Starting a new business is a BIG DEAL! It's a huge leap of faith for all aspiring entrepreneurs. Unfortunately, most new businesses will fail, for different reasons. To increase your chances of business success, there are certain steps to take extra serious in the planning stages, such as naming your business & picking an industry.
It may seem like choosing your business name is one of the easier tasks of being an owner but do not be naive. It is just not that simple. A business name will determine how customers view the company, and more importantly, how much funding you will get from banking institutions in the future. Here is a list of words to include in your business name to get the most funding:
CONSULTING HOLDINGS TECHNOLOGY SERVICES
ENTERPRISES LOGISTICS GROUP SOLUTIONS
HOLDING COMPANY WORLDWIDE MANAGEMENT GLOBAL
NAICS – North American Industry Classification System – is a list of all industry codes that you choose from to start your new legal entity. NAICS is the standard used by federal agencies to classify business and organize U.S. Economy data. Every company is not required to have a NAICS code, but if your business gets government contracts, they will assign you a code.
When you are considering what industry you wish to enter with your new business, keep in mind that some industries have much lower risk associated with them.
Plus, choosing the right NAICS code for your LLC is a way to secure government contracts, grants, and loans for your business. Once you establish business credit, you can liquidate that credit to purchase a separate, more established business to collect immediate cash flow.
Here is a list of the best NAICS codes for obtaining the most funding:
541611 – Consulting
541613 – Marketing
541000 – Technology
454110 – E-Commerce
About the Author
Kiva V. Waters, a seasoned consumer protection lawyer specializing in bankruptcy law, has been dedicated to serving human needs since 2010. Founding WATERS LAW GROUP, her firm addresses bankruptcy-related concerns while also catering to elite leaders, thinkers, and creators.
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