Continuing with Project X, the last few weeks have been a little more quiet.   Reason for this, I need to think things through before submitting a definitive list of what I’m offering users free and paid. Once this is complete, development begins and I think that the reality of actually starting this venture really begins

After my previous entry bringing you up to speed, my efforts in setting up my business are reaching an end from the planning stage, and now beginning to move more into stage 2: development.

Tonight, I will compete my final project requirements for my site.  This includes everything … and I mean EVERYTHING.   Features for general users, lists of features for members on the site,  graphics and logo requirements, rules within the site (as far as processes),  Other requirements (eg, newsletter, mailing lists etc).

I’ve also been thinking hard about marketing the site once complete.  I believe internet marketing to be very effective in todays world of media communications, but pinpointing exactly what will work is the decision that needs making.  I have looked at the obvious Adsense from Google, releasing a PR announcement, Viral videos and I think a combination of all these will help launch.  Because of how I have thought through the workings of the site, a lot of the users will be spreading the word via word-of-mouth, with a ‘tell-a-friend’ scheme I also have in place.

True, I’m not the only site to offer a service like ‘Project X’, but it’s the way I’ll offer that service to them, and just how easy and simple I’ll make it to do so, will make sure cusotmers use the site to their full potential and enjoy using the service.

I also tonight, need to finalize my requirements of finding an affiliate who can contribute to my site with one or two articles, specializing in the content of my site in exchange for an advert promoting a book/dvd series etc.

I have also needed to find out lots of techie stuff such as an online merchant to handle the payments, dedicated hosting, SSL certification and potentially an SMS gateway for alerts (not final or essential to the site).  There is truly a good amount of thinking to setting something up like this.

I’ll be back on with more information on my success in completing todays tasks a little later…

You need to look at:

*  The legal aspects of naming your business and the main restrictions

* Choosing your name – what works and what doesn’t?

* What your name says about you: size, image, branding etc

* Protecting your name through Trademark and Intellectual protection

The Legal aspects of naming your business

Legally speaking, names used by sole traders and unincorporated businesses are known as business names, while the names of incorporated limited (Ltd) businesses are referred to as company names.

Although you won’t need to register it, your business name must comply with the Business Names Act of 1985, apparently.

Company names must be registered at Companies House and comply with the Companies Act of 1985 as part of being Ltd.  Certainly at the start, I have no personal need to become Ltd, so I’ll just remain as a happy sole trader.

Is your name already in use?

If you don’t want to use your own personal name (E.g Phil Owen), check that someone else isn’t already using your chosen alternative (Eg MyCompany).  There are a number of places you can actually check this out for free:

*  The Companies House register, which lists the names of limited companies (Ltd) and Limited Liability Partnerships (LLPs).

*  The Trade Marks Journal published by UK Intellectual Property Office (UK-IPO).

*  Trade and telephone directories.

*  Online Business Directories

*  Membership directories.

*  The internet, to see if a business has already registered an identical domain name.  Choosing a domain is important, so my advice is either choose a business name then immediately check if a domain is free or pick your company name from the domain.  For my personal project – Project X - I went through 1000’s of domain ideas but were mostly taken.  My wife then actually shouted out a name, I checked, it was available so i bought it and that is now the name of my whole business project.

The risk of choosing a similar name to another business

You may run into a lot of financial problems if your name is easily confused with an existing business in the same area or one that offers similar products or services.  If you like going to court for a potential fine for copyright infringement, I advise to be completely unique and play it safe.

Names you may not use:

*  Offensive words and phrases.

*  Names that imply a connection with the Government or a local authority when you are not.

*  Around 80 reserved words requiring the agreement of the Secretary of State before you can use them, including British, Royal, National and English.

*  Names likely to confuse the public as to your business status, for example, a sole trader cannot choose a phrase including the word limited – makes sense

Making your name clear in your business dealings

You must include your business or company name on all documentation, such as stationery, invoices and receipts, as well as websites.  It is proper practice and communicates a consistency as to who you are.

If you are registered with Companies House, you should also add your registration number and registered office address.

If you are a sole trader or partnership using a different trading name, include your name or the names of the partners.

Choosing Your Name

A business name is really, really important.  It informs customers of your personality, profile and brand.  Branding is essential nowadays with such emphasis on selling a brand over services.  Eg, If Cadbury’s chocolate released a new chocolate, you would recognise it as quality when you saw the Cadbury’s brand on the wrapper, the font and logo, and you would trust the brand as being of a very high quality.  Even people who don’t eat chocolate will have heard of the brand.  Brand is also referred to as Corporate Identity and is vital.

When you are naming your business, ask yourself:

*  Do you want to use a descriptive name – one that reflects the nature of your business or its location?

*  How will the name sound spoken over the telephone?

*  Can people pronounce and spell it easily?

*  Will people be able to find it easily in telephone directories?

*  Will it work as an internet domain name?

*  Does it have any unfortunate connotations or hidden meanings that may distract or upset people?

*  If you plan to trade internationally, does your name translate well in other languages, especially those of your key markets?

*  How does the name relate to your chosen market?

*  Does it limit you? Is it likely to date?

*  What does it say about your business image?

What your name says about you

Question is: ‘How big do you want people to think you are?’

Certain names could automatically position you as small, e.g. Willesden Data Services. This might be useful if you want to convey a sense of being  local to cusotmers that can deal with customers on a more personal level.  It may not work if you plan to expand over a wider area, nationally or globally.

Adding a word like ‘International’ may imply size and give your business stature – although if you don’t work internationally, you could be giving false impressions about your business and attract customers that you’re potentially not able – or prepared - to work with.

Your image and branding

A well-chosen name contributes to the positive image of the company or business it belongs to.

Names that are pleasant, memorable or even quirky could work well. But a good name isn’t enough on its own; it must be supported by smart, consistent branding and promotion.

It is worth consulting a graphic designer to help you develop a brand identity for your business.  Lots of companies online offer logo design services, which include the logo design, colour scheme, taglines, motto, and any other aspects such as cartoon characters to be associated with the brand (eg Ronald McDonald or the guy pulling his hair out from www.confused.com).   This will give your business a logo and a consistent look that you can apply to everything from your business premises to your website and stationery.

Protecting your name

You can protect your name in a variety of ways.

Register your name as a protected trademark
Protecting your rights is easier and less expensive if you have a formal monopoly on a particular trademark. A mark is protected for ten years, then needs to be renewed. For more information, talk to the UK Intellectual Property Office.  For my site, I found useful http://www.ipo.gov.uk/

Once your business name is in use, make occasional checks to ensure that no one else is setting up nearby or in the same line of business using a similar name.

Useful in Relation to Choosing a Business Name:

Companies Registration Offices England and Wales
www.companieshouse.gov.uk
0870 333 3636

Companies Registration Office (N Ireland)
www.companiesregistry-ni.gov.uk

0845 604 8888
Records of limited companies are kept at the Companies Registration Offices and can be searched online. Find also guidance on how to form a limited company.

UK Intellectual Property Office
www.ipo.gov.uk
08459 500 505

As my intention for this blog is to archive lots of information that future entrepreneurs will find useful, the main purpose of writing this is to share with you every step of a journey to becoming a successful entrepreneur.

I’m currently in the midst of setting up various little companies (all run by just me), and beginning to formulate a small group of foundations that will hopefully, set me in the right direction of becoming a successful business owner.

On a daily basis, I will be working on these projects, either crawling the net for resources or articles I can use and learning the steps from the highest businessmen that exist today – basically anything that will help me and my future profits.

So where am I up to when I start this?

Well, it’s Wednseday the 15th of April 2009.  It’s 9.18am and I’m currently sat at my desk at work, NTL Telewest business.  I’m wailing in the face of redundancy and from an email memo that’s circulating here this morning, officially redundant on the 22nd. Very soon.

Redundancy seems to make people change.  I have seen evidence of people who have become apathetic and unfriendly in light of the situation.  People stop caring.  Managers stop managing and it really is a sad state of affairs.

I quite like it.

Redundancy for me, has been quite possibly the best thing that’s probably ever happened to me (apart from getting married) in my life, and potentially… that probably ever will.

It was during the beginning of the ‘big black’, that I came across an article on inc.com, a popular entrepreneur magazine, that I had an idea.  The idea was to start an online business that could be very popular and could earn a life-changing amount of money.  I was intrigued.

I began researching the market, making sure that such a website could exist today, and began contemplating the notion of actually starting a business, hey, I even had the money coming in from the redundancy settlement to pay for it.

I have no programming skills, my special skills are in thought and concept (maybe a little graphics/design), but not programming (I thought PHP was a drug?), MySQL (My-what?) and CSS.

So I did the best I could, learnt dreamweaver, built a few experimental sites from basic templates (E.g, ww.evo-power.net), and tested aspects such as Adsense, custom html and flash on the sites.  Learnt Google and it’s analytics and affiliate marketing – everything for getting started.  I practiced much into each night, until my foggy eyes could take no more, and I attempted to do a crash course in web development, web design and graphics – merely to get a good idea as to the basic understanding of the web, how it is made and how to make money from it.

I am still in no way an expert (took me 2 days to set this wordpress blog up!), but neverthless, more confident at what I’m doing 4 month on.

Anyway, I digress.  So I’m working at my day job still, and blogging/working on my projects in the evenings.  I work hard at present (4.5 hours sleep most nights), but it’s doing what I love, so it doesn’t feel straining at all – I know the value of a good work/life balance.

Now I’m not trying to say I don’t trust you, but for my own reasons, I cannot tell you the name or industry of my unlaunched online business (I’m waiting on the trademark and other protections), but I will tell you of the steps I’ve taken to get to where in the project life we are presently.  So for the purposes of this site (until my site is launched), I’ll call it Project X.

From doing all my research, contacted industry experts and looked at the other closest ‘competition’ (thoroughly!), I found a company who could build my site.  They are one of the best high-end designers and dynamic developers I have ever mseen, with a superb portfolio and a very professional and thorough approach, I don’t mind paying a little more for the right company.  I’m dealing directly with the CEO and we email and Skype almost daily with any small adjustments to features or requirements I have and how we can develop them.  We are certain we can produce a website that has the capability and design of a very successful business, glorifyingly beautiful to look at but ultimately simple to use for the user.

I have a name, I know the hosting company I’m going to use for the dedicated hosting and the overall style or theme of Project X – down to the colour range.  I have thought and documented everything.  Starting a business has certainly made me see just how much there is to consider – it’s no small feat.

All the sites features have been at their birth, an idea.  The whole site was just an idea initially.  It soon snowballed the more and more I thought it through or talked it over with family and friends for idea bouncing sessions.  I’m quite creative anyway, so had a few ‘brainwaves’ which have now given me the edge of any competition and makes my site unique, offering features to this market which no other site does. But talk things through, and listen to what people say to you, ask questions and get a feel for a target audience.   Know your customer.

I have learnt on the net how to write a business plan – very important – from various sources online.  After all as the saying goes; “If you fail to plan, you plan to fail”.   This is so true.   See my seperate blog for how to write an efficient business plan for more information, but it’s pretty simple and straightforward and is a good excerise to replay everything in your head and highlight anything you may have missed out or overlooked.

Once I had this idea for a business and began putting into action, I then began playing around with Adobe Flash CS4 and building a simple flash site for me as a company.  I couldn’t just be Phil Owen, I needed a name for my company, so chose OwenDevelopments and set up  www.Owen-Developments.info.

This was really only for myself (in fact, I didn’t even submit it to any search engines apart from Google).  Again, it’s all Flash, FTP and Adsense practice to me.  It’s good to update things on that site too whenever I make progress with Project X.  I get the realization then, that things are moving forwards and it’s rather exciting.

So now I have my project I’m working hard on, see my categories for where I’m up to, what I’ve learnt, what I’ve found useful and any comments are always welcome.  If you’re stuck at the beginning and need advice, let me know and I’ll try to explain what I did.