What comes first: The naming or the financial plan?

If you’re asking yourself this question right now, let me tell you that I understand you and today I’m going to help you with the answer: Here you will find some tips and recommendations for you to meet your goals as well as new questions that will help you in your naming process and financial plan for your venture.

It is likely that your business idea is already clear, that you know who your customer is for your product or service, and how much it costs. Then, it is about time to baptize and name your business. Here are some recommendations that you can follow. You can do it as a step by step process in this order, or use the ones that make the most sense for your process:

Esta tarea puede ser frustrante al inicio, puedes pedirle ayuda a tus amigos, familiares o personas que puedan aportar ideas. No siempre es necesario que las personas estén 100% involucradas en el negocio, en ocasiones, una visión externa puede darte mejores ideas.

Por ejemplo, una lluvia de ideas puede ser una gran herramienta. También puedes ir anotando las palabras o frases que vayan surgiendo, que más te resuenen para tu negocio.

Determine which words can serve you as a guide, relating to the values of your business, to words that can relate directly to your product or that can easily be pronounced and memorized.

It is also important to think about your brand’s digital presence, so a name that exists and is available for a web domain and/or social media is a plus.

Also keep in mind if your business will eventually expand its business, either with new product lines or even with different ideas, but under the same brand.

Once you have done this preselection and have several options, go gradually debugging those that do not attract your attention and if in the end you are not sure, you can ask close people to help you with a votation.

But it doesn’t end here, once you have the name, you could move on to the next step: The financial plan. But there is still something I want to recommend to you before: in all the steps of the process of creating your business, always keep in mind some basic financial parameters so that at all times you validate the viability of what you want to do and if this leads you to meet your goals.

Probably entrepreneurship does not exist in a specific order by the nature of its beginnings, because we all do it differently, as we tell you in our article of the most relevant startups of Colombia., However, the best advice I can give you is that no matter where you are, it is always important that you have a financial plan, that you review it, update it, you understand it and above all learn to identify alarms that will allow you to reduce the number of mistakes in your operation. If you want help with your financial plan,, browse our blog, we have more related information that may be useful.

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