Naming A Small Business
The name of a business can sometimes mean accomplishment or failure. When you select a name for your small business, you are putting a brand on something that you want to be be successful through time. Naming your business is one of the first things to be performed before you ever open the doors.
Once you have your working capital and have made the determination to go into business, then it is time to select a name. First, keep it short. A short, descriptive name tells your probable customers what you do and sparks interest. Names that fit easily on a business card or in a domain name are usually more profitable than longer, more complicated ones.
Next, consider good words to brand your product. People respond to positive connotations, rather than negative ones. If your business name is negative, your prospective customers could be driven away to shop elsewhere.
You may want to brainstorm on your own, or take your business plan to a expertwho will help you develop your market tactic. But, be careful. Hiring a firm to choosea name for you can easily delete some of your working capital.
When you pick the name for your business, visualize your sign, or logo. Develop it with color in mind. Colors play a large part in whether customers will shop at your organization. Red is lively and exudes energy, while green is the color for renewal and growth. Black is bold, while blue is soothing.
Keep your business name uncomplicated to spell and pronounce. Choosing a unique business name is great, but keep it simple and easy for your clients. Once you have undoubtedly decided on a name that you hope will be the talk of your town, then you will want to register it at your state comptroller’s office, so no one else will be able to select it. You are ready now to exhibit your “Open For Business” sign and start spending that working capital in order to see some real profit.
Inactivity Fees Banned From All Credit Cards
The FED (Federal Reserve) just created new laws to regulate credit card companies from “unreasonable” late payment and penalty fees. The new rules also require issuers to “reconsider” interest rate hikes imposed since 2009. Millions of Americans are dealing with thousands of dollars of credit card debt that is suffocating them in fees and interest payments.
These new rules will help to solidify other credit card laws that were signed into law by President Obama as the “Credit Card Accountability Responsibility Disclosure Act” and will take effect August 22, 2010.
“The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers,” states Federal Reserve Governor Elizabeth A. Duke. “Card issuers must also re-evaluate recent interest-rate increases and, if appropriate, reduce the rate.”
One of the main standards of the new regulations is a top in most late payment fees. Currently many credit card companies are charging $39 or more in late fees; but the latest rules cap that fee at $25.
Another standard is to stop credit card companies from charging a fee that is bigger than the umbrage (ie a $5 late payment can only be assessed a $5 fee).
Companies are also now prohibited from charging numerous fees in response to a single late payment or other single violation of terms; and “inactivity” fees for the non-use of cards is now banned completely.
One of the ways consumers had been getting around such fees is through instant approval credit cards which usually do not have any fee system .
While the changes have received some cheers , many more are stating that the changes
don’t do enough to change the underlying problem; the huge quantity of credit card debt that Americans are trying to get out from under.
Paul Hollender from Bloomfield-based firm Corash & Hollender states, ”It’s taking away some of the most outrageous things that credit-card issuers are doing, but I think it’s not enough to stem the tide of impending bankruptcies.”
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