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Brand Names, Ikigai, & The $50 Rule
Enhance your health and happiness through entrepreneurial success - one week at a time.
Will Watters
March 17, 2024
Whats up!
Hope your Sunday is going great! I hope you got outside some this week. We had an unexpected snow day mid-week so the week has been a bit crazy. Western Rise started our Anniversary Sale and it has been wild so far! Also Facebook ads have started to scale and we are somehow still maintaining over a 10x ROAS. It’s wildly profitable and has been a crazy start to a year. I’ll share more about our strategy on that later!
This week we are kicking things off with How to Name Your Brand, a process I love! Then a bit of a deep dive on the Japanese technique of Ikigai, and then a quick and easy rule I call the $50 Rule.
Let me know what you think!
Startup Playbook: Naming Your Brand
Diving into naming your brand feels a bit like venturing into uncharted territory, right? It's serious business but let's try not to overcomplicate it. Before we hit the how-to part, I've got to share the backstory of Western Rise with you. It’s straight to the point, no fluff.
Behind Western Rise
Imagine this: Kelly and I are en route to Colorado, leaving behind the flat landscapes of Georgia and Iowa. The moment we see the Colorado mountains cutting through the horizon after endless hours on the road, it's not just a change in scenery. It’s a whole vibe shift – unexpected and raw. That's the feeling we wanted to capture with Western Rise. It’s about embracing the unknown and the thrill that comes with it. That’s the essence we were going for with our brand.
Naming Your Brand
The Vibe: Your brand's name should evoke something. It doesn't need to be a saga, but it should resonate on some level. You want it to make you feel something!
Google Test: It's simple. If you can type your potential brand name into Google and not get lost in a sea of irrelevance, you're onto something.
Spell Check: If someone can spell your brand name correctly after hearing it once, especially in noisy places, you’re winning.
Domain Hunt: Having a .com or .co that matches your brand name isn’t just nice, it’s necessary. Make sure you can secure it.
Trademarking: Check that your brand name isn’t stepping on anyone's toes legally. This is a pretty crucial step. Make sure you check in your specific category. These can get pretty niche.
Social Media Game: Aim for consistency with social media handles. It’s straightforward – you want to be easily found. One tool that really helps here is Brand Snag. Check it out!
Wrapping It Up
Choosing your brand's name is picking the path you’re going to walk. It’s a mix of gut feeling and a bit of strategic thinking. The Western Rise story? It’s just to show that sometimes, the best inspiration comes from your own experiences, as plain and simple as they might be.
As you brainstorm, keep it grounded. Think about what you want your brand to stand for and how you want it to be remembered. That’s your starting point. From there, everything else – the vibe, the searchability, the legal stuff – falls into place.
Here’s to finding that name that just fits.
Founder Playbook: Ikigai
Let’s dive into a transformative approach that can help align your entrepreneurial journey with your personal fulfillment and societal contribution: Ikigai. Ikigai is a Japanese concept that means "reason for being," offering a framework to discover your true purpose by exploring the intersection of four pivotal questions:
What do you love?
What does the world need?
What can you be paid for?
What are you good at?
Discovering My Ikigai
I embarked on this introspective journey myself, starting with answering these questions. The process wasn't just about listing down thoughts; it was about diving deep into what makes me tick, what I feel the world lacks, where my skills could translate into value, and what I'm genuinely passionate about.
After gathering my thoughts, I mapped them onto a Venn diagram. This visual representation wasn't just an exercise; it became a mirror reflecting the core of my aspirations and capabilities. I'm sharing my Venn diagram here not as a template, but as an invitation to explore your own intersections.
But I didn't stop there. Knowing the value of external perspectives, I enlisted an accountability partner. This wasn't about seeking approval but about challenging my views and uncovering blind spots in my self-assessment. Their insights were invaluable, helping me refine my understanding of where my Ikigai lies.
Your Turn: Finding Your Ikigai
Now, your turn. Here's how you can start:
What do you love? Consider what captivates you, activities that you can lose hours doing without noticing, tasks that bring you joy, and topics you're always eager to explore.
What does the world need? Reflect on the gaps you observe in society, recurring requests or complaints you hear from people around you, and areas where you feel compelled to make a difference.
What can you be paid for? Analyze the skills or knowledge you possess that others find valuable, demands in your network or the broader market that align with your abilities, and challenges you've overcome that others are willing to pay for guidance on.
What are you good at? Identify your strengths, activities that come naturally to you, subjects you're passionate about researching, and areas where others seek your advice.
Next Steps
With your answers, create your Venn diagram. Don't rush; this is a process of discovery and clarity.
Then, find your accountability partner. This can be a mentor, a fellow entrepreneur, or anyone whose insight and judgment you trust. Share your diagram with them and be open to their feedback. This dialogue can illuminate aspects of your Ikigai you might have overlooked or undervalued.
Reflection
Ikigai is more than just finding a niche for your business; it's about aligning your entrepreneurial efforts with your personal values, passions, and the needs of the world. It's a pathway to not only building a business that thrives but also living a life filled with purpose and satisfaction.
If you found this cool and want to dive deeper, this book is amazing: Ikigai
Automation Playbook: The $50 Rule
Ever watched a jam band live? Watch the band leader, cueing solos, and keeping the rhythm tight. Each member knows their instrument inside out, but they look to the lead for the nod before they dive into their solo. Now, imagine if every musician could take a riff when they felt the moment was right, without waiting for that nod. The music flows, unpredictable but harmonious, alive with creativity.
This is the spirit of the "$50 Rule" in action, with my assistant playing a crucial role. I've essentially told her, "Here's $50. If there's a decision that needs to be made, and it's under this amount, it's your call. No need to wait for my nod." It’s like giving them a solo spot in our day-to-day operation.
Why stick to $50? It's not about the number but the trust and flexibility it represents. This rule allows my assistant to solve problems on the fly, ensuring our rhythm never misses a beat over the small stuff. It empowers them to improvise within a set framework, keeping the jam smooth and our operations rolling.
Granting this level of trust does more than just streamline decision-making; it inspires creativity and initiative. It means I can focus on crafting the broader composition of our business, focusing on what actually matters.
This approach isn’t about loosening the reins but about bringing together our talents, allowing each team member to play their part confidently. It’s a testament to the synergy we aim for, where trust leads to collaboration and innovation.
Want to try with your team? Give them the $50 rule and watch as they perform with the confidence and creativity that comes from knowing you trust them.
Cool Brands I Spotted This Week:
Yardsale: An ex-apple designer built a better ski pole. (Great name btw!)
Halfdays: New women’s ski clothign brand. (Saw these girls shooting in Telluride!)
David: The founder of RX Bar launches a new brand. Their first product? A protein bar (If it works, why not do it again?)
Papatui: The biggest and baldest man in Hollywood launches his own skincare brand.
Thanks for reading! If you have any suggestions, feedback, or stories I missed, let me know!
Will :)
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