If you’ve been dreaming about starting your own business for years and are finally about to make your dreams become a reality, it’s likely you’ll been snowed under with tasks to complete and decisions to make. However, when it comes to this most important step, it’s vital to take your time selecting your name for your passion project. Shakespeare might have questioned, “What’s in a name?” but when it comes to operating a business, getting the title right is one of the key decisions you’ll make.
There are many factors to take into account, from the attention of customers to future trends and business developments. Plus, you need something that works as far as domain names and trademarks go. To help you land on the best name sooner rather than later, here are a few guidelines to follow. Read on for some key tips you need to know today.
Know What You Want to Convey
For starters, before you start even trying to come up with a business name, take some time to get clear on what it is the name needs to communicate to your potential customers and other interested parties.
A good name, one that is effective for you through the years, will reinforce the key features of your organization. It is used to indicate to consumers what the venture is about and what products or services it provides and how these offerings can provide a solution to a problem or a certain benefit to consumers.
Make a list of all the main attributes that make your business unique. Then, start thinking about words that communicate these characteristics to others.
Understand What Makes for a Name That Works
Next, think about all the essential traits which make good business names work. For example, you need to search for something that’s simple, so people will know how to read and pronounce it and in turn be more likely to remember it and tell others about it.
Keep in mind that it’s human nature to not want to appear ignorant. This means that if someone isn’t sure how to correctly pronounce the name of your business, they won’t ever recommend it or talk about it. Try to select a name that is easy for people to spell, too.
When choosing a title for your organization, look for something different and more memorable, and at the same time, focus on names that use real words or combinations of them instead of made-up monikers. This is because consumers typically prefer names they can relate to and understand.
Be Clear About What to Avoid
There are certain things you should avoid when it comes time to choose a name. For instance, while right now you might be servicing your local market or a niche customer, as time goes on and your business grows, you may want to expand. As such, don’t opt for a title that’s limiting. Those which revolve around a set location, product, service or even an owner’s name can lead to complications down the track.
Avoid words or phrases that could have bad connotations. Shoppers subconsciously, or even at times consciously, avoid interacting and spending money with ventures that have a name that doesn’t feel right to them. This might be because the words used to make them feel fearful (e.g. words or numbers used which are considered “unlucky” in certain cultures), untrusting, dubious about your intentions or quality and so on.
Don’t forget, too, that some names could seem fine for your own culture but could end up being an issue if you try to take your business international. Some words are seen in a different light in different languages or cultures.
Research the Competition
Lastly, always research the names of your competitors before you settle on a title. Study on-campus or in online MBA programs, for example, and you will quickly learn that entrepreneurs must find out about their competition before they open a business. This relates to the naming of a firm, too.
You don’t want to choose a name that’s too similar to that of another company in your field, especially one that is well-known and established and/or which has already been trademarked (or where the relevant URL(s) has been taken). The main reason behind having a business name is to help you distinguish your organization from others, so there’s no point opting for a title that will just get customers confused.
