Seattle Small Business Blog

If you were recently laid off or have been out of work for a while, you may be wondering…

“But How Do I Make Money Now?”

What is needed in this case is a business model that:

• Allows you to earn from skills you are have, or that you can learn very quickly
• Produces a regular and immediate income

(In other words, just like a regular job!)

It’s immediately apparent that business models like affiliate marketing or opening a retail store do not meet the above criteria as they are time hogs and take a while to pick up momentum. Such models are better suited for people who are gainfully employed, or who have the funding to carry them until the business become profitable.

Perfect examples of business models that can put money in your pocket today – or next week at the latest – are service businesses.

Here are a few ideas:

• Virtual Assistant – You will find the general Virtual Assistant field rather crowded, so it’s best to find a niche that is crying out for help such as project management, shopping cart management, or auto responder management.
• Graphic designer – If you’re good with Photoshop (or any other graphics program), website owners are after all sorts of graphics to spice up their web real estate such as buttons, headers, order form and contact form graphics.
• WordPress Set-up and Customization – If you’re a whiz with WordPress, there is plenty of work out there for you, what with so many people using WordPress and so many ways to customize it.

If you want to test your services before deciding on a particular business model, go the freelance route with sites such as Elance, Guru.com and oDesk.

They’re also a great source of information where you can research:

• What people are looking for
• What you should focus on
• What you need to do to be professional and effective
• What price-range clients are willing to pay for a particular service
• How much you can realistically charge for services at your skill level

It can be disheartening to see the low prices that people are willing to work for, but you need to remember that as your experience and reputation grow you will be able to command higher rates. Plenty of people are willing to pay the higher prices if they know they are going to receive quality work in return.

One often-overlooked resource for landing a new project or client is LinkedIn. It is recommended that you become a member of this social network, and create a detailed profile made up of the keywords for which you want people to find you. For instance, if you specialize in graphic design, use keywords such as “web banner” and “web graphics” in your profile.

Sign up for groups related to your skillset that may be populated with clients who are looking for someone with the skills you have. Professional headshots can also give you the edge, along with a professionally written resume targeting potential customers. And be sure to log in daily, as you never know when something is going to pop up.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

If you’re currently employed, one of the first questions you may be asking yourself right now is…

“Should I Quit My Day Job?”

Quitting your day job is always a tempting proposition when you’re excited about the prospect of starting a new business – especially if you hate your job, as it is. However, this may not be the best thing for you at this early stage.

You need to get into the mindset that nothing is ever guaranteed in life, and no matter how sound you think your new venture is, it is probably not at the stage where it can support you and your family for the long term. Being able to leave a boring, or otherwise unpleasant job is certainly an admirable goal to strive for, so always have a backup plan and go with whatever feels right… after you have examined all the relevant facts and figures.

Having a job not only gives you stability, but it also gives you the advantage of time to gradually build up your reputation and client base. Bear in mind as well that you will have the opportunity to fine tune your processes, and improve your products features without any undue pressure on your financial well-being. While you are employed you can experiment and find what works best by presenting your product or service to a closed group for testing. For a service based business you will also have the luxury of being able to run it part time to see how well you can handle one client, or many.

So far the benefits of keeping your employment are many but you need to be careful that it doesn’t become an excuse to slack off and deviate from your business plan. This module intends to show you how to stay focused on your business plan, and on track. Despite all of the above, if you have the resources to stay afloat financially then quit your job if you hate it that much, or if you feel you need to devote %100 of your efforts to your new venture.

What we want to stress is that you shouldn’t quit your job for the sole reason of finding it unbearable and monotonous. The exception is if you are currently working in a toxic workplace where you are treated badly, and are not respected. Nobody should have to put up with that sort of an environment for any reason.

Check with your local government business organizations for any offers of start-up programs and educational material for first time entrepreneurs. Also don’t dismiss avenues such as the small business development office or local employment office for any help and advice they can offer. The local library is still a great source of information, as is online.

It is rare that a new enterprise is an all or nothing affair. There are other alternatives in the form of cutting back your work hours to make room for your new business. Failing that, you could also discuss job sharing with your employer and your work colleagues. Many workers would welcome the opportunity for a few more hours a week because of the extra income it brings.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

As a current student or recent graduate, jobs can be pretty difficult to find in today’s economy. Being able to graduate and instantly fall into a full-time position is not something that can happen for every one. A better idea than sitting on unemployment or to working a job that is outside of your chosen field would be to start a business for yourself.

Rather than working for another company and putting in countless amounts of time and effort to help the company expand their products and their brand, take all of the extra effort and put it into something that you are passionate about such as your own business.

While working for another company can come with a variety of benefits including health insurance, a steady salary and the ability to advance in the company, starting your own business could be something that allows you to find your way to your own fortune, while allowing you to fill a need in many consumer’s lives.

The technological age in which we live has made it much easier to start a business in the form of an online business. You will no longer need to have actual storefront in order to sell products, nor do you need to have the means to even create products. There are a variety of businesses and services that you can sell directly online.

Before starting a business it’s very important that you do some research and learn about the steps to starting your own business for yourself, as well as actually running the business on a daily basis and growing it in the future. It will also be to your advantage to have a bit of help so if you have made good friends in college it will be much easier on your workload if you can get a helping hand from some other college students that may also be interested in starting a business.

Below are just a few of the elements that you need to consider when you are starting a business as a current student or recent graduate. There are many more elements that you will encounter after starting your business, and many hurdles to jump before you start gaining a consistent profit in your business. It is important to carry on and remain diligent in your work. The most successful businesses are ones that are always striving to expand and succeed, while making full use of all the free and low-cost resources they have access to.

The plan

The first step in business creation is assembling your vision and business plan.

Creating a business plan can take time. You’ll need to do a lot of research in order to learn about your market and to learn how you can work to sell your product or services. Any good business will have an outlining plan that shows that you are thinking well into the future. When starting a business you need to know exactly how you can start to generate sales and income to see your business grow as well as an outline for a rough plan for your business’s future. Keeping in mind things like whether or not you would be willing to sell the company, times at which you would hire new employees, and some business goals that you would like to set in your first year and subsequent years of business will help to show that your business is on track and that you are committed to expanding and remaining profitable.

Once you have created a business plan you will be able to secure potential investors. You may need money in order to handle the research and development costs of your company as well as to buy any space that you may need or handle the costs that you will need to market your products in the initial stages. Having a business plan and a professional presentation for where your business is going and what your future is going to be like will help you to secure funds from an investor. You can also consider taking out a small business loan from a financial institution, having a business plan in this instance is also extremely helpful as financial institutions will be much more likely to lend to people who have a plan and can offer a unique service or product that has a potential future.

It is very important to consider how unique your businesses as well as to consider any competition. If you can establish a product that has a consumer need or will have a consumer demand, and identify any other competitors in your market, you can work at making a unique product that will set you apart from competition. Having a unique product or service that no other competition will have will really help you to stand out in business and to ensure your success. The research and development stages for products and services are imperative to future success and it is important to revisit research and development often to see how you can improve your services for your customers and remain competitive in the market.

Business and contracts

It is very important that you have a business lawyer authorize a number of business documents and contracts. If you have made investment deals it is very important that you outline the detailed terms and conditions; some investment deals entail that you have to pay the investor a percentage of your earnings for the life of the company, for example. When considering any investment deal, keep in mind the amount of money that it could cost your company now and over time, and how it will affect your profits and ability to grow in the future.

If you have started a business with friends or other students, is also very important to establish the terms of your partnership. One person may invest more heavily into a business cash-wise, while another is investing more in terms of time and workload, while yet another is bringing more skills and experience to the table. Make sure to come up with a contract that all of your partners can agree on. It is important to put all contracts in writing, as well as to record all of the legal information surrounding your business so that it can be cited if there is ever an issue with your money or division of profits.

Marketing

Many people find quick success as a start-up business right out of college, because the built-in social structure of the college lifestyle makes it is easy to begin marketing your product almost immediately. Also, with social media websites and web resources you can advertise your products and services on the Internet and gain a mass following much more inexpensively than you would through print or TV advertising. Taking advantage of your college networks and the Internet will help you to keep costs low in the beginning stages of your business and also work to generate a healthy buzz surrounding your business.

Even after your initial free marketing push, you will have to continue to market your products and your company in order to ensure future success and expansion. You can save money by hiring other students from the marketing and design programs at your school, as opposed to hiring a professional marketing firm to advertise your business, and a professional production company to create the promotional materials.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

Times are changing. Once upon a time, men dominated the arena of business ownership. Now, women and minorities aren’t only in the race, they are leading the pack. U.S. Census data reports small to mid-size firms owned by women are rising at twice the rate of all business, minorities at four times that rate. The benefits and opportunities are plentiful within this demographic if you know where to look.

The Minority Business Development Agency (MBDA) is the only federal agency dedicated solely to the establishment and growth of minority-owned businesses in the United States. The web portal of the MBDA (www.mbda.gov) is a virtual guidebook for every aspect of business. Support and information can be found at the local, regional and national level for every facet of operation. If a special program reserved for minority-owned enterprises is available, the MBDA is the place to learn about it.

What keeps minority-owned businesses from being competitive? The short answer is technology. Despite rapid growth, the lack of technology implemented in minority-owned small businesses is the cause of nearly 200 billion dollars in lost revenue.

In 2005, Microsoft teamed up with the MBDA to form the Technology Partnership for Small Business Task Force. The goal is to utilize industry leaders, government municipalities and blue chip community organizations to assist the minority business owner with IT solutions. The mission of the alliance is to decrease the technology gap, help boost the bottom line of small business enterprise, strengthen the economy and eventually progress to global expansion. Often times the minority business owner understands the need for technology but lacks the skills, tools and resources to create technological solutions.

Perhaps the most appealing benefit of a small business is the idea of power. Studies show that minority-owned small businesses are a powerful social force. In most cases they offer greater profit sharing for their employees, flex time, tuition reimbursement and comprehensive benefits. The standard has been set and eventually the rest of society will have to meet the standard.

The minority-owned small business has the opportunity to change the way we do business. Even in the early stages, minority-owned businesses exceed corporate offerings. When employees are happy, well-compensated and appreciated, productivity and loyalty increases. While special programs and technology are imperative, the people around you can make or break your success.

The culture of the minority-owned small business is unique. A great desire for diversity is not only accepted but also welcomed – a meeting of the minds so to speak. The Melting Pot theory may be decades old but it has stood the test of time. These days, there is a solution to almost every obstacle the minority business owner might face when starting a small business. Now is the time to seek your opportunity.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

More and more people are expected to live near or into their 100’s. Thus, today 50 is the new midlife. Rather than approaching this midlife with the duties of family and work, baby boomers are seeing the second half of their life as they want and desire.  And, what many of them see today is not the same as what their parents and grandparents know as retirement.

Many 50-somethings are starting a business. Perhaps they are tired of their job or they’ve been laid off. Many of these 50-somethings’ businesses are an amalgamation of their talents and passions – a way to meet their goals where a salaried position could never do. Some folks work full-time; others work part-time. Some of them have chosen to stick within their existing career niche; others have branched out into a whole new sector.

Many of the obstacles these 50+ year olds face is beginning a new business is not that much different than younger than 50s face when they strike out on their own. For many folks, 50-somethings have a considerable advantage. After all, they have experience with communication and credibility with their customers and clients.

Many people experience ageism on the job. But, with 50-somethings striking out on their own, it’s certainly a difference. According to the U.S. Small Business Administration, there are more and more older folks becoming startup entrepreneurs.

Case Study: A Look At Jack’s Second Inning

Jack C. had worked 30-years in the journalism field. During his tenure in the business, he went from writing articles to working alongside the administrators. His job has a journalist was no longer gratifying due to the political and bureaucratic aggravations that came with being a consumer magazine editor.

Jack contemplated his life for the future. Did he really want to retire as a journalist? Did he want to continue working until as one he passed on? He thought about himself living beyond 90 years old and thinking what he could do in his life that didn’t involve the communications field.

He thought back and realized he could turn his love of pottery (that developed when he was in his 40s) and make it a career. When given the opportunity to retire early at 63, he did not hesitate. This was his big moment to shine!

The biggest challenge he faced was narrowing ways down to market the work he was doing. What he eventually found to work for him was holding studio sales a few times a year.  Together with his wife, Jack bought a 20-acre home in the state of Virginia and turned the four-stall barn into living quarters and studio workshop.

After three years of hard work – with studio sales, annual craft shows and multiple galleries showcasing his work, his website and some awesome publicity – Jack’s business is thriving.

And, the best part of all of this “hard work” is that Jack is doing something he loves and can see himself doing for the remainder of his life. He thinks there is no reason he cannot have another 30-year career but this time doing something he really loves.

Jack isn’t the only 50+ feeling this way. More and more folks are going down the same road. So, if you’re getting at that halfway point of life, just remember this: being 50 doesn’t have to be the end. Rather, it can be a new beginning. This is your time to shine!

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

There’s no question that doing business at home and trying to juggle the kids at the same time is definitely stressful; either the parents find a way to distract the kids and get some work done, or (more often than not) the kids distract the parents and nothing gets done.

It can be difficult to keep the kids occupied, especially if they are very young. The same old tricks fail to work after a while. Kids crave attention. It is a basic human need and they should not be deprived.

But when running a household is a full-time job itself, how can you be sure you have the time and energy to get your new business up and running, and make it a success?

How to Stay Productive in Spite of it all

Following are some tips to help you take full advantage of the work-at-home lifestyle without causing the business or the family to suffer.

1. Wake up an hour earlier than the kids. This is your “power hour,” to plan the day ahead or spend some time in meditation, envisioning that the day will be productive and fulfilling on all fronts. You’d be amazed how much better your day goes when the first thing you do upon rolling out of bed is something nice for yourself!
2. Enjoy wake-up time with your kids. Start off with some rise-and-shine cuddling, snuggling, tickling, etc. Then eat breakfast together and talk about the day ahead. Getting off to a good start emotionally and nutritionally will do wonders for both parents and children.
3. Keep them occupied with new activities. Put together a list of fun things they can do at home, and allow them to pick an activity at random, maybe by pulling a number from a hat. Continue to add to the list as you think of new ideas. Include the kids in the brainstorming process.
4. Inform them in advance when you particularly need to get important work done. People often underestimate children’s ability to comprehend “adult” concepts, but you’d be surprised how helpful they can be when they feel that they’re being included in important family matters.
5. Hire a sitter a few times a week, to grant yourself a moment of privacy to work, play, or whatever else you need to do. (Nap, anyone?)
6. Be flexible with your work location and hours. Taking the kids outside to play in the yard allows them to be active while you bring your laptop along to do get work done, and you can still supervise as necessary.
7. Give them tasks. Playing mom and dad’s “little assistants” will make them feel important and needed. Stapling, clipping, sorting and stacking are tasks that many kids can manage to do, and they’ll love to hear how helpful they have been to you and your business.
8. Do some things after hours. Work that requires more concentrated effort can be done after the kids have gone to bed, when you can finally get some peace and quiet.
9. By choosing to work at home, you have chosen to be with the kids. Be thankful for the chance to spend time with them. Many parents don’t have that opportunity.
10. Keep in mind that it’s hard work for them, too. As difficult as it is for you to get anything done when the kids keep taking you away from your work, it’s just as hard for the kids to get their needs met when work keeps taking you away from them.

Working at home should be a blessing, not a curse. Don’t allow stress and frustration to rob you of this wonderful time with your family. It is possible to strike a balance between your work and home life. Enjoy!

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

The truth is, stay-at-home parents often make great entrepreneurs. One of the reasons is that bringing up kids prepares parents for the demands of owning a business. There are certain traits parents develop that will help immensely down the road. Here are three of the most important:

#1 – Patience

Being a parent involves a lot of work without much reward in the beginning. Think about all the sleepless nights you have to go through at first.

You have to feed your baby often, and comfort them every time they start crying. You basically have to meet their needs around the clock.

And as they get older, they still require a lot of time, like help with homework, driving to after-school activities, shopping, and so on. Chances are, you might not see any rewards for quite some time. However, if you are persistent you will eventually begin to reap the fruits of your labor.

Becoming a profitable entrepreneur involves a lot of patience, too. You will often have to spend a lot of time working without seeing much progress at first. However, eventually you will begin to reap the benefits. Few things teach patience better than being a parent.

#2 – Multiple skills

As a parent, you have to change diapers, feed your kids, help with homework, drive them to activities, schedule appointments, and do many other things. You require a wide range of skills, and the ability to keep track of everything and everyone when things get hectic.

You also need multiple skills for owning a business.

At first, most business owners have to do a lot of the tasks themselves. Examples of typical activities include building the website, designing the product, marketing, customer support, and eventually managing the employees. In other words, owning a business requires a lot of different talents, just like being a parent.

#3 – Purpose

As a parent, you definitely have a purpose. It is raising your kids to become the best people they can be.

With a company, you need to have a purpose as well. Any business owner will tell you that the key to being successful is having a mission.

If you don’t have a clear objective, you will probably fail. Fortunately, being a parent will teach you to have a purpose behind what you do.

The bottom line is, being a parent can inadvertently prepare you for owning a successful business. So don’t be fooled into thinking the business world is just for the MBA’s. You already have all the traits you need to succeed. As long as you transfer your skills acquired as a parent to the business arena, you can become very successful.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

Starting a business is quite the endeavor. That’s not to say that it isn’t a fantastic and rewarding experience, however it is most certainly a large undertaking. When starting a business, new entrepreneurs should always seek expert advice. We’re all good at certain things and not so good at others. Starting a business requires skills and knowledge in a variety of areas including:

• Financial Planning
• Customer Service
• Sales
• Management
• Systems and Processes
• Marketing
• Goal Setting
• Administration
• Technology
• Business models
• Contracts

As mentioned previously, we will be covering each of these topics during our 12-month Starting A Business 1-2-3 course, but with so much to learn and do, it is still advisable to find other people who have been there, who have experience starting a business, and who are experts or specialists in the areas listed above – for example, an accountant to help with budgeting and financial planning, and a lawyer to help with setting up your business structure and drafting or reviewing contracts.

While working with experts over the Internet is fine, it will usually be more beneficial for you to find experts locally. Here’s how:

• Join your local Chamber of Commerce. The purpose of the Chamber of Commerce is to help local businesses connect, to share resources and knowledge. Chamber members often give free or low-cost workshops on certain aspects of running a business. For example, a marketing firm may give a workshop on how to grow your opt-in email list or how to optimize your website for better search engine rankings. An accounting firm may host a seminar on how to maximize your home office deductions and so forth. Chamber of Commerce members often give special deals and discounts to other members as an incentive to fulfill their other business needs locally, all of which benefits the community.
• Contact your local SBA (Small Business Administration) office. Like the Chamber of Commerce, the Small Business Administration exists to help people start their business and stay in business. They offer a variety of resources on successfully starting and running a small business, and members are committed to helping one another.
• Check if your local community college or university offers free or low-cost continuing education classes. These are often taught by local experts, providing a level of geographical relevance that no online resource can offer.
• Most states have a variety of resources in place for small business owners and entrepreneurs. Check with your Secretary of State, as they will have information about available programs and resources. Another place to contact is the Department of Labor, or your state’s equivalent. Many times, they offer programs for those who are unemployed or seeking a career change, including help for those wanting to start their own business.
• Some states have an Economic Development Department within their governmental system. This department is responsible for creating programs within the state to promote economic growth. They may offer seminars and counseling, grant and loan programs, and many other useful resources to help those who are starting a business to get on their feet.
• Small town banks are another place to find information and resources for business start-ups. As local banks have a greater interest in the local economy, they are more likely than a large, national banking company or lender to offer loans to small business start-ups. They know their neighborhoods and are very likely to find funding for you if you are providing a valuable service or filling a need within the community.
• Check to see if there is a local networking group for small business owners or entrepreneurs in your community. By joining one of these networking organizations, you can get valuable information from other members who have walked in your shoes. Networking with others is one of the best ways to get information you might have missed, as well as drum up future business.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

Finally, there’s one last important thing many new entrepreneurs don’t consider – success is not an accident. You hear all kinds of great stories about how people sacrificed everything to start their business, threw caution to the wind, and succeeded beyond all comprehension. You don’t often hear the stories about the people who did the same and lost everything… Or worse, the ones who were cautious and still failed miserably.

We’ve all heard the statistics regarding how millions of businesses start up each year, and a large majority flat-out fail, get stalled, or totally self-destruct within the first few years. But we also all tend to think that this can’t possibly happen to us – We’re going to be different.

You may fancy yourself more staunch and dedicated than all that, but if you don’t take evasive action to avoid the pitfalls from the start, you may very well end up a statistic, too.

How can this be avoided?

Common Mistakes Made by New Entrepreneurs

Outlined below are some of the common mistakes new entrepreneurs often make when they start a new business. Each one can be a huge stumbling block to the success of any new venture:

1. Failing to do detailed research into (a) the potential market (b) the business idea
2. Neglecting to create a business plan; even a rough outline is better than nothing
3. Not researching local laws that may affect the business, neglecting relevant legal paperwork, failing to pay fees, or learning if there are any restrictions that apply to the business model
4. Allowing non-relevant facts to influence the business, or by falling victim to shiny new object syndrome with tempting offers for unrelated tools, e-books, business systems and courses
5. Failing to create a detailed budget – including monthly expenditures
6. Overspending on the budget – especially when falling victim to the enticements outlined in problem #4
7. Failure to make good use of a calendar. Without a properly prepared course of action, failure is almost guaranteed. Pure dumb luck cannot be relied upon.
8. Failure to properly identify your target market and customer base

Out of all the mistakes a budding entrepreneur can fall victim to, the one to be the most wary of is #4. This is where the wheels fall of for 99% of new online endeavors.

The Usual Chain of Events

A goal is decided upon and work is commenced. Research soon unveils a new “must have” tool that promises untold riches faster than you ever dreamed possible, with plenty of shortcuts to propel you on your way. You immediately whip out your credit card and hit the buy button with the good intentions of using the product in your project. Unfortunately, the report now reveals six new skill sets you need to learn in order to make efficient use of the product – and none of them even remotely relate to your current endeavor.

Undeterred, you buy another e-book that promises to make you an expert in one of the new skill sets. While you’re at it, you subscribe to an email course that will teach you the skills for one of the other skills. Each time you delve into these new information sources you are reminded about how ill equipped you are – and all you need to do is purchase more e-books or reports.

Fairly soon your hard drive is bursting at the seams with vital “need to know” reports, systems, or e-books. So many in fact, that you can barely remember what report you bought just last week, or where you even saved it to. You now feel like you are being pulled this way and that, with no sense of direction or clear purpose.

Sound familiar?

How to Prevent Being Derailed

This is how to prevent the above scenario from deterring you from your chosen path:

• Leave your wallet in your pocket and remember the business plan. If you are looking at something and it has no bearing on your current business model, don’t be tempted to buy it.
• Stick to one e-book or system at a time. Learn and implement the system thoroughly before you start work on another. Don’t be tempted by well-written sales copy.
• Get yourself a mentor who has traveled a similar road to the one you are about to embark on. If you do buy a tool, e-book or training system, make sure it’s one from their range. Even then, you must be sure to implement that entire system before looking at anything else they may have on offer.

These guidelines are, of course, somewhat flexible. For example, if you happen to be halfway through a particular mentor’s product line when you realize that another person’s product line is more ideally suited to your needs, go ahead and make the switch. Just don’t make a habit of changing airlines mid-flight.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

I always recommend GoDaddy.com for domain names because their service is exceptional and their pricing is competitive.

To get started, go to www.GoDaddy.com, and in the domain search box, type the domain name you’d like to buy. Hit “enter” and GoDaddy will tell you if the name you want is available or not, and it will also suggest some alternatives you might be interested in. You may have to try a few different names before you find one that’s available.

Some things to keep in mind when choosing a domain:

• Try to stick to .com domains only – and never purchase the .org or .net (or anything else) when someone already owns the same .com. You’ll only lose traffic to the original .com domain.
• Avoid clever spellings (or deliberate misspellings), numbers, and dashes in your domain name – all that makes your URL hard to share with others.
• Keep your domain as short as possible – no one wants to type a really long address all the time.
• Avoid trademarked names like iPhone, Amazon, or Kindle – you’ll very likely lose it later if the trademark owner finds you.

Once you’ve found a domain you like, click “add to cart” and then “continue to registration.” Then just follow the prompts to set up an account and pay for your domain. You can generally ignore all the added features GoDaddy will offer along the way, though you might consider paying for several years at a time, just so you don’t have to worry about renewing your domain every year.

That’s it! Choose your payment option, and you’re now the proud owner of your very own domain. Congratulations!

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity