How to Name a Business
The right name for your company can make your business the talk of the town. However the wrong one can doom it to obscurity and failure. So what’s in a name for your business is best for your company? In fact, any name can be effective if it’s backed by the appropriate marketing strategy. Here’s what you’ll need to consider in order to give your small business the most appropriate and effective name.
Enlist Expert Help to Start. You might consider consulting an expert, especially if you’re in a field in which your company name may influence the success of your business. Start by deciding what you want your name to communicate. It should reinforce the key elements of your business. Your work in developing a niche and a mission statement will help you pinpoint the elements you want to emphasize in your name.
When choosing a business name, keep the following tips in mind:
Choose a name that appeals not only to you but also to the kind of customers you are trying to attract.
Choose a comforting or familiar name that conjures up pleasant memories so customers respond to your business on an emotional level.
Don’t pick a name that is long or confusing.
Stay away from cute puns that only you understand.
Don’t use the word “Inc.” after your name unless your company is actually incorporated.
At a time when almost every existing word in the language has been trademarked, the option of coining a name is becoming more popular. However, that made-up words aren’t the right solution for every situation.So get creative in a right way.
After you’ve narrowed the field to four or five names that are memorable and expressive, you are ready to do a trademark search. If you’re lucky, you’ll end up with three to five names that pass all your tests. Recall all your initial criteria. Which name best fits your objectives? Which name most accurately describes the company you have in mind? Make the right choice!
Once your decision is made, start building your enthusiasm for the new name immediately. Your name is your first step toward building a strong company identity, one that should last as long as you’re in business.
Source: Top 50 from Entrepreneur Magazine