CHAPTER 2 - Describe your Business


Does it clearly describe your business? Is it vague or confusing? Will your customers know instantly what your business does? 

Is it easy to spell and pronounce? Does it use real or made-up words? 

Is it easy to remember? Is it too long? 

Could it possibly have any negative connotations, embarrassing misspellings or abbreviations, or possibly offensive undertones? 

Will your business name distinguish you from competitors? Be sure you are not accidentally implying an association with organizations or people with whom your business is not connected. Can you stand behind what your business name promises? For example, could you live up to a name such as Perfect Every Time Catering? 

If, in the future, you wanted to sell the business, could a new owner assume the name? For example, would a new owner want to run Bob’s Sports and Stuff, or would a business without a personal name involved — such as Good Sports — be more appealing?

What product are you going to sell or what service will you be providing? 

Why is it needed? Can you make customers’ lives easier? Save them time? Make their lives more comfortable or safer? 

How qualified are you to provide this service? 

Why will it be successful? What are the pitfalls of this business? 

What does it take to make the product or deliver the service? What supplies do you need? 

What specialized skills, training or experience do you have that others may not? 

When will your business open? 

Who is your backup if you are ill, out of town or have an emergency? 

Will you rent or buy office space or create office space at your home? 

Will you need space to manufacture a product? Will you need distribution and warehouse space? Where will it be? How big of a facility will you need?