An inside look at starting your own business.
By Majed Farah, Contributing Writer
Starting your own business? How? Where? When? Who? There are so many questions to ask and, unless you sat in a class for four years at business school or you’re ready to pay a good sum of money to a lawyer, the answers are confusing and, at times, overwhelming.
One of the first steps when creating your business is coming up with a great name that not only describes your business but also what your business is about. I see many businesses out there that have a name, but you wonder sometimes and ask yourself “I see the name but what does that business actually provide”? Unless you’re willing to spend tens of thousands of dollars on advertising so people know you and understand what your business is all about, make sure that when your customers see your name, they understand what’s behind it.
For example, you’re driving by a building that reads “Brian’s”. OK, great, but what is “Brian’s”? Do you want people to guess or do you want people to know right away what your business is about? It is all in the name because that’s when you make the first impression on your future customers. “Brian’s Guitars”, “Brian’s Pizza”, “Brian’s Furniture”. Having a descriptive name that people can remember, locate, and also recommend will be key to the success of your business.
If you look back and read through this piece again you will see a lot of question marks. Remember to ask yourself all the questions before ever taking a risk or making a quick decision. The name is a piece of your identity as a business that must be thought out, calculated and deployed with precision. If you’re already thinking of a name right now, welcome to entrepreneurship.
About the Author: Majed Farah operates Jake’s Vape Shop in Pelzer and leases commercial and residential properties through Farah Enterprises based out of Simpsonville. He studied business at the Davenport University in Michigan and moved to Upstate South Carolina in 2005. Farah owns and leases several commercial properties in Woodruff. He’s worked many jobs over the course of his career, from janitor to cookie maker to entrepreneur, all in the pursuit of learning what types of business he liked. Throughout the course of his column, Farah will touch on the right tools you need to create and structure a business to be successful.