Question

Topic: Strategy

Biz With Several Streams - One Company Or Indiv?

Posted by Anonymous on 2/14/2010 at 5:38 PM ET 125 Points
Hi everyone,

Not 100% sure if I am in the right category. All answers most appreciated, I can assure you !

I am an Aussie, so bear in mind some of our business rulings etc might be a bit diff to where you are :)

I have explained as much as I can first, then asked my question last, so please read on.

Firstly -
I currently run a small training business under my own name. However, I am finding this is not really professional enough now that I am ready to expand further. (mainly expanding in a geo way to start with), so I am wanting to register a business name.

Secondly -
I am also highly qualified in others areas including natural therapies, coaching & fitness. I would like to get back into using these skills as they have been on the back burner for a few years.

Questions -

Let me use the ficticious name of ABC Training for now.

Should I have 1 business name that will cover all I do?
ie. Most of my roles are in the training field one way or the other, so should I have "ABC Training Group" as a business name, and then have 2 seperate mini businesses under that name (one for courses and one for other things). This means I would have one lot of business accounts, tax etc only, all registered under the one name.

Or

Should I register two different business names "ABC Training Courses" and "ABC Coaching/Fitness" for example, and really keep them seperate?

I actually want people to know I do both things, so I don't want to appear shonky/dodgy by having two businesses. It would be easier to have one business I think, but I haven't found myself in this situation before, so not sure which way to go.

From a marketing point of view, I want to appear very professional (which I am), so in my opinion, one name would make me seem like a bigger, more professional business who then have different areas they deal in.

If you have any thoughts, I would like to hear them and thanks in advance.



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RESPONSES

  • Posted on 2/14/2010 at 5:54 PM Accepted
    What sort of training? Physical training? Or say, human resources training?

    If it's physical training, then it would probably be OK to keep it as one business, since the fitness and healing are complementary. If, on the other hand, the training business is something completely different, like diversity training or training in air conditioner repair, then no. That should be two different businesses.

    Putting two entirely different businesses together will confuse your potential clients and make it extremely difficult to market your services.

    Start one and get that going first. Then, worry about the other.


    Jodi
  • Posted by CarolBlaha on 2/14/2010 at 6:01 PM Accepted
    Sometimes these things work themselves out. yes you can do two sites and biz entities-- but you could also be lazar sharp-- be the coach buildin g the executive athlete. Take a holistic approach to coaching. No one can succeed with your great coaching and waking up lethargic and out of energy. It's like the mind is willing but the body is weak.

    When I started my biz I had 3 websites. And I needed 3 and a wide span of products to make a living. Once I realized my niche I cut back on what I offered, and made more money for it.
  • Posted by Chris Blackman on 2/14/2010 at 6:34 PM Accepted
    From the sound of your question it seems to me your training business is more executive/classroom than gym-based.

    Can you tell us what kind of training you're doing, i.e. what range of course topics? Targeted at whom? Who pays - the attendee or their organisation? What is the price-range of your training courses? Do you charge per day, per participant, depending on the subject, or what

    I think to look truly professional, not just a one-person outfit essentially contracting out your services, you need to register a Pty Ltd Company. Registering a business name is cheaper but not as professional.

    Plus, a company means your registration works nationally. A business name is only $70 or so but you need to register in each state where you are practising.

    You can register a company for $99 plus the ASIC filing fee ($400). Use the template at www,LawCentral.com.au - it's easy and cheaper than using a lawyer, and just as good.

    You can then create your two or three separate businesses as divisions within and under your company. If you develop a brand for each business, with proper brand identity, don't forget to protect the IP you develop by registering it with IPaustralia.gov.au

    Hope that helps. Feel free to contact me (click my profile name) if you need any help or just want to talk about it with another Aussie.

    Cheers

    ChrisB
  • Posted by michael on 2/15/2010 at 10:36 AM Accepted
    Try your last name (or first if it's unique) and then "group" or "& associates". This builds your name as a brand and you can do whatever you want underneath that.

    I just focused on the naming...everyone else already gave great advice. No need to expand on it.

    Michael
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