Know-How Exchange : Taglines/Names

Dear Kim,

Phil is, of course, right.

Before we get too bent out of shape on your company name, let's examine the thought behind your intention in a little more detail.

An on-line gift store is a fine thing to start. Here are some practical questions to start your thinking processes:

Does your domain name clearly define the thing you're offering?
How will you drive traffic to your site?
What will visitors find on your site when they arrive?
Why will they buy from you?
What makes your store better than your competition?
Who is your competition?
What makes them successful?
What are your competitors doing (or not doing) that you could do or ought not to do?
What will it take to set up your store?
Will you design the site yourself or use a build it yourself or turnkey solution?
What will show on your site?
What will you stock?
Where will your stock be shipped from?
Where will you obtain your wholesale items?
Who else uses your suppliers?
Are your suppliers good at what they do?
Will your suppliers blind drop ship for you?
What's your expected your mark up?
What are your set up costs and monthly overheads?
What is your presumed profit margin?
How will people order from you?
What shopping cart system will you use?
How will you pay your vendors?
What terms will you arrange?
How will you collect payment and what will it cost you?
How will you ship people's orders?
Who does the engraving you're offering?
What's your policy on errors in engraving and on returns?
Do you know you'll have buyers?
Will moms and children be your main bread and butter?
Are you willing to address corporate clients?
Have you written a business plan?
Have you secured start-up funding?
Do you have a line of credit that will see your through your first six months?
What are your goals and strategic objectives for the first three months, six months, nine months, and twelve months?
When do you expect to break even?
When do you plan to make your first profit?
How will you spend your profit? Reinvest it in your business? Or blow it on frippery and celebration? (hint: make it the former, not the latter).

Give yourself a firm footing with answers to these questions and while all this is going on you can think about names.

All this is, I'm sure, probably not the answer you were looking for. But it's realistic. The more prepared you are now, the greater your chances of success. but don't just take my word for it. Seek opinions from elsewhere.

Good luck to you.

Gary Bloomer
Wilmington, DE, USA