What is a business name?
A business name is a name or title under which a person or entity conducts a business.
Watch our YouTube video about What is a business name and how to apply for one.
When should I register a business name?
You will need to register a business name if you carry on business within Australia and are not trading under your own name.
Exceptions to this include:
- if you are operating as an individual and your operating name is the same as your first name and surname
- if you are in a partnership and your operating name is the same as all the partners’ names, or
- if you are an already registered Australian company and your operating name is the same as your company’s name.
The law does not allow any changes from the business holder’s name if you wish to rely on the above exemptions. For example, if your name is John Smith, and the name of your business is ‘John Smith Co’, you will need to register the business name ‘John Smith Co’.
If you are unsure about whether you need to register a business name, look through the examples in Regulatory Guide 235 .
What a business name registration does not provide
Registering a business name does not provide exclusive ownership of your business name. It also doesn’t prevent other people from being able to register and use similar names.
To gain exclusivity over a particular business name, you need to register it as a trade mark with IP Australia .
#what is business
What is a business idea?
A successful company always starts with a compelling business idea. It’s the first milestone in the process of founding a growth company. The characteristics of a promising business idea are:
- Fulfills a customer need – a problem is solved
- Clear focus
- Profitable in the long term
Each idea, no matter how brilliant, initially has no commercial value. A plausibility check gives more information about an idea’s chances in the marketplace and helps to check its feasibility and innovative content.
What is innovation?
The term innovative is usually applied to new products or services produced with conventional production methods and delivered to customers via conventional distribution channels. Innovation, however, can also refer to the entire business system. It is less obvious, but equally important (for example, FedEx revolutionized letter post through central sorting and 24-hour operation).
The development of new products and/or services usually focuses on improving “customer benefit”. Business system innovations, on the other hand, focus on lowering costs, and these gains can then, to some extent, be passed on to the customer in the form of lower prices.
It’s rare that innovations combine both dimensions, product and business system, to create an entirely new “industry.”
What defines a convincing business idea?
A business idea is addressed to an investor and, therefore, must be formulated with the investor’s perspective in mind. It’s neither an advertising brochure for an “ingenious” product nor a technical description. Rather, it is a decision support document that emphasizes three aspects:
Customer benefit – What is the customer benefit, what problem will be solved?
The key to marketing success is not superb products – it’s satisfied customers. Customers buy to satisfy a need, or to solve a problem, e.g. food and drink, something that makes work easier, to enhance their wellbeing or self-esteem, etc. The first principle of a successful business idea is, therefore, that it clearly describes the need that will be satisfied and in which form (product, service). In this context, marketing practitioners refer to a “Unique Selling Proposition”.
Market – What is the market?
A business idea only has commercial value when the “market” accepts it. The second principle of a successful business idea, therefore, is that it shows how large the market is for the product or service offered, for which target group(s) it is meant and how it differentiates itself from the competition.
Revenue mechanism – How is the money to be earned?
A business must be profitable long term. The third principle of a successful business idea is, therefore, that it shows how much money can be earned with it and how the money will be earned.
- A checklist regarding the content and form of a business idea and further practical tools is available here
- Other useful documents are available in the download section
- Not sure which competition to choose? Check out our decision aid
What Is Business Networking, Anyway?
Founder and Chief Visionary Officer of BNI
Business networking is leveraging your business and personal connections to bring you a regular supply of new business. The concept sounds simple, doesn t it? Don t let that fool you, though. Because it involves relationship building, it can be a deceptively complex process.
Think about it. How many people do you know? How many of these people truly understand what you do? How many of these folks have directed prospects to you as referrals? And how many of those referrals have actually turned into business?
Business networking is much more than showing up at networking functions, shaking a
lot of hands and collecting a bunch of cards.
For example, imagine two people attending an event, sizing it up and drawing an imaginary line down the middle. They separate, each taking half the room. At the end of the event, they meet again to see who s collected the most business cards.
Have you met these people? Sure you have. We all have. What did they accomplish? They collected a lot of cards that will end up on a shelf, in a drawer, in the trash, or–worse yet–scanned into a computer so they can spam everyone they just met. Why? What does a business card represent? It s a piece of paper, with ink and images on it. No relationship has been formed. This networking strategy, by itself, isn t an effective use of time, money or energy.
Some people get frustrated with networking because they seem to be making as much progress as a rear-wheel-drive truck on an icy hill: one foot forward, 10 feet back–getting nowhere fast.
Networking for business growth must be strategic and focused. Not everyone you meet can help move your business forward–but everything you do can be driven by the intention to grow your business. You have total control over whom you meet, where you meet them and how you develop and leverage relationships for mutual benefit. You have total control over whether you enter into the unique 29 percent of the population that is separated by six degrees (read The 29% Solution to learn more), whether you stay there, or whether you never get there at all.
Networking your business means you have to be proactive. The core of networking is doing something specific each week that is focused on networking for business growth. Make a plan, focus and be consistent. When you understand exactly what business networking is and step up to the challenge, you ll find avenues of opportunity that you may have otherwise never discovered, and you will be making an invaluable investment in the steady growth of your business.
Copyright 2016 Entrepreneur Media, Inc. All rights reserved.
#small business grants
SBA does NOT provide grants for starting and expanding a business.
Government grants are funded by your tax dollars and, therefore, require very stringent compliance and reporting measures to ensure the money is well spent. As you can imagine, grants are not given away indiscriminately.
Grants from the Federal government are authorized and appropriated through bills passed by Congress and signed by the President. The grant authority varies widely among agencies. SBA has authority to make grants to non-profit and educational organizations in many of its counseling and training programs, but does not have authority to make grants to small businesses. The announcements for the counseling and training grants will appear on grants.gov. If Congress authorizes Specific Initiative Grants, organizations receiving such grants will receive individual notifications.
Some business grants are available through state and local programs, nonprofit organizations and other groups. For example, some states provide grants for expanding child care centers; creating energy efficient technology; and developing marketing campaigns for tourism. These grants are not necessarily free money, and usually require the recipient to match funds or combine the grant with other forms of financing such as a loan. The amount of the grant money available varies with each business and each grantor.
If you are not one of these specialized business, both federal and state government agencies provide financial assistance programs that help small business owners obtain loans and venture capital financing from commercial lenders.
Application Forms for Non-Construction Grants
Application Forms for Construction Grants
#business to business
What is Business-to-Business (B2B)?
Business-to-business B2B refers to commerce between two businesses rather than to commerce between a business and an individual consumer. Transactions at the wholesale level are usually business-to-business while those at the retail level are most often business-to-consumer (B2C).
The dollar value of business-to-business transactions is significantly higher than business-to-consumer activity because businesses are more likely to purchase higher priced goods and services and purchase more of them than consumers are. A bicycle manufacturer, for example, will purchase a truckload of bicycle tires or a coffee manufacturer will buy a massive, industrial bean grinder. Compare that with what s purchased by a biking enthusiast or the individual coffee aficionado.
How Business-to-Business Selling is Different
Selling to a business is different from selling to an individual consumer. Key sales and marketing differences for business-to-business transactions include:
- Selling sometimes requires participating in a bidding process by responding to a purchaser s request for proposals. On the business-to-consumer side, this compares to asking various auto dealers to provide their best offer on a specific make and model.
- The decision-making process on a purchase can take days, weeks, or months, depending on how the purchasing company works and the size and nature of the order.
- Purchasing decisions are often made by committees, so each member needs to be educated and sold.
- The dollar value of goods or services sold is much higher than on the consumer or retail level, so the buyer needs to take steps to minimize risk. That sometimes involves requesting a product prototype or customization.
Business-to-Business Doesn t Exclude Business-to-Consumer
A company selling to businesses can also sell directly to consumers. A bead manufacturer selling its beads in bulk to costume jewelry manufacturers might also package them in smaller quantities sold to crafters at craft stores. A telephone manufacturer can sell in bulk to companies or one at a time to consumers shopping online or at an office supply store. A firm that provides health and wellness consulting to corporations can also advise individuals one-on-one or in group presentations.
It s About the Customer, Not the Transaction Size
While business-to-business transactions often involve high prices and volume, they can also happen on a much smaller scale when a small business sells products or services to another small business. The hallmark of business-to-business commerce then, is the participants two businesses rather than a business and a consumer.
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Stocks Basics: What Causes Stock Prices To Change?
Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock (demand) than sell it (supply), then the price moves up. Conversely, if more people wanted to sell a stock than buy it, there would be greater supply than demand, and the price would fall.
Understanding supply and demand is easy. What is difficult to comprehend is what makes people like a particular stock and dislike another stock. This comes down to figuring out what news is positive for a company and what news is negative. There are many answers to this problem and just about any investor you ask has their own ideas and strategies.
That being said, the principal theory is that the price movement of a stock indicates what investors feel a company is worth. Don’t equate a company’s value with the stock price. The value of a company is its market capitalization. which is the stock price multiplied by the number of shares outstanding. For example, a company that trades at $100 per share and has 1 million shares outstanding has a lesser value than a company that trades at $50 that has 5 million shares outstanding ($100 x 1 million = $100 million while $50 x 5 million = $250 million). To further complicate things, the price of a stock doesn’t only reflect a company’s current value, it also reflects the growth that investors expect in the future.
The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them. It makes sense when you think about it. If a company never makes money, it isn’t going to stay in business. Public companies are required to report their earnings four times a year (once each quarter). Wall Street watches with rabid attention at these times, which are referred to as earnings seasons. The reason behind this is that analysts base their future value of a company on their earnings projection. If a company’s results surprise (are better than expected), the price jumps up. If a company’s results disappoint (are worse than expected), then the price will fall.
Of course, it’s not just earnings that can change the sentiment towards a stock (which, in turn, changes its price). It would be a rather simple world if this were the case! During the dotcom bubble, for example, dozens of internet companies rose to have market capitalizations in the billions of dollars without ever making even the smallest profit. As we all know, these valuations did not hold, and most internet companies saw their values shrink to a fraction of their highs. Still, the fact that prices did move that much demonstrates that there are factors other than current earnings that influence stocks. Investors have developed literally hundreds of these variables, ratios and indicators. Some you may have already heard of, such as the price/earnings ratio. while others are extremely complicated and obscure with names like Chaikin oscillator or moving average convergence divergence .
So, why do stock prices change? The best answer is that nobody really knows for sure. Some believe that it isn’t possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell. The only thing we do know is that stocks are volatile and can change in price extremely rapidly.
The important things to grasp about this subject are the following:
1. At the most fundamental level, supply and demand in the market determines stock price.
2. Price times the number of shares outstanding (market capitalization) is the value of a company. Comparing just the share price of two companies is meaningless.
3. Theoretically, earnings are what affect investors’ valuation of a company, but there are other indicators that investors use to predict stock price. Remember, it is investors’ sentiments, attitudes and expectations that ultimately affect stock prices.
4. There are many theories that try to explain the way stock prices move the way they do. Unfortunately, there is no one theory that can explain everything.
What is business acumen and how do you get it?
September 9, 2013 December 29, 2015
Over the last few weeks I have been developing a twitter strategy for one of my company s clients. They are an online events business and we are helping them with their marketing so I have been learning about hybrid and online events. I already know how to market via social media, I understand the world of events and I can create content fairly easily but prior to. oh I don t know a few weeks ago I knew very little about hybrid events. I would be able to tell you what a hybrid event was but very little else, now I have online event information seeping out of every pore (it isn t very pleasant!)
The reason I can bring myself up to speed so quickly is because I have spent 10 years working as an assistant and I have become very good at developing business acumen! I also hopped from one industry to another so I had to constantly learn how these business were run, the jargon that was used and the different codes of conduct each industry sector had. I had to understand all of this to support my boss effectively.
I think it is so very important for assistants to have good business acumen because without it I don t see how we can support our managers or move up the career ladder.
So what is business acumen?
I really like this definition of business acumen, it is from the Financial Times Lexicon :
In practice, people with business acumen are thought of as having business sense or business smarts . They are able to obtain essential information about a situation, focus on the key objectives, recognise the relevant options available for a solution, select an appropriate course of action and set in motion an implementation plan to get the job done.
So that sounds easy to achieve right? Erm no, I didn t think so either! Developing business acumen takes time, it has to be achieved through learning and training and ultimately it has to be part of your ongoing development plan. Expanding your business acumen has to be constant.
Having strong business sense isn t easy to develop but it is incredibly important for an assistant to have. We support people that have very strong business acumen, they wouldn t be in the position they are in without it! How can we support them if we do not have an understanding of their business, their strategic objectives and the pressures they face on a daily basis? The difficulty is that a lot of organisations don t understand this need and do not offer assistants the opportunity to attend training courses or take time out of their day to build their business acumen. Many bosses do not see the potential in their assistants or the added bonus of having an assistant with a good knowledge of the business and what that means in terms of the extra support they would receive.
So how do we develop business acumen?
There are of course ways around this problem but it does mean that assistants will have to be particularly proactive in developing their own business acumen. Trust me though it is totally worth the effort!
Firstly, is your manager supportive of your training needs? If so, well done! Ask that you attend training courses on the areas that you could improve, for example business finance or process management. If your manager is supportive then build business acumen improvement into your overall development plan and ensure you have an objective based on the wider business such as working on a cross departmental project.
Does your organisation have a graduate programme? If it does then ask to attend their initial training sessions on the industry. I did this when I first started working in insurance. There was so much jargon and codes of conduct, especially when working with Lloyd s of London that I asked to attend an Introduction to Insurance course which was in-house and specifically for the new graduates. I was the only EA on the course but it was so helpful and didn t cost my company a penny.
Does your manager subscribe to business magazines? If they do, this is great because you open their post and can read the magazines before giving it to them! Don t worry I don t think they will be offended that you are reading their magazine they will probably be in total shock that you are taking an interest! Not only does this help with your business knowledge it also gives you something to talk to your boss about, which is great when you don t have a lot in common.
This brings me to a really important point! Read everything. I love Julie Perrin s blog on business acumen for administrative professionals because it really goes into detail on what assistants should be reading and how to actually create the time to read. This is well worth the read, once you ve finished reading my blog obviously! Reading business material does not cost your company anything and I honestly think it helps enormously.
Do you take minutes at meetings? Again this is another fantastic way to increase your business acumen. In a previous role I managed 12 Committees all of which had a special interest in different areas of accountancy. I attended all of the Committee meetings and took all of the minutes. During the meetings I would really listen to what everyone was saying and take notes on anything I didn t understand so that I could research it later. I would also talk to the members during refreshment breaks and read all of the supporting documents along with their regular newsletters. Oh my goodness, by the end of the 4 years I worked in that role my knowledge of accountancy was extraordinary! I once attended a networking event for one of the Committees and talked to a new member for half an hour before he realised I wasn t actually an accountant (thank God!)
Lastly do you attend meetings with your manager? This task will bring you into contact with the company’s decision makers and you will be privy to their conversations and how they come to make decisions. Ensure you listen to these people. If you know why decisions are made in the company then you can start to make choices about your everyday work following the same strategy as the executive team. This will massively increase your knowledge and keep you focussed on improving your business acumen. When it comes to your review you can demonstrate to your manager that not only do you understand the company’s strategy but you are also implementing it into your own work by thinking strategically. This depth of knowledge will be impressive because they might not think you consider the bigger picture.
Understanding the bigger picture, where your boss fits into it and in turn how you can help support their goals is a fundamental requirement of a great assistant. Developing your business acumen will also give you a fantastic foundation and allow you to move up the career ladder and gain a well deserved promotion.
And the ability for both of you to exchange information easily online
makes your being in-house less of a need. Audit-ready books
also enable a company to make more knowledgeable decisions on a time-sensitive basis.
If you are an employee of such a company, you need
to preserve the company. On the grounds that clerk services are
frequently served on an hourly groundwork, people who work snappier will permit you to
Quizzing in India: What are some of the best business quiz questions you – ve seen? #business #web #hosting
Personally, my favorite questions are those which have me wide-eyed and wondering –Seriously? – when the answer gets revealed. Two that come to my mind:
1. What will be offered by Kashi Vishwanath temple in association with Shri Prakash Raghuvanshi?
This was asked by Pickbrain at Tata Corporate Crucible, Gurgaon in Sept 12. Now I have spent the last 4 years in Banaras (location of the temple) and I honestly thought this question lame (I mean could be any offering- clothes, jewellery, left-over temple flowers, exotic sweets). Until the answer was announced:
Ans: PACKAGED MANURE (1)
2. X has had over 43 pets including 21 dogs, 12 horses, 3 ponies, 6 cats, a parrot, a chimpanzee, a panda, a lion cub, a giraffe and a zebra.
AND… 80 careers everything from a rock star to a paleontologist to a presidential candidate.
Question asked in a school quiz in Dubai several years ago. The guesses ranged from Arnold Schwarzenegger, some Arab Sheikh, Elvis Presley. One team actually came very close to the actual answer with Sarah Palin! (2) Of course, the answer was:
Hard to pick one, but here are some of my favourites:
1. In 1928, AT T s Western Electric established a division for the specific purpose of installing and servicing their loudspeakers and electronic products for motion picture use. Called E.R.P.I. (Electrical Research Products, Inc.), it was purchased as part of a consent decree in 1936 by a group of E.R.P.I. executives, including George Carrington, Sr. and Mike Conrow. They changed the name to All Technical Service Company .
How do we know this company today?
Ans. Altec ( All Tech ) Lansing.
2. A person with ___________ is open and available to others, affirming of others, does not feel threatened that others are able and good, for he or she has a proper self-assurance that comes from knowing that he or she belongs in a greater whole and is diminished when others are humiliated or diminished, when others are tortured or oppressed.
What modern-day product takes its name from the above mentioned philosophy mostly because it is based on the same principle?
3. Started in 1945 by two friends Burt X and Irv Y. with the merging of their respective individual shops, XY has since become one of the leading companies that sell Z. It is distinctly recognized by its logo which contains a number – signifying the number of varieties of the product it sells.
Its new logo, revealed in 2005, is hailed by many as one of the most innovative logos of all time for its clever inclusion of the above mentioned number into it.
Ans: Baskin-Robbins (X-Y) and if you don t know what they sell, I suggest you go out more often.
A few questions which I really liked.
1.After India became independent in 1947, the Planning Commission was entrusted to oversee and direct the development of the nation. India grew rapidly in the 1950s, and in the late 1950s the Commission started facing difficulties in finding suitable people for the large number of enterprises that were being established in India as a part of its industrial policy. To solve this problem, the Planning Commission in 1959 invited Professor George Robbins of the University of California. What resulted?
2. The name of this website stems from a Hindi phrase used on anyone who attempts to achieve the impossible. Started by Wharton graduate Allwin Agnel in 2003, its mascot is named ‘Monsieur Green’. Which website?
3. The following table gives the exchange rates of a certain currency in three different denominations. Identify what has been blanked out.
4. In what way is this photo of Lord Pethick Lawrence and Mahatma Gandhi, taken on April 18, 1946 significant to this day? (Question Courtesy: Navin Rajaram )
5. As a part of the Windows Vista makeover what did Microsoft add to the game Minesweeper (blanked out in the pic shown below) and why?
6. Shown below is a character from an unique language which caused an outrage from a certain group when it was dropped from Wikipedia’s official logo in 2010.Which Language?
7. This is Hannah Steller photographed by her older brother, Dustin Steller. The photo was originally uploaded to iStockphoto in August 2005 as a result of which, it made her immensely popular all over the world.
How/what is she known as?
8. It was discovered that defects in the sphere from knicks and scrapes of normal use, could provide it with a truer flight than a pure sphere. Thus,makers started creating intentional defects in the surface by hammering to give it an evenly dimpled shape which would cause it to have a more consistent flight. Funda behind what?
9.This is a letter sent to ‘Lady Gaga’ by the firm she had previously threatened to sue for a certain product. What was the product and the controversy?
Further to our letter of 9th March, we note that we have not heard back from you or from your client Lady Gaga despite your demands that we respond to your letter by 4.00pm on 9thMarch.
In fact you have not even confirmed receipt of the letter which was emailed and delivered to you by hand.
As you will have noted from the contents of that letter, the product your client described as ‘nausea-inducing’ and ‘possibly unfit for human consumption’ was given a clean bill by the authorities last week.
We are therefore seeking your permission to re-launch our ______ in a way which will not offend, upset or distress your client in any way. As such we are holding a ‘Name the Baby’ competition and asking for the approval of one of the following names.
10. In an interview to Walter Issacson, when asked about life and death, Steve Jobs said Sometimes I don t. It s 50-50. But ever since I ve had cancer I ve been thinking about it more, and I find myself believing a bit more. Maybe that s because I want to believe in an afterlife, that when you die it doesn t just all disappear. The wisdom you ve accumulated, somehow it just lives on.” He further added that he implemented this philosophy in his products. What feature or rather minimalism was implemented in Apple products because of this?
(Please answer in comments. I hope that the answers can be can be worked out by a combination of knowledge and by a few assumptions. I would add the answers after a few people have attempted)
I would also like to add the biz questions (Twitter, Campbell s Soup, Ambergris and Kit Kat mail) from my answer to What are some of the best quiz questions you ve seen to this list as well.
#office depot business
What’s Next for Staples? Put Office Depot Out of Business
Staples (SPLS ) is pretty angry the federal government blocked its deal to buy smaller rival Office Depot (ODP ) and will now take several actions to try and put its competitor in the dirt.
U.S. District Court Judge Emmet Sullivan blocked the merger between the two companies Tuesday evening, saying the combination would create anti-competitive forces. The decision effectively ends the second attempt by the two office supplies companies to merge in an attempt to thwart off competitors including Amazon (AMZN ) .
“The Federal Trade Commission (FTC) met its burden of showing that there is a reasonable probability that the proposed merger will substantially impair competition in the sale and distribution of consumable office supplies to large business to business customers,” Sullivan wrote in a three-page order.
Obviously, execs at Office Depot and Staples saw it otherwise.
“While we are respectful of the court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefited all of our customers in the long term,” said Office Depot CEO Roland Smith in a statement. adding, “We do not intend to appeal the Court’s decision and the two companies plan to terminate the merger agreement effective May 16, 2016.”
Smith said the company will hold a conference call with investors on May 16 to discuss its future as a stand-alone company.
“We are extremely disappointed that the FTC’s request for preliminary injunction was granted despite the fact that it failed to define the relevant market correctly, and fell woefully short of proving its case,” said Staples Chairman and CEO Ron Sargent in a statement. Staples said it will pay Office Depot a $250 million breakup fee.
But Staples wasted no time outlining strategies that may help jump-start weak sales and profit in the wake of the merger saga ending, while at the same time stealing share from Office Depot. TheStreet takes a brief look at three things.
1. Here comes lower prices for some office supplies.
Staples said it will pursue market share gains in core categories such as office supplies, ink, toner and paper. To support this effort, the company will invest in lower prices and work to make its supply chain quicker.
2. Staples looking to divest European operations.
Staples plans to explore strategic alternatives for its struggling European operations, which is the main component of the company’s international operations. The company operates about 278 retail stores in Europe, with the largest concentration being in the United Kingdom, Germany, the Netherlands and Portugal.