The Name of the Business Essay
Sorry, but copying text is forbidden on this website!
Any person or company uses a name to represent a business. It gives the business its own identification. So when choosing the name I had to think about whether the name gives out a good image to my target market. I also had to think about whether my target market would respond to the name and I had to justify how they may observe it. I needed the name of my business short and catchy so that it is appealing to the younger generation.
A business name that not only symbolizes the business but makes it a high popularity as this name has to stay the same for the whole of the business venture.
Some business may relate their name to their profession as this then gives a clear, instant idea of what the business actually does for example ‘AC electrical services’ this then prevents any misunderstandings and gives an instant communication with his/hers customers because the name is telling us exactly what the profession is.
After a lot of thought I came to the conclusion of naming my milkshake company, Shake-About. I decided on this name as I believe that it is catchy and symbolizes the service given to the public.
I also believe that the name is neither complicated nor hard to remember so it will appeal to my target market, which is teenagers. I have done a lot of research into other milkshake companies to confirm that I am not copywriting another businesses name as this would be breaking the law and I could be at risk of being sued. After a lot of research into what kind of business I wanted to design I came to the conclusion that I wanted to go into the catering business.
The reason I wanted to go into this sort of business was mainly because I thought it could be an interesting business to get involved into and also I have had past experience in the sector. It will be a seasonal business meaning in summer we will have more business than in winter. Innovation and enterprise is important in this business because if it wasn’t unique then it wouldn’t stand out from amongst the competitors and so our market share would remain at a standstill.
Our idea will shine out amongst the competition and so we hope it will bring us more customers. We keep enterprising in mind, and therefore we are always thinking of new ideas to improve it, such as setting up a mobile business from a customized van like an ice cream van. This van will circle round the city to local hang-out spots like parks and playgrounds. Using this initiative, we will be able to sell our products to a wider audience as it will be easier for us to go to them, rather than them coming to us.
Extra costs will have to be added for fuel, etc. As an entrepreneur I have chosen to work within a partnership as once the business has expanded I would need more people to help me keep up with the work loads. Also I felt that having another person in my business would give me diversity and would be good to have another person’s input rather than just my own. Also if I had a day where I am not able to come into work for example I was on holiday or ill I would still be able to keep my business going as I have another person to help me out.
We have calculated and weighed up the risks of the business as a number of small businesses start up and then fail so we are prepared if that situation arises. We are very hopeful about this business as it is a one of a kind on the Algarve; with the right mind set we will be able to make this a successful reality. We believe our customers will love it as the temperature in Portugal can get extremely high therefore a nice milkshake on a warm day will appeal to many people.