As a marketer, I know just how important it is to choose the right name for a company or product. It needs to be easy to spell and pronounce (in various languages if you’re going international). If possible, it should have some positive connotations (definitely no negative ones) that can be associated to your company or product. And above all, it must be distinctive and unique.
The question is how do you work out what is unique, beyond a URL search, and then how to protect it? The answer is trademarks. I know what you are going to say…
Do I really need to worry about trademarks?
Yes, for two reasons.
- You might be a small business already trading under a name that already exists in the market. And maybe the other company that has trademarked that name in your industry classification won’t ever issue you with a cease and desist letter when you enter their market, because they are nice people and just don’t feel there’s any harm in letting a company by the same name trade in their market. Or maybe they do. It’s a decision that is totally out of your control. Do you really want to take that chance as you build a global brand?
- You’ve invested tonnes of money into building your brand in your market and then all of a sudden another company enters the market with the same name. Trademarking your name protects your brand from being copied or from another company riding the wave of your brand awareness you’ve invested so much into building.
Trademarks are important if you want to build a brand on a solid foundation and protect it in the long-term.
Related: When do I register a trademark?
How hard is it to successfully trademark a name?
According to the US Patent & Trademark Office, there have been 182,000 trademark registrations and 312 000 applications in the past 5 months alone. That’s more words than there are entries for in the Oxford Dictionary!
You can imagine how hard it is, and how much harder it gets with each passing month, to dream up a name for your product or company that is unique and distinctive enough that it can be successfully trademarked and protected in large markets like the US or Europe – especially in the technology industry. But there are a couple of routes you can try when developing a new name if you find your chosen one is already trademarked.
How to come up with a unique company name
When coming up with a company or product name, you can either go with:
- an acronym (IBM, SAP),
- a family or person’s name (Ford, Dell)
- an existing word (Amazon, Apple, Salesforce)
- a misspelled word that looks or sounds like an existing word (Xero, Google), or
- a completely new word either made up of a combination of existing words (PayPal, Instagram, Accenture), or
- a completely new word entirely made up (Skype).
How to make sure it’s available
Try Google first. If you don’t get any companies coming up that are using that word as a name in your industry, you’re off to a good start. Keep in mind that even if another company does come in the results, it doesn’t necessarily mean they’ve trademarked it.
Check the national trademark search database for the country or countries you want to trade in and search for your name within your industry classification:
- US Patent and Trademark Office search system
- Canadian Trademarks database
- European Union Intellectual Property Office search system
- United Kingdom trademark search
- Australian Government IP Search
- New Zealand IP Office Search
- South African Companies and IP Commission search
If you don’ t come across any trademark registrations for that same word in our classifications, then contact a trademark attorney to conduct a more thorough search using their local experts in those markets and advise you further. You don’t need to work through an attorney as you can register a trademark yourself, but working with one can save you a lot of time and increase your chances of getting your registration through the first time.
In conclusion, some advice
My advice to any company already operating and with ambitions to grow globally is make sure your brand name is trademarked and protected.
If it is not, you should
- conduct your own search in any of the national IP or trademark offices’ databases (some of which are listed above, others can be found through a simple Google search);
- hire a credible trademark attorney to either register your name or advise and guide you along the process of registering a new name.
If you MUST change your businesses name, then
- hire a brand development agency for the creative process of developing the right name for you. (We didn’t do this but only because we had no idea how time consuming and difficult it would be. Although it worked out well in the end and we love our new name, it did take up a lot of time and perhaps more importantly “headspace.” I could have been focusing on other pressing things requiring that required this level of strategic thinking or creativity;
- hire a change management agency or consultant to help with the communication and roll-out process of the new name to all stakeholders: staff, partners, customers, and the market. We managed well on our own, but if you don’t have the internal competency for this, or the time, rather outsource this very important and often neglected step;
- and finally, just pray to whatever god(s) you believe in that whatever name you finally come with gets the green light from stakeholders and your trademark attorney. (Yes. Seriously.)
The ‘Anything’ Entrepreneur
Most entrepreneurs are told to ‘stick to their niche’ but what happens when you make diversification your key to success?
Traditionally, entrepreneurs are told to stay focused and stick to their niche. But what if this advice isn’t always the right thing to do? What if this isn’t the perfect plan for your business, especially when you are facing a mercurial economy and a complex market? The instructions to build a thriving business aren’t set in stone, they’re as fluid as the customers and markets that inspired their creation in the first place. So, instead of hugging that niche rut, here are seven steps to intelligent diversification that could make a huge difference to your business…
1. The price tag
Having a niche business can become expensive, especially if you purchase stock from a specialised or niche supplier. They tend to charge a premium as they have the expertise and market position that allows them to do so. If you instead look to selling a variety of products and solutions, you can reduce the prices for your own bottom line as well as that of the customer.
Often, you are paying for a brand and not the deliverables so ensure that you’re investing into solutions that add value to your business not weight to your bottom line.
2. Variety is key
To survive in this economy, small business owners can no longer afford to only offer single product lines. By adapting and diversifying, you ensure your business isn’t the one left behind. Your competitors may very well be planning on introducing complementary products and services that boost existing offerings or add value. Don’t be the business that hasn’t been paying attention to the customer’s need for more bang for their buck.
3. Bolt on is bolting in
Offer your customers bolt-on extras where you can. This furthers the value you can add to your service and the value that the customer perceives you are offering to them. Extended warranties and value-added services not only add value, but they add longevity to your customer relationships. This means that you build depth with your customers as opposed to a hit and run sale.
4. Build a fence
When you diversify into a variety of solutions and services, you are giving yourself the opportunity to ring fence client spend. They won’t need to go to a multitude of suppliers as you will become their trusted one-stop-shop. You can then use this as an opportunity to showcase other products and services and to use your relationships to pitch clients into new areas of your business.
5. Client retention
When you have a rich pool of resources and strong client relationships, then you build trust and you prove to your clients that you have what it takes to get them what they need. When you’re trapped into single product lines you can’t offer this level of depth to your clients and they will simply go elsewhere.
6. Communication and collaboration
Diversification also offers you the opportunity to communicate more regularly with your clients. Instead of only selling to your customers seven or eight times a year, you can talk to them several times a week. Instead of just supplying products, you are helping them to deal with their day-to-day challenges and requirements. This allows for richer upselling and even more opportunities to engage.
Read next: 21 Steps To Start-Up Success
How To Forge Your Own Path In Business
Finding your own way doesn’t require reinventing the wheel.
You don’t need to be a visionary to forge your own path in business.
Honestly, you don’t even need to be a business owner to forge your own path. It’s more about a state of mind where you’re able to think for yourself professionally. To clarify, that doesn’t mean you’ve got to be a lone wolf: ideally, you want to be able to to work with and even for others, but without being a follower.
The ability to balance being an independent thinker yet simultaneously remaining accountable for your actions will make you a much more valuable worker, no matter what field you’ve chosen. The good news is that with targeted effort, anyone can adopt this mindset. Here are some of my tips for how to forge your own path in business, and why it matters.
Learn the rules first
This might sound out of place in a post about how to forge your own path in business. After all, aren’t we talking about independence?
Here’s the thing. Before you want to break the rules, you have to actually learn what they are. Take the time to learn the “rules” of your trade before you start trying to reinvent the wheel. You’re likely to pick up wisdom that will serve you, even if you intend on using the rules to inspire new and creative ways of breaking them.
Once again, you might find yourself thinking: Why should I seek out guidance if I want to forge my own path? Picture a cliche movie scene of a parent teaching their kid how to ride a bike. There’s that magical moment where the parent lets go of the back of the bike, and the kid is doing it on his own.
In business, you often need that initial helping hand before you can ride smoothly on your own. Before you can think for yourself, it can be helpful to absorb all of the wisdom you can from others.
One powerful way to do this is to find a mentor, or someone established in your field or a similar field who can give you words of advice and help you avoid making mistakes. Another is to make sure to take part in networking groups and to engage with other entrepreneurs. The more people you connect with and the more knowledge you gain, the better!
Set realistic and specific goals
If you want to gain confidence, become an independent thinker, and a better problem solver, do this one thing: Set realistic and specific goals.
Say that you want to increase sales for your business. It may not be realistic to say that you want to double your sales, but to simply have a goal to “increase sales” isn’t specific enough. However, setting a goal of increasing sales by 20% this year might be more realistic and is definitely more specific.
A goal like this is motivating, as it gives you something specific to work toward. It also allows you to break it down into actionable steps. You can begin to problem-solve, making specific plans for ways in which you could make your goal a reality. As you reach these milestones, you’ll gain more confidence in your abilities, which can help you move forward more confidently in your career.
Observe, but don’t copy
It can be very helpful to look at what your competitors and other entrepreneurs are doing. It keeps you relevant, gives you ideas, and can help keep you nimble in your chosen field.
However – this is important – you should never copy what others are doing. For one thing, it doesn’t work. Say you see someone killing it with a brand new hummus restaurant start-up. You can’t just start crushing chickpeas and expect success. There are lots of inner workings to the business that you’re not privy to, so even if you were to try, you couldn’t quite replicate someone else’s success.
Further, by the the time you copy, you’re already a follower and behind the curve. It’s better to use the information you observe as data, so that you can gain insight on things like effective marketing techniques and aesthetics, and apply these things to your own original ideas.
Think for yourself
You probably already guessed this one, but to forge your own path in business, you need to learn to think for yourself. So…how do you do that? Education is key. You need to absorb all of the knowledge you can, talk to as many people as you can, and observe as much as you can.
It’s almost like you’re forming your own personal library of data and resources. As time goes on, you’ll become better able to use this knowledge that you’ve gained to put your own unique ideas out in the world. You’ll be better able to generate ideas and to come up with intelligent solutions.
Let yourself grow over time
Ultimately, if you want to forge your own path in business, you need to be patient. Expertise, independent thinking, and autonomy won’t all happen overnight, so take the pressure off of yourself.
Remember: Patience is a trait of some of the most successful people. Focus on progress, not perfection. If you want to be successful for the long haul, allow yourself to learn and grow and continue to improve over time. Slow but steady, right?
This article was originally posted here on Entrepreneur.com.
Start Your Online Business For (Practically) Free
5 Simple steps to start your online store on a shoestring budget — no previous experience required.
If you’ve been wanting to release your inner entrepreneur but you’re constrained by a tight budget, an online store is a good place to start, particularly as you can get set up and start taking orders without spending the world up-front.
Your online store can be set up by you (yes, even with no prior experience) and you can get it up and running without needing to hire staff or rent offices. Hopefully you’ll need all of that as you grow, but for now you can set up your online store and start taking orders on a shoestring budget with these five, simple steps.
Deciding what to sell
If you don’t have money to invest in buying products to sell on your site consider selling your services. Ask yourself what it is that you are really good at that other people would be willing to pay you to do? Create this as a service and use your site to promote your offer and to let clients book out your time. You can also consider improving your skill level (and how much you can charge) by doing some online courses on the topic.
If you prefer selling physical items, reach out to people you know in case your network has idle stock in their stock rooms. Negotiate to list their stock on your site and when a customer pays you for an item, buy it from your supplier and send it to your customer. This is essentially drop shipping in its most manual form and until the drop shipping infrastructure in South Africa is established, hustling for work-arounds is the best way to get your online store up and running without investing in inventory.
Decide what website platform to build your site on
Without going into too much detail I can narrow down your options to using WordPress or Shopify as your CMS (Content Management System). This is the skeleton of your site where you add all of your content on the back-end to be organised before you publish it to the front-end, which is what your customers see as your website.
You can establish a WordPress website for free whereas Shopify starts from $29 per month. If you are experienced with websites I’d suggest WordPress, but if your experience is limited setting up a Shopify site is an easier solution that will save you a lot of time when you get started. Either way, don’t be intimidated by the process as the set-up wizards will guide you step-by-step on how to build your website.
Taking online payments
Setting up your store to take online payments is much easier than you think. From day one you can enable manual EFT payments and let customers pay you by EFT (but only dispatch the order once the payment has cleared!). This allows you to start taking payments straight away.
Next, you can easily apply for an account with a South African payment gateway. The account can take up to a week to be approved and the service provider will guide you on how to set it up on your site. Once this is done your customers will be able to pay you by credit card, instant EFT, Bitcoin, Mobicred, Zapper and more.
If you don’t yet have a business bank account, don’t let this slow you down. You can start off by linking the payment gateway to your personal account and then change it later once you’ve set up a business account.
Related: Will Anyone Buy Your Product Online?
Getting your first sales
Here are a few ‘low hanging fruit’ tips for getting easy traffic to your online store to help generate your first sales.
Share your new site with everyone you know. Use any social media networks you may have to announce your new website to your friends and family. Start by asking them for feedback (so they don’t feel that you’re pushing them for sales) then ask them to share your products with anyone they know who might be interested.
Offer launch specials. Now that you’ve got some eyes on your site generate urgency by, offering a ‘launch week 15% discount’. Apart from driving sales, this also lets you test your payment and delivery processes with people who won’t get angry if things don’t go perfectly. What’s more, you can reach out to these first buyers for product feedback, which will be super helpful before you start selling to unknown customers.
Validate your business on Google. Visit google.com/business to add your business details to Google Maps. Once this is approved your business details will show on the right side of the Google results when people search for your brand. This is a great way to build trust and traffic.
Build your newsletter subscriber list. Your exposure to your social media followers can be limited by changes in the rules of each platform. Your list of newsletter subscribers, however, is the only list that you own and control so it’s vital to build this list from day one. It’s a fantastic place to launch deals and subscriber specials and to engage with people who’ve signed up to hear more from you. A great way to grow this list is to offer a free ‘lead magnet’ which people can only access once they subscribe. The best ‘lead magnet’ is a content offering that is truly helpful and desired by your potential customers. Try to get creative and think of what you are willing to give away for ‘free’ to build your database.
Learn the basics of SEO. Don’t let yourself be intimidated by the big topic of Search Engine Optimisation. If you can learn a few key principles on YouTube and then build each part of your website with this in mind you’ll see a massive long-term benefit as each part of your site will climb higher in the rankings in the future. Don’t forget to submit your sitemap for indexing; skipping this step will delay your websites’ pages being properly ranked in Google.
“Building your own website on a shoestring budget is not only possible but it’s likely to be easier than you expected. Aim for progress instead of perfection, you’ll have plenty of time to fine-tune everything once your site is live.”
Delivering your order fast and cheap
Trying to use the South African postal service to deliver to your customers may sound like a cheaper alternative than couriers but it’s really not an option as their service is often hit and miss. Customers will also abandon orders on your site if they see that you’re not using couriers to deliver to them.
You need to engage with the courier companies in your area to see which ones offer the best service at the fairest prices. If you’re in a big city you should be able to deliver within the city for around R32 and to other major cities for R45 on an overnight delivery service. Delivering to customers in outlying areas does become more expensive but you can investigate couriers that offer drop-box options so that your rural deliveries don’t cost more than R99.
Of course, the larger the item the higher the delivery cost can be, but if you’re shipping bulky items like fridges or couches shop around for the best prices as you should be able to offer nationwide road-freight deliveries at no more than R250.
Some companies in South Africa offer aggregated courier quotes where you can book through their service and benefit from their mass negotiation with the respective couriers. They can get as much as 35% discounted off the normal rates and this is passed onto you. These systems can also be integrated into your website so that everything runs seamlessly — like true eCommerce should.
South African customers are generally willing to pay for courier fees on their orders up to a certain shopping cart value. The general rule of thumb is that you ought to offer free delivery on orders over R500; however, you need to know your numbers to ensure that the average shipping fee can be absorbed by your gross profit margins once the order value reaches over R500.
Building your own website on a shoestring budget is not only possible but it’s likely to be easier than you expected. Aim for progress instead of perfection, you’ll have plenty of time to fine-tune everything once your site is live. Getting your website live sooner rather than later helps you to recoup some cash from kick-starting your sales, it allows you to get feedback from your first customers which you can use to improve the final site, and, getting your first sales will validate that people are willing to buy what you’re selling.
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