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
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
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
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: