Comparing The Best Business Tools for Startups In 2022

Since 1994, the US Bureau of Labor Statistics has tracked startup statistics, revealing some interesting insights. According to the findings, after just one year 20% of businesses fold, and 50% of these disappear by the end of four years. Between March 2020 and February 2021, the typical average of business closures increased by 25%.

After the first four years, business failure rates decrease but don’t disappear completely since only 20% of businesses are still around. That means for every 5 startups, one survives past the 20-year mark.

Ensuring Business Survival

A sustainable business does not necessarily mean profits from the start, and it usually takes about three years before a startup starts making a net profit. Therefore, taking a business idea and creating long-term stability and growth potential requires a high-quality business plan.

Besides a poor business plan, other reasons why businesses fail are a poor market fit, they run out of money, don’t have the right team, can’t beat the competition, poor marketing, or their name and logo are unimpressive.

Comparing The Best Business Tools in 2022

When starting your business, you want to keep the costs as low as possible, and luckily, several business tools offer you their resources for free or at a very low cost. Here are some of the best tools to use for your startup in 2022.

Choosing the Right Business Idea

If you want to start a business, but have no idea what business idea is right for you, then a business idea generator is an excellent tool. There are several tools on the market to help you choose a business idea.

These include Tactyqal, Best4Business, and TRUiC’s Business Idea Generator. TRUiC’s Business Idea Generator has over 600 business ideas in 19 separate categories. You can also refine your search according to the training required, scalability, low starting costs, passive income, social contact, working from home, and making money quickly.

Generating a Unique Business Name

Your business name can make or break your business because it can attract or offend. It can also create a negative or positive image and following. Since it is the first contact people have with your business, the impression it makes on customers and investors is important.

You want your brand name to be:

·       Short

·       Unique

·       Easy to pronounce

·       Easy to remember

·       Creative and catchy

Brainstorming business name ideas is not as easy as it sounds. There are several business name generator tools available for free, and they make the task easier.

Some of the best business name generators are free to use, and these include Namelix, Shopify, and Wix. TRUiC’s Business Name Generator is considered a high-quality tool that uses AI technology to generate hundreds of names to choose from with just a few easy steps. You just need to add two keywords associated with your business, the industry you are in, add a location if desired.

Secure a Domain Name

Domain name generators allow you to search for the availability of a domain name that matches your business name. Some of the best include GoDaddy, Shopify, Nameboy, and TRUiC’s Domain Name Generator. Your domain name must make it easy for customers to find you online, so it should be similar to your business name. Once you get your website name through TRUiC’s Domain Name Generator, you can verify it and register it directly.

Registering Your Business Name

After deciding on the best name for your business, you need to check if it is available in the state you are going to do business in. In most states, you can have a legal name and a “doing business as” name (DBA). If you decide on both, you will need to register them both.

Every state allows you to do a business name search online, ensuring the name you have chosen is unique. You should also run a trademark search with the US Federal Trademark Search, ensuring no other brand is already using the name on the web. 

Once you are sure the name and domain name you have chosen are unique, you can continue to register the business name in any of the 50 states online or by mail.

Logo Generator

Finally, your business needs a logo design which is an important tool for branding your business. There are several logo generators that you can use, including Canva, Shopify, and SmashingLogo. TRUiC’s Logo Maker even allows you to customize, edit and download your chosen design in SVG file format for resizing, all for free

Final Take

These are some of the best business tools for startups in 2022. These resources allow you to start a sustainable business that has a recognizable brand, easy to find domain name, and the perfect logo design. They are convenient, easy, quick, and efficient, helping you maximize your business potential from the start.