Whats in a name?
Howdy folks! Some of you might be wondering about what exactly my business is going to entail, so let me give you a little more insight. I’ve alluded to starting a business that will basically encompass what I’m doing with this web app as well as future endeavors. In addition to building my own web apps as ideas come along, I will build apps and provide consulting for clients as needed, and possibly some web hosting and video development as well. Rather than storing all my eggs in one basket, I’d like to do some exploring and venture out into other web-related areas as opportunities present themselves. That being said, I don’t plan on spreading myself too thin and getting over diversified in the process. I will stay focused on aligning the business with my competitive advantages to deliver a quality product. In case you’re wondering, I don’t have a business plan written up yet. Basically, the web app is going to be my guinea pig in this business experiment. I am completely focused on my product and getting it to market. Then I can analyze the results and build my business plan based on what I learned along the way.
Right now, I am looking into registering a name for this new business and it’s proving to be much more difficult than I anticipated. The names are easy to come up with (floodgates are open), but much harder to settle on. Everywhere I look now is a potential business name: Stapler Systems, Coffee-Mug Technologies, Fingers Typing on Keyboard Solutions. I actually went as far as to look in my refrigerator and cupboards. Misty walked in and saw me standing in the kitchen with the fridge door wide open and a notepad in hand. It went a little something like this…
Misty: “Uh…whatcha doin there?”
Zack: “Isn’t it obvious? I’m looking for a business name.”
Misty: “Why do I even ask anymore?”
Zack: “How long has this been in here???”
Maybe it’s my inner-perfectionist taking over, but I would like my business name to be something meaningful and unique. This is my stories title after all, and the welcome mat to my business. My story is about building friendly, efficient, high tech systems that help people perform better in their day to day lives. My title needs to be symbolic, easy to remember, and creative. With so many possibilities, it’s hard to pick one and run with it. This process has got me analyzing my past, hobbies, software, favorite movies, books, foods, animals, vegetation, cars, cities, streets, colors, and everything in between. Hence, I am now officially late on one of my first milestones: “Name the Business”. Not Cool! Hmmm…Cool Systems, LLC? That’s not bad.
My next puzzle to solve is whether to build a Sole Proprietorship or a Limited Liability Company (LLC). Any advice? I’m leaning towards sole because it’s less costly and time consuming to set up. However I like the limited liability, unlimited owners, and increased growth potential aspects of LLC’s. I will have to do a little more research on this before I reach a decision. That will have to wait though, as I want to spend the weekend drawing up my initial prototype of the web app.
Off to work I go…