We get asked this question all the time, “Should I name my Nail Salon after myself?” This is an extremely important question that has long term consequences. But, before I give you an answer, lets take a step back.
You must first get clear about your goals. Do you want to build a job or do you want to build a nail business? Do you want your customers to buy you, or do you want them to buy what your business offers?
There is a big difference between building a job and building a nail business. A job depends totally on you, your effort and your skill. The plus side to this is that you earn all the profit, and you don’t have to deal with staff issues.
However, as the Lone She Wolf - the down side is that you do all the work. And, if you stop working - you take a holiday, spend time at your daughters netball game or you get sick – then you don’t earn. Plus, when you build a job, you can’t sell the business, because let’s face it, who wants to buy a job. If you do try and sell your one man show, you won’t get much for it because anyone who buys the business will know that your database of customers that comes with the business really wants you and they are not going to stay with the new Business Owner / Nail Tech.
Building a business is different. A business is a commercially profitable enterprise that works without you. A business allows you to sell nails whether you did them or not. When you build a business, clients are buying what your business sells, not what you sell.
Over the years I have found that when a Nail Tech names the business after herself, I.e. Moniques Nails, when she wants to expand and hire a new Nail Tech, she will struggle getting clients to book appointments with the new Nail Tech because Moniques Nails is all about Monique. When you name the business after yourself, clients associate the business with you, they only want you and your skills - this makes it harder for you to separate yourself from the business.
My advice - if you want to be a one man band, name the business after yourself. If you want to build a business that gives you freedom and flexibility for the future, don't name the business after yourself.