NHSBDC Business Tips

Choosing a business name is serious business

Be distinctive, be catchy and interesting and sound positive. That’s the advice of experts in this article on what makes for a good business name. Easier said than done? Most likely. But taking your time with naming a new business could mean moving the business along in the marketplace faster than would otherwise be expected. Not every business can coin a new term, like Xerox or Kleenex, but something along those lines should be your goal.

In “How to Pick a Name for your Business”, the writer states that deciding on a business name is more than writing down 10 ideas and picking the one you like best. A good name will get into the heart of the customer and be a mini-advertisement in and of itself. Here are five tips:

1) Know what your brand initiative is. A name can help you get free publicity or set your company apart. How would a name fit into your company’s mission? One expert recommends you create a company “pivot point”—one quality or core attribute that everything you do revolves around: speed, price, etc. Knowing this one quality may help lead to a good name.

2) The name should stand out from the competition. Build a list of these other names and make sure you stay away from anything that sounds or looks remotely like them. A good second step to that would be to explore the “tone” and the branding messages of competitors.    

3) The name should be flexible. Ask yourself: Will it grow and fit in even if and when the business changes?

4) Brainstorming is fine, but take it seriously. Just because the group likes one suggested name, that doesn’t mean it is the best name.

5) Try to avoid making up words. It often just confuses people. 

 

 

For older workers, entrepreneurship is often a successful choice

One in four Americans between the ages of 44 and 77 are interested in starting their own nonprofit organization or business within the next 5 to 10 years, according to http://www.encore.org/EncoreEntrepreneursRelease, and that amounts to about 25 million people. Older workers may have an edge when they do so. One theory of creativity shows that some people, called “creative geniuses”, sort of needed their full lives to reach their peak because they’ve been moving forward by trial and error.  If it happens to be a creative genius plunging into small business ownership, that kind of accumulated experience may just explode into great success. 

Nearly three-quarters of that same age group envision small start-ups and sole proprietorships with just a handful of employees. For 11 of the 15 years between 1996 and 2010, Americans between the ages of 55 and 64 had the highest rate of entrepreneurial activity of any age group, according to the Kaufmann Foundation. Finally, the National Journal reports that 9 of the nation's 15 million small-business owners were born before 1965. We also learn that more than 12 million people in the 44 to 77 age group hope to become entrepreneurs in order to meet a community need or to solve a critical social problem.

New study shows how immigrants use capital in their businesses

Immigrants are important contributors to the U.S. economy, as numerous studies have shown. Now a new study, based on a 2007 survey of business owners, gives us clues as to the hurdles immigrants face in accessing capital and, in fact, how they use that capital.

 

Some highlights from the full study, which can be found here include: 

• One out of 10 immigrants to this country owns their own business. 
• Immigrants who start their own businesses do so with higher levels of capital than their non-immigrant counterparts, at least in part because their capital comes from their own or family savings, rather than investors or loans.
• Average annual sales at immigrant-owned businesses in 2007 amounted to $435,000, approximately 70 percent of annual sales at  non-immigrant businesses.
• While immigrant-owned businesses hire employees more often than non-immigrant-owned ones, overall they hire fewer employees.
• 7.1 percent of immigrant-owned businesses export their goods, compared to 4.4 percent of other businesses.

Find the full report here or review the research summary here.

New survey results: The state of business lending in New Hampshire

New Hampshire banks appear to be meeting the credit needs of New Hampshire’s businesses, according to the recently released results of a survey commissioned by the New Hampshire Bankers Association.

The survey was conducted by the University of New Hampshire Survey Center over six weeks ending April 3, 2012 and its findings were based on contacts with 401 businesses of all kinds and sizes from across the state.  Annual revenues of those businesses ranged from $500,000 to $5 million and most were businesses with fewer than 20 employees.

New Hampshire businesses appear to be optimistic about the state’s future. Thirty percent of the survey respondents said they expected the economy to expand within the next 12 months. This is higher than the 20 percent shown in national samples. More than half – 52 percent – of New Hampshire’s businesses expect to see growth in gross sales and revenues, and 31 percent say they expect to add employees.

• Eighty-two percent of all businesses surveyed said they had no difficulty accessing the credit they needed in the last 12 months.
• Forty-one percent of businesses surveyed sought a loan or line of credit in the past year, and the majority of those companies – 62 percent – were approved for the full amount of the request.

In a list of their concerns, survey respondents said their top challenges included economic uncertainty, a decline in consumer spending and the cost of health care.  Access to credit was low on the list of concerns and was cited as a challenge less frequently than federal and state regulation, personnel costs and taxes.

Other survey findings:

• An overwhelming majority of those seeking credit, 94 percent, said they looked to banks for their credit needs.
• Eighty-six percent of all businesses surveyed said they plan to stay with their current lender.

May 14 conference: Trying to figure out the right path for your sustainability program?

The New Hampshire Businesses for Social Responsibility holds its annual conference 8 a.m. to 4 p.m., May 14 at the Sheraton Hotel in Portsmouth, NH. “Walking the Talk: The Profitability of Values” is the focus, with Andrew Winston, Author of Green Recovery and Co-Author of Green to Gold, as the keynote speaker. Other highlights include a networking session and six breakout sessions.  Breakouts include:

• Bootstrapping a Sustainability Program: Succeeding with Sustainability Despite Limited Resources
• Demonstrating the Value of CSR: Metrics, Costs and Benefits
• Diversify to Thrive: Why a Diverse Workforce Makes Sense in the New Economy
• Engaging Employees in Social Responsibility: A Practical Workshop for Small Business
• Standup and Standout: Is External Certification the Right Path for Your Organization
• Achieving a Culture of Health and Wellness

Register here: http://www.nhbsr.org/nhbsr-events/nhbsrs-spring-conference