Podcast Summary
Monetizing what you already have with Airbnb: Airbnb allows you to earn income by renting out your empty home. Minimal startup costs and accessible to anyone. Thoughtful business name important, like a child or pet's name.
Monetizing what you already have can be an effective and easy side hustle, such as becoming an Airbnb host. The speaker shared her personal experience of writing at remote cabins but feeling uneasy about leaving her house empty. Airbnb provided a solution for her, allowing her to earn income while her home was vacant. The speaker emphasized that this side hustle requires minimal startup costs and is accessible to anyone. Additionally, the importance of choosing a thoughtful name for a business was discussed, with the example of a listener seeking advice on naming a digital marketing consulting firm. The speaker encouraged the listener to put as much thought into the name as they would a child or pet's name, and expressed her wish for an easier way to find the perfect business name. Overall, the discussion highlighted the benefits of monetizing what you already have and the significance of a well-chosen business name.
The Power of a Memorable Company Name: Choosing a visually appealing, short, and catchy name can boost a business's success. Do a trademark search to avoid legal issues and ensure the name doesn't already exist in a similar market.
A company name that is visually appealing and easy to remember can make a significant impact on a business's success. The founder of Caterpillar named his company after the visual description of his tractors, and it became an iconic American brand. Short, catchy names like Nike, Apple, Pixar, and eBay are also easier for people to remember and share, making effective marketing. After selecting a few favorite names, it's crucial to do a trademark search through the US Patent and Trademark Office to avoid potential legal issues. Another important lesson comes from personal experience. A media company founder wanted to reach a younger audience of mostly women with the name "recessionista." After securing the domain and trademark, she faced a challenge when another woman with a small shopping blog had already registered the name for a different type of web media site. While it's essential to secure a trademark, it's also crucial to ensure the name doesn't already exist in a similar market to avoid confusion and potential legal disputes.
Lesson from a Trademark Dispute: Be prepared for unexpected challenges in business, and be open to adapting when necessary. Failing to defend against baseless claims can lead to automatic loss.
Trademark disputes can be contentious and time-consuming, even when the content involved is vastly different. I learned this the hard way when I faced legal action from a blogger named Harry Moll over our similar recessionista brand names. Despite our distinct content areas - hers focused on shopping and mine on financial advice - she persisted in her efforts to claim ownership. The experience was costly and stressful, but ultimately, I was able to pivot my brand and expand my offerings, incorporating both my recessionista and rich bitch brands into my website. This experience underscores the importance of being prepared for unexpected challenges in business and being open to adapting when necessary. Additionally, it's crucial to understand that in the legal system, failing to defend against even baseless claims can result in automatic loss.
Make your business name memorable: Test business names with friends and choose the one they remember without looking at notes
When choosing a business name, it's essential to make it memorable. You can test this by conducting a Zoom meeting with a group of friends and presenting them with a list of potential names. The one they remember without looking at their notes is likely to be the best choice. Nicole Lapin, the host of "Spend My Money Rehab" on iHeartRadio, emphasizes this tip and encourages entrepreneurs to invest in themselves to get their businesses off the ground. The name of her own website, Recessionista.com, is a testament to this principle. She's never letting go of it, and it redirects to her personal website, NicoleAppin.com. The production team behind "Spend My Money Rehab" includes Morgan LaVoy, Mike Coscarelli, Nikki Itor, Will Pearson, Michelle Lance, Katherine Law, and Brandon Dicker. Remember, a memorable name can make all the difference in making your business stand out.
