Busw discussion: what's in a name?

Disc4.docx

4 What's in a Name? Business Planning and Trademark Search

4.1 - Discussion: "What's in a Name?"

A smiling woman with her arms folded.

Sally's Idea

Sally just texted you concerned about the new restaurant name. She indicated that the name chosen should be unique. Sally suggests creating a single-word name for the restaurant rather than a multiple-business name. For this assignment, create a "unique" restaurant name limited to "one" word. By unique, she means a word not used in everyday conversations. The name must capture the customer's imagination. It must evoke a mystic look and feel in sound and appearance. The unique word must drive customers' desire to experience the restaurant's delectable cuisine. Your creativity will be highly rewarded.

Sally suggests using an anagram tool to assist in creating a unique name: She has provided a link that will allow you to explore the possibilities. Follow the link and consider the alternatives: Anagram Solver (Word Tips).Links to an external site. Or use your imagination to create your unique business name.

You realize you have a better chance of obtaining approval for future assignments requiring uniqueness in a company's name. Establishing a business name that will go unchallenged requires uniqueness. Sally worries the name would not be trademarked, cleared, or registered at the state level, where duplicate business names are rejected. Ultimately, failure to create a unique name can cost the business additional financial resources and result in a loss of time. Be careful of using common words since you cannot claim exclusive ownership of such. Common words can create legal business issues and prevent you from registering your business name at the state level. When Trademarking a name, prior use by another company will establish legal challenges or outright rejection by the Trademark office. Common words such as "Delectable," "Sally," "Bald Eagle," "Fine Dining," "kitchen," "exquisite," "restaurant," "Bistro," or other similar descriptive words are not unique and should not be adopted.

Also, the company will not be established as a "Partnership," so avoid any designation using the term. Future assignments will determine whether the business organization will be a "Limited Liability Company," an "S-Corp, or C-Corp."

Sally already has a catering business named "Eagle Catering Company, LLC." Eagle has federal government contracts that provide catering services to the military and is very lucrative financially. So you suggest that the company name avoid using "Eagle" as a name since it may confuse her military clients and create a problem under the government's regulations. Sally does not recommend its use in any way. She also suggests using personal names for the restaurant ("Sallies" or combining her name with your name) would be egotistical and has eliminated the possibility as a business name. Sally stated that the company name should project a creative and unique image since the menu will contain exotic high-end food and cost.

Sally suggests the image evoked by a unique name must have an upscale appeal, matching a menu brimming with the exotic dishes she has been working on all year at the CIA. She is working hard to finalize the secret ingredients and food preparation.

While eager to share her menu items, she realizes waiting is better. She envisions charging upward of $250 a plate if she reaches her goals in the next few years. She believes the cuisine will be to die for, and people will fly in from all over the world for a taste of her cuisine. So her focus is on building an international market geared toward "Michelin foodies." Sally indicates that she will be searching for upscale locations with existing buildings for sale to cut the startup portion of the operation.

She plans to compete with those big plate little food California restaurants that serve little daps of food crafted with liquid nitrogen or nitrous oxide to make the food look like it's smoking. One California restaurant that served dishes with N2O gas had everyone falling out of their seats laughing! You tell her that the recipe is only part of what she should consider when you think about the potential liability associated with slip and fall cases.

Deciding on a Name

For your initial post:

· Read (A) Restaurant Names and Ideas: 3 Rules and 7 Thought Starter (Buzztime)Links to an external site. and (B) Choosing a Business Name FAQ (FindLaw).Links to an external site.

· Links to an external site. Create a unique one-word restaurant name. Sally suggests using an anagram tool to create a unique name: Anagram Solver (Word Tips)Links to an external site. . Be careful of using common phrases or words since you cannot claim such names, which would cause your business other legal issues and upcoming assignments. Common words such as "Delectable," "Sally," "Bald Eagle," "fine dining," "exquisite," or other such words are not considered unique and should not be adopted.

· After you decide on a name, post the restaurant name and discuss the reasoning behind your choice by addressing the following points:

· Discuss the unique qualities of your choice and how you believe it will increase enthusiasm and drive your customer base to make a reservation.

· How your unique name matches Sally's vision and profile of the restaurant she anticipates

· How the name establishes the identity you and Sally are trying to promote

· How the name itself evokes an image and character that will summon sustainable lasting name recognition and identify your restaurant's best qualities

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SallysCase.docx

3 Company Formation

3.2 - Sally's Case Study

Sally's Business Idea

Smiling woman with her arms folded.

Sally and you have been best friends since childhood. She is a fourth-year student at the Culinary Institute of America (CIA). Whenever you met up, you two spent the entire time planning the "dream restaurant." It was always an inspiration and, ultimately, what led her to go to a culinary school. You would always tease her that she did not need to spend hundreds of thousands of dollars to operate a food truck. You were always intrigued by the hospitality industry and ended up at ERAU's flight school. Sally would always tease you back by saying you did not need to learn to fly the plane to be a flight attendant. But she knew you were a wiz at business and felt comfortable with you managing the business end of the venture. "Just think," Sally said. "Opening a high-end white-tablecloth restaurant with a fancy name, live entertainment with outdoor tables on a balmy cool-breeze night by a Florida beach – wouldn't that be amazing?!"

Sally said, "After conducting some preliminary research, it's now or never!" You both have been pooling resources for some time and have stockpiled a ton of money from your inventions, investments, and network marketing operations. Sally, too, has accumulated her share of funds from the lucrative government catering contracts.

After discussing her notes, you suggest that she research the initial requirements for start-up businesses, and you volunteered to complete those functions. You both realized that by investing in these activities early, there would be substantial cost savings. Sally agreed and stated that she would develop the back-of-the-house functions in the kitchen design and restaurant layout. Sally has been experimenting with new food preparation technologies. Her goal is to create a menu that appeals to high-end customers who experiment with original exotic flavors and culinary delights. She has been in the experimental cooking labs at school, learning advanced food preparation technics. You agreed that with her experience running her multi-million dollar catering business, it would be best if she took the lead in creating the direction, design, and management style of the food and beverage aspects of the backroom side of the company. As a student at the CIA, she has had multiple courses in restaurant management.

Fortunately, you are enrolled in a business law course covering the essentials of legal theory and business operations that should be helpful. The course was designed using a hands-on application of authentic legal and business-planning tools and required documentation to start up and operate a business. The course is going to provide a wealth of information.

Sally agreed to handle and provide various issues that need documentation. As her lifelong friend, you remember one important thing; she always has many questions. Timelines, deadlines, and expectations must be met and completed thoroughly and perfectly. You always tease Sally that it's like having a professor around all the time; all you want to do is assign a grade to everything! So you have developed the habit of reading all the support material you can find and performing research that you can use to document everything using a standard legal format that demonstrates that you have good sources and documentation for your work. She expects you to read your course material and follow the directions to complete assigned work. You must perform outside research and review all references provided as resources to assist you in constructing your work product critical to building a sound business plan and completing all of the requirements for a legally recognized company. Most importantly, the organization of work submitted is perhaps the most valuable asset!