What Should You Call Your Business?

by Jay Niblick | Mar 22, 2018 | Blog, Starting Your Consulting Business

It all starts with a name. Not to argue with Shakespeare, but the name you choose, unlike that of a rose, will indeed determine if it smells sweet or not. The name of your company is one of the most important things you can decide on, as it is a big part of that all-so-vital first impression.
Naming any business can be a difficult task, but it doesn’t have to be insanely complicated. Important shouldn’t translate to impossible in this exercise. There are companies out there that will build such fear and hype, then charge thousands or literally tens of thousands of dollars to help you select a name. But it shouldn’t cost you any money and it shouldn’t keep you up at night.

Follow these seven simple guidelines when selecting the name of your new company, and relax.

1. Brandstorm it. The first thing you should do is get some blank paper (a lot, perhaps). Like brainstorming, start jotting down names that you like. Do not judge them, just write them down. Let them flow. I would recommend coming up with at least 30 to 40 in this stage. Next you will start paring down that list.
2. Make sure it’s available. Start removing names from your list by seeing if they are available. You can do this in two ways.
   • Domain search. You’re going to want to have a name for your company that you can brand on your website. Go to www .godaddy.com, enter a name idea, and click search, and it will tell you if that domain name is available. If you chose Johnson Consulting but www.johnsonconsulting.com isn’t available, try some other domains like www.jconsult.com or www.johnson consultingllc.com. Just make sure that any variant you try is available as a “.com” (not .org, .net, .TV, etc.). Also be sure not to make it so convoluted that only you know how to spell it (e.g., Greg.Johnson.consulting.LLC.com). If you can’t find a simple variant available, nix that business name off your list.
   • Web search. Type in the name you are considering and see if any websites come up in your search results. You would definitely not want to select a name that some other company is already using, regardless of their domain name.
3. Keep it simple. The name should be simple, so avoid naming your company after something only industry insiders would know or appreciate (unless they will be your only clientele). Resist the urge to name your business after the Greek god of productivity or war. Avoid names that combine two descriptive words (e.g., Qualicoach or Growthcom) as they are difficult for anyone to spell, and they just sound awkward.
4. Make it representative. I named my company Innermetrix to represent the fact that we provided metrics that measured inner strengths and talents. Granted, had I known what I know now, perhaps I would have chosen a name slightly easier to spell, but I’ve worked hard to establish the brand of Innermetrix and wouldn’t change it for anything now. The best names stand for what you believe in, and have real meaning for what you do or whom you help.
5. Make it catchy. Avoid using clich
   es or hyperbole in naming your business. Peak, Apex, Pinnacle, and Summit are descriptive, imply great success and height, but they’re also insanely worn out and over-used. On the other hand, don’t go so far in the other direction that you end up with “Johnson Consulting.” Part of effective branding involves separating yourself from the crowd and standing out. If the name is boring or sounds like every other company, it will only make it that much harder to achieve differentiation. Yahoo! or Google selected great names as far as standing apart and being catchy, while not making them complicated.
6. Make it corporate. Many consultants opt to name their consult-ing firm after themselves. While probably the norm for legal PLLCs, calling your business “John Smith Consulting” implies you are the business—and only you. Follow the old adage of “playing big until you are” and shoot for a name that represents a legal entity, not a human being. I know—Macy’s, Johnson & Johnson, Kellogg’s, and many other very successful companies were named after their founders, but you aren’t entering the business field a hundred years ago. Most of the large consulting firms used founder’s names as well, but they all started as legal or accounting firms too.
7. Don’t restrict geography. Sometimes new consultants tie their brand to a specific city or region (e.g., New York Management Inc. or Southeastern Consulting), but unless you plan to do business only in the same geographic area, I advise against regional naming. As an independent business consultant you will quickly find that you have no geographic borders, which is one of the great aspects of this industry.

** I’ve provided a complete checklist in Appendix D of my book where you can keep track of work done, such as deciding on the name of your business, and many other activities to come. You can purchase it here.

Why Choose Consulting as a Career?

by Jay Niblick | Mar 22, 2018 | Blog, Starting Your Consulting Business

The career of management consultant is one of the most envied roles a person can be lucky enough to play. That title, however, is somewhat of a catchall, thrown about by people who provide a wide range of services (accountants, lawyers, strategic planning, HR, operations, etc.). For the most part professionals employed in this field provide outsourced services to organizations in need of whatever specialty that consultant provides.
For our purposes we need to differentiate between three main types of consulting firms: large diversified organizations, medium-sized management consultancies, and boutique firms.

The large diversified firms are represented by the likes of McKinsey & Company, Booz Allen, PWC, and KPMG. Mid-sized consultancies, while smaller than the large international firms, can still employ hundreds of people, and provide broad services similar to those of the large diversified firms. Then there are the boutique firms, typically having only one independent consultant and offering a more specialized suite of services or specialties. It is this last category of consultancy — the independents — that this post will focus on.

Typically an independent management consultant is someone who:

• Works for themselves, or possibly as part of a very small group
• Works from home, or has a small office
• Provides services/solutions to small to medium-sized businesses

What is it that makes this career so coveted?
The following four broad categories summarize the main reasons.

Freedom/Flexibility. As an independent consultant you are com-pletely in control of your own destiny. Many people get into this career specifically because they are tired of working for someone else, or because they were laid off and looking to take control over their career. As an independent consultant you decide when you work, whom you work with, and what you provide. For myself, the benefit of being able to attend one of my son’s school plays, or simply to have a date with my wife in the middle of the week, is an incredible benefit. I worked for a Fortune 100 company for many years and the freedom I enjoy now far exceeds that rat race!
Earnings potential. Working for someone else typically means you work hard to make someone else rich. Sure, you can enjoy a significant salary, but the bulk of the earnings flows not to the workers but rather to the owners. As an independent management consultant you are the owner, and all the profits flow to you. Among independent management consultants we see the complete gamut of earnings. In our own network we have consultants who earn as little as $45,000 a year (by choice, mind you), and as many as 10 who earn over $1,000,000 a year. Of course, the higher levels of income don’t happen overnight, so if you’re expecting to get rich quick . . . well, you get the picture.
Control. One of the greatest aspects of this career is that you control what you provide and whom you provide it to. If you choose not to work with the idiotic owner of XYZ Corp, you don’t have to. As the owner you get to cherry pick only those clients whom you want to work with, think you can do the most for, or enjoy working with the most. In a later chapter I’ll show you how firing undesirable clients is actually a key growth tool.
Fit. Several years back I commissioned a research study that examined 197,000 workers across 23 countries over a seven-year period. The findings empirically proved that the most successful people (in any career or at any level) were those who were the most authentic to their natural talents, passions, and skills. Suffice it to say that most roles professionals find themselves taking, in corporations, aren’t customized to fit personal natural talents. As an independent management consultant you alone will craft a role that is a significantly better fit for you.