How To Start and Operate Your Own
SOUTHWEST STORE and
TRADING POST

By Dusty and Bonnie Henson, Owners "World Famous" El Paso Saddleblanket Co., El Paso, TX

Welcome
Index
Free Catalog
Chapter I
Chapter II
Chapter III
Chapter IV
Chapter V
Chapter VI
Chapter VII
Chapter VIII
Chapter IX
Chapter X
Chapter XI
Chapter XII
Chapter XIII
Chapter XIV
Chapter XV
Chapter XVI
Chapter XVII
Chapter XVIII
Appendix A
Appendix B
Appendix C
Chapter IV

NAMING AND REGISTERING YOUR BUSINESS

Before you sign a lease...
Before you print your stationery...
Before you open your bank account...
Your business needs an identity.

Not only does your business need a name, it needs a legal status. If you have not already sought out the professional advice of an accountant and an attorney, this is the time to do so. They will explain to you the advantages of each of the following types of businesses.

1. Sole proprietorship

2. Partnership

3. Corporation

Be sure to structure your company and your accounting procedures from the very beginning so as to meet your own personal goals, your financial goals and your preferences for day-to-day operating procedures. Good advice from the start can save and make you money on tax and estate planning. Tailor the options to meet your financial needs and your lifestyle.

What's in a name?

Once you have defined your business type, you need a good name for your store or trading post. It is imperative that it be easily understood and remembered. Avoid foreign words or cliches that would only be recognized by a small segment of the population. Also avoid names that tend to restrict or limit the scope of you your business such as "Mary's Little House of Dolls" or "Just Potholders" Even the name of El Paso Saddleblanket turned out to be more trouble than we thought. Do not name your business anything "Saddleblanket unless you intend to specialize 100% in saddleblankets. And we wouldn't recommend that either.

If your business is not in a mall or on a tourist street with built-in traffic, it would be beneficial to use part of the name as a locator. In a small town such as Glenwood, Iowa, "Glenwood Trading Post" or "Glenwood Indian Arts" would suffice. In larger urban areas such as Phoenix, Arizona, it might help to have your name pin down a certain part of the area such as "Cave Creek Indian Treasures" or Scottsdale Western Trading".

You can use a name of a southwest town even if you're in Michigan or North Carolina. "Santa Fe Traders" would suggest you have products from the Southwest.

Add more suggestions for words or names if you think of some. Certain words can evoke an image of "Southwest"

Cactus Desert West

 Western Eagle dancer Indian trails

Other words can call attention to the nature of the products themselves:

hand-woven rugs primitive

hand crafted genuine Navajo

authentic Zapotec

While you're mulling over potential names, also consider a graphic symbol--a "logo" for your business. This can be very useful in advertising. You don't' need to pay an expensive advertising agency to create a logo. Most print shops employ a graphic artist who can take your doodlings and transform them into a professional logo.

With both name and logo consider size and detail. You want to be able to use them economically for signs and advertising. Use the next page to play with ideas for a logo. List here potential names for your store or trading post.

Potential Names for My Business

______________________________
______________________________
______________________________
_______________________________

Bounce these ideas off your family and friends to get their reactions. Don't let your feelings be hurt if someone else comes up with a better idea than yours.

Possible Logos for My Business:

 

 

 

When the final decision is made, use your chosen business name for all official endeavors such as your:

Bank account

Business cards and stationery

Invoices or sales receipts

Tax reporting

Lease agreement

All official contracts

Official registration *

"Most states require that a new business be registered at the County Courthouse. You will need to fill out various forms identifying your business, its location, its owners and their corresponding tax numbers. Be prepared to pay a fee of $10 to $100. If you have not yet registered with the state for your Sales Tax Permit, you must do so before opening your store or making any retail sales.

Now that you are named and registered, are you finished?

In addition to your attorney and accountant, you need one more professional on your team--a good insurance agent. Provide all pertinent information about your business and he or she will advise you about proper coverage for fire and other perils, liability insurance, and Workers' Compensation. Put your coverage into effect before you do any improvements to your store inside or out, and definitely before you move in any items or equipment of value.

Your insurance agent can save you hundreds of dollars by shopping for an economical policy. But cheapest is not always best

Ask your agent about each insurance company's history in paying their clients. Should you ever have an incident, you want to be sure you'll get fair compensation for your loss.

BOOK INDEX

Updated 2001
© 2001. El Paso Saddleblanket. All rights reserved
No part of this book may be reproduced without the written permission of
El Paso Saddleblanket Co.

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