Your Business Name is likely to outlive you.
If leaving a legacy is what you have in mind, and with the knowledge that owning a business and getting rich is all about lifting limitations, you must plan ahead with the attitude that you will not be part of your enterprise forever.
Renowned Trainer, and Author of the bestselling Secrets of the Millionaire Mind, T. Harv Eker, has made himself and thousands of others exceptionally wealthy with the skills he teaches.
He is an excellent example to follow if you wish to do the same.
With the principles and strategies he sets out, it is impossible to ignore the common sense behind them.
So let’s look at Harv’s take on how best to select your business name.
Have you considered the significance and potential consequences of naming your business?
Let’s take a look at why business owners must keep in mind their exit strategy before giving their business a name.
One vivid example of a major business decision that impacts your exit strategy is choosing the name you will be using for your company.
Harv stresses the point strongly, that if you plan on selling your business, don’t name it after yourself.
Seems obvious, right?
As an example, ‘Harv’s Pizza’ lacks appeal as a business name compared to ‘Dominos’, or any name that seizes the company’s essence, such as ‘Peak Potentials’.
Generic names work better than regionalized, centralized, and personalized options as they don’t impose limitations, says Harv.
It’s your decision, but ask yourself how far you’d like to go.
If you’re thinking small and within boundaries, that’s where you’ll stay.
Choose a business name that describes your services or products effectively, simply, or memorably.
Ideally, choose a name that implies your company is massive, Harv says.
Why would you want your business to appear as large?
Because Harv and almost every rich business person out there knows that a big company is worth more!
Ever been involved in a relationship that’s going nowhere or realized your business partnership is dysfunctional?
Of course, you’re seeing how a worst-case scenario could necessitate planning an exit strategy.
According to Harv, when creating and owning a business, it is not only preferred, but in fact essential, to plan your exit strategy with care, if you’d like to get rich.
Not exactly because owning a business is awful, but more because the point of becoming rich is so you work only if you want to, not because you must, agree?
Much like achieving wealth, running your business is no gentle breeze.
It could potentially be as stressful, painstaking, vexing, and energy-sapping as any job really.
However, it could be different, Harv insists, as a confident business owner must be qualified to adapt to the demands of leadership.
He also asserts that it is paramount that you learn to focus your intent on becoming rich rather than a hard-working business owner as this will also help you focus on every decision for the start and growth of your company.
We don’t control others, only our own minds, decisions, and actions.
When starting a business, always keep in mind that you could in future sell your business for a handsome sum but anything that limits you or your growth or options, will not make you rich.
Hence, get creative, do some research and have fun when choosing your business name.
Make sure to stand out, be loud, and think BIG!
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Has your Mind ever wondered...
Names that are not limiting, binding and restrictive to a person, family name or region.
Something that encompasses an international appeal and describes your business clearly and creatively.
Refrain from using temporary fads if you intend for your business to be sustainable and timeless.
Generic names work better than regionalized, centralized, and personalized options as they are open to expansion, besides, thinking small and within boundaries will lock you into limitations.
Choose a business name that describes your services or products effectively, simply, or memorably which implies your company is massive which in turn, may sell for a higher profit should the day come that it’s necessary.
Choose a business name with your exit strategy in mind, one with a global, universal, or even cosmic impact that is not associated with a particular region - it must feel as big as your dream for what you desired to achieve when you started the business.
Choosing a unique business name exemplifies the effective leadership skills necessary to succeed and make other important decisions that help instead of harm the business.
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