Many of us have at some time, have had an idea for a business.

The key factors in starting any business is the 4 P’s

Passion

Planning

Productivity

Performance

You can have the best of ideas, intensions and aspirations, if you do not have the 4P’s you are going to have trouble succeeding.

1. You have to have passion – The first and foremost key factor – that burning desire, that belief deep within you, it is in your thoughts present and future. This is your drive button.

2. Planning – another key factor. Planning involves all aspects of the business

Example: Business structure, legal requirement, financial requirements, marketing, products and services and the most important staff requirements.

The first thing you have to do is have a plan, how, when and why do you want your business to run efficiently and productively for success.

Structure

Draw up how you intend to structure the business i.e. individual, partnership or company these are all important to due taxation requirement s and personal requirements.

Financial

You need to see a third party (specialist) account, solicitor to gain expert legal advice prior to signing anything, how much capital is necessary, banking facilities, credit facilities, eftpos, what records and strategies are needed.

Contracts

Registered Business Name, ABN, ACN, OHS, BAS, PAYG,GST, Local Council permits, Look at the contract to see if any legal or other restraining factors could effect you i.e. lease, shopping centre guidelines, franchise agreements etc. Always get expert legal advice prior to signing any contract.

Marketing

Know your niche market, target your niche market, know your demographic area, look into local councils, be aware of competitors marketing, grow your own marketing plan for you business – networking, advertising, local groups, affiliates, online, business cards, promotions etc

Products and services

Know your product, are there any training facilities to train staff on products, quality, quantities, legal requirements on packaging and waste removal etc.

Customer service – building a rapport with your clients, educating your clients, marketing to your clients, feedback, quality assurance control.

Staff

These people are your front line people of your business, these people are the first thing your customer will see upon entering your business, so training and productivity skills are vital here.

These are just some basic formats to follow; correct planning from the beginning can save a lot of headaches later.

The statistics show that 1 in 3 businesses do not succeed after the first twelve months.

If you have passion, planning, productivity, and proven performance, training, staff, the correct marketing and good legal advice you’re off to a good start.

3. Productivity

I believe this is the most important part of any business, having systems in place from the beginning to implement, monitor, improve, analyse, and report are vital.

See ezine article 7 steps to staff productivity.

4. Performance

Having systems in place to monitor, improve, analyse and implement are vital to your staff, business and financial performance.

Research is showing that having a Coach in this specific Industry can attain you and your business an advantage, with all the new technologies and new business implementation strategies available this new innovative technique come in with high regards from many corporate companies as a huge advantage to starting any new business. What is coaching – it is new innovative technique to get the best possible positive outcome possible on a personal level and a business level, and guarantees your business starts off with the requirements needed to making it in today’s business world. (And gets started with a buzz rather than a boom).

Article Source:

http://EzineArticles.com/?expert=Donna_Day

One of the most common refrains I hear when naming a new business is “I’ll know the right company name when I hear it.” That may or may not be true. It also may or may not be wise!

Why is that?

Because it makes the assumption that you know exactly what you want. In reality, most aspiring business owners have only a vague notion of what they want in a brand name. These notions are unarticulated, not written down anywhere, and it’s in no certain order. If you were to ask, it would sound like a free flow of consciousness…

• Something creative
• Fits with my industry
• Has a matching.com available
• Describes what we do
• Sets us apart
• Not too long
• Start high in the alphabet
• Sounds cool when you say it
• Says what it is

In reality, these are both branding criteria and branding considerations. Must-haves and want-to-haves. And they are all mixed in together. It’s like trying to hit a moving target. One company name idea might accomplish two of the things you want it to do but then miss on three other counts. Another business name might sound cool but is a dead end in regards to building the brand message. The issue comes down to itemizing your wants and needs into two lists, and then prioritizing them in order of importance.

1. Branding Criteria

These are the things that are vital to your brand. Ask yourself, “If my new business name could only communicate one thing, what would it be?” Make this your top priority. Then go on from there in rank order of what’s next in terms of importance. Here are some good examples…

• Must convey our core strength of (fill in the blank)
• Must be memorable and engaging
• Must provide a platform to tell our story
• Must have a matching, or closely matching,.com domain name

2. Branding Considerations

These are things that find themselves on the list of criteria that don’t really belong there. For instance, having alliteration in the words (i.e. Dunkin’ Donuts, Pay Pal, Best Buy) or having a name that rhymes or having the name start high in the alphabet. These are linguistic pluses, nice perks and possible tiebreakers if all things are equal, but they shouldn’t drive the process unless it’s determined that they are truly vital to the outcome.

Once you have both your branding criteria and branding considerations, then make sure you prioritize them. You may not get all your wants and needs, so determine which ones are most important. Our company name of Tungsten Branding is a metaphor for brilliance, clarity and insight associated with the light bulb. It works on the level of conveying our core attributes and providing a story to tell. It doesn’t do well in terms of spelling (Tungsten, Tungston, Tungstin, etc.) but we were willing to live with that. Because we are not a high volume, mass merchant business, the occasional misspell was not a big issue – clients find us if they type anything close. For our purposes, it was more important to demonstrate what qualities we bring to the table when naming a new business or developing a brand identity. The point is, don’t let a minor issue rule out a potentially strong naming candidate. If a potential company name accomplishes 85% of what you want it to do, and the remaining 15% is something not all that vital, (i.e. can’t get the matching 1-800 number with the name) then you have a viable candidate.

Bottom line? If you are struggling with a business naming decision, it might be time to itemize, prioritize and then capitalize on a company name that’s the bright choice for you.

Article Source:

http://EzineArticles.com/?expert=Phillip_Davis