Efficient tool to organize your thoughts

Choosing a name for your business

Picking a name for your business is extremely important. You want to make sure your name stands out and is unique. You might have plenty of ideas for names, and writing them down is a great start. You can come up with a list of several names, each with their own pros and cons.

Once you have at least three options, do some research. Start by making sure the name isn’t already in use. After that, you can ask around and see what your friends, family, and others think about your names. There are several implications to your business name, so we recommend consulting with an attorney as well.

Describe your product/service

Now that you’ve got a name, you need to explain what your business does. This can help you when you create your business plan, when you start working with vendors, or if you’re applying for a loan. This is also a great starting point to understand exactly how your business will differentiate from competitors.

While this might sound difficult to execute, you probably already have it all in your head anyway. This template isn’t a final product, it’s just a place to put your ideas. So just write down everything you have, and later you can start editing and turning it into content that can actually be used.

For example: “Kelly’s Auto Dealership is where families can find the perfect car. We’re experts at matching your family’s needs. Some families love adventures, while others need more room for kids. We’ll help you find the right car at the best price. You can even bring your kids along, and we have a safe place for them to play while you make important decisions.”

Sum It up in one line

After you’ve written your paragraph, try to sum it up in just one clear sentence. This will help you create your tagline. You don’t need to add the whole long line in the template, just make sure your message is clear.

For example: “We help families find the perfect car to fit their needs and budget.”

Your tagline

Now that you have your one-sentence description and your paragraph, it’s time to create your tagline. Your tagline is like a shorter version of your one-sentence description.

The tagline’s role is to quickly tell people what your business is about. It should be short and catchy. You can come up with a few options and ask people which one they like the most.

For example:

• “Cars for families”
• “Your family’s car solution”

Your top 3 products/services

If you offer more than one main product or service, it’s a good idea to focus on the top three. Knowing what to concentrate on will help your business grow consistently.

List your main product or service as number one. If the other two are much smaller, you might want to focus on number one for now and add the others later.

As a small business owner, expanding too quickly can be risky. Each product or service takes a lot of work, so be careful when adding more. Make sure they complement your main offering and will boost your sales.

Your ideal customers

You’ll have all sorts of customers, but who is your ideal one? Use the template to describe your ideal customer in as much detail as possible. This will help you figure out how to reach them and what they like.

For example: “Our ideal customer is a family of four who needs a large car, safe for long drives with young children. They’re friendly and are recognized in the community, and might recommend our business to their friends. They can afford our prices and might replace their car often.”

Now that you’ve got all the important information organized and clear in your mind, you can move on to the next steps in your business journey. What’s your next move?