Creating Your Business Identity

Factoring Broker

One of the most important steps in the startup process as a factoring broker is to create a professional  business identity.  You are about to enter a very prestigious and professional vocation so what you call and how you name your business is important as it will leave a lasting impression on prospective clients and important sources of referral alike.  This is not an industry for “gimmicky” names.   If you choose to become an IACFB Campus subscriber, you will need a business identity as well as a domain name to set up your business website and establish your Campus account.  Explore the article below to find out exactly what you will need.

Create Your Business Identity

A site identity is a prerequisite for IACFB subscription and as a new industry broker, it is also one of the first hurdles you will need to tackle as you enter the industry.  Choosing a good name for your new consulting business is essential and there are several important business name characteristics to consider including:

  • PROFESSIONALISM: You are not about to open up a neighborhood lemonade stand but rather a very prestigious financial business as a highly compensated freelance consultant.  When choosing a name for your consultancy, think very professional, not gimmicky.
  • NAME LENGTH: You will be using your business name on business cards, letterhead, advertisements, and your website.  In many cases, exceptionally long business names can cause unforeseen marketing problems such as when you are placing column width classified ads.
  • DOMAIN AVAILABILITY: If you haven’t already done so, you will very shortly be purchasing a website domain (your address on the internet) and here, shorter is always better.  When exploring business names, you should immediately check to see if a domain is available that either matches your business name or one that represents a shortened version of it.  It should also be available with the TLD extension of .com  You want to avoid extensions such as .net, .biz, .us, etc.

CHECK FOR TRADEMARKS: Make certain your name does not infringe on a registered trademark.  This is easily done at the website of the U.S. Patent and Trademark Office.  http://tmsearch.uspto.gov

CHECK YOUR STATE FILINGS: Businesses operating in any name other than that of the owner will be required to file or register that name with the state.  They may be registered as a corporation, LLC, partnership, or simply as a DBA (doing business as).  Check to see if your business name choice is already active and not available.  If you decide to incorporate or form a partnership, get some legal and/or tax advice from a competent  professional.  Most brokers operate as an LLC, but that election may not be the right one for you.  Get advice!

Using a Business Name Generator

When choosing a business name as a consultant, one good option is to simply use your own name much like an attorney, CPA, or similar professional.  For example, if your last name is Smith, names such as Smith Business Capital, LLC or Smith Capital Associates, LLC are more than acceptable.  But if you’re trending towards something a little more creative, you can get some great ideas from an online Business Name Generator.

Using your favorite internet search engine, type in “ free business name generator” and you will find a host of these useful tools available to you.  With a business name generator, all you do is type in a word or two that you want your business name to contain and the generator works its magic, displaying thousand of combinations and suggestions.  Many generators will not only generate suggested business names, but will also check to see if that particular domain name is available for your company website.

Before using a business name generator, it’s a good idea to do a little searching on the internet for financial websites first, so you can select a few “key” words or combinations you might like in your business name.  Many will give you great ideas to help get started.  Financial companies tend to use names that project strength and trust.  Use your favorite search engine and search the words “factoring” along with a major city such as “Miami”.  You will pull up dozens of companies offering factoring services and make note of the components of their name. Take some time to visit sites and research names and common combinations.

Registering Your Website URL with DataMax Hosting

Once you have settled on your business name, you need to immediately reserve your UR and register it with DataMax Hosting  This will be your website’s “www” address on the web.  On the internet, there is no “room sharing”.  Only one entity can have a particular address (called a URL).

There are several parts to a URL. Only two, however, are of significant importance to you.  The most important part is called the “second level domain” or simply “domain“.   That is usually your business name or some abbreviated version of your business name such as “smithassoc” or “atlantabizcap”.  Its the part that goes between the dots in your URL.

The second most important part is called the TLD which stands for “top-level domain“. This is the part that goes after the second dot and is most often “com”.  So a typical domain my be something like “smithassoc.com”.

When selecting your website’s domain, always remember that shorter is better. The average web visitor makes a mistake of some kind every 7 keystrokes.  Although the second level portion of a domain can legally be as long as 63 characters, having such a long domain is just asking for trouble.  A very long domain means many potential visitors (clients) may never find you.  So when it comes to your website’s domain, shorter is always better.  Make it as short as possible while still maintaining your business identity. Another reason for shorter domains is you will be using them in classified ads and other important marketing materials.  In some cases, fitting long domains into available ad space will require fonts of such a reduced size, that they will be almost illegible.

Also be aware that when shortening your domain, it is easy to generate completely unintended (and in some cases) embarrassing words as you abbreviate.  Once you think you have created a good domain and one which is available for registration, step back and look at what you’ve created.  Your domain will be imprinted on every type of marketing support item you create such as brochures, flyers, business cards, etc.  It is the primary way people find you and communicate with you.  If you make an embarrassing mistake when creating your domain, it can cost hundreds or even thousands of dollars to correct that mistake later on.

Purchasing Your Domain From DataMax Hosting

Registration (membership) at the Campus is free and you will have access to the Learning Lab, blog articles, and IACFB’s magazine simply by registering.  If you opt for either the Sponsored Agent or Freelance Consultant Program, you must set up a website and hosting account through DataMax Hosting and a domain name will also be required.  This will also create your business email addresses which you will need for business start up as well.   Click here to visit DataMax Hosting.