece of the pie.

When planning for the launch of a new business the time you spend planning will pay dividends in the future. This is especially true when it comes to naming a new venture or developing your brand position, two of the first steps in planning a successful business launch.

Brand position is how you will ‘position’ your company in the minds of your customers. In other words, what is it that you do better, with more value, or with greater reward than your competitors? Are you the fastest, the most experienced, or best trained? Is your product sufficiently unique to stand apart from others in the same category of your customers’ choices?

One of the frequent mistakes made by young companies is trying to serve all the needs of too large an audience. Capturing your piece of the pie means being as narrowly focused as possible in the position you choose for your audience. As consumers, we have an affinity to those we perceive as serving our specific needs. We want to feel special.

Being ‘one in a million’ is still an admirable goal and will certainly set a young business apart from others. But being ‘one in a million’ among billions will increase your chances of serving a sizeable audience very well.

Want to start a discount chain of retail stores in the local market? On the surface this would seem a little daunting competing with the likes of Wal-Mart and Target. But if you consider the total sales of just one of those companies, you wouldn’t need to capture a very large share of the pie to have a successful business. The trick is finding your unique brand position that sets you apart from the others.

One of the most important early-stage decisions made by new entrepreneurs is selecting a company name. Much like brand-positioning, uniqueness is important but not necessarily a prerequisite for success.

When choosing a business name, consider these important points:

Does your business name reflect the brand-position you have selected for your company? For example; Speedy Delivery, Gold-Standard Remodeling, Discount Travels, or Big-and-Tall Store, all imply some type of specific brand position.

Is your business name adaptable for all possible uses? Will it fit on a store sign, business card or the side of a truck? Is the URL for your new business name available? Not planning for all the possible places your name will appear can be costly if you need to adapt in the future.

Have you considered the intellectual property requirements of a new name? Many new business owners select a completely unique business name because they believe it is the only way to protect that name. This may not be the case and consulting an intellectual property attorney will help the planning process greatly.

Is your business name simple and unique enough to remember easily? Don’t complicate your already daunting challenge to break through the competitive clutter. Simplify your business name so it is easy to remember for potential customers.

The changing marketplace demands that new businesses consider planning, not as a one-time event, but as an ongoing exercise. Give your new business a competitive advantage by focusing on your ‘one in a million’ brand position and company name early and often.
 

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