Step 2 – What’s in a Name?
When it comes to naming your business, is your first thought to use your own name, your child’s name, your initials, or maybe a combination of your nieces’ names? I ask because 70% of the young people I mentor want to use one of these ideas to name their business.
I’m not saying there is anything wrong with that, but does it convey the correct message to your potential customers? Does it speak to what your business actually does?
Naming your business and creating your “payoff line” (or slogan) are some of the most important decisions you will make when starting out. It is vital to ensure that you can register the domain, apply for a trademark (especially if you plan to build a large enterprise), and that no competing businesses are using the same name. A strong, memorable name is incredibly beneficial to your marketing and branding initiatives, especially if it resonates with your target market.
Keep It Simple
Avoid using names that are difficult to spell. The last thing you want is for potential clients to struggle to find your company online. (I never quite understood why the photo-sharing website was dubbed “Flickr”.) You don’t want to spend your life correcting the spelling of your business name. Keep it simple!
Don’t Box Yourself In
Choose a name that won’t limit your company as it expands. Selecting a name that is too specific could lead to future issues. Imagine if Jeff Bezos had chosen “OnlineBookSales” rather than “Amazon.” As a rule of thumb, it is best to stay away from names like “Photo Frames Unlimited” or “Wedding Dresses of Sandton.” You shouldn’t restrict your business to a single product or a specific location.
Do Your Homework
Search the internet thoroughly. Do a web search for the name you’ve chosen. You might discover that someone else is already using that company name, or has the exact same payoff line as you.
Make It Meaningful
The ideal business name should suggest something significant and positive about your enterprise. Can consumers quickly understand what your company does? While made-up names like “Google,” “Yahoo,” or “Zappos” have some appeal because they are memorable, you will end up spending a lot more money on branding if your name doesn’t clearly portray the problem you solve for your potential customers.
Keep It Catchy
Assess if the name is catchy. Obviously, you don’t want a boring name for your business, but you also don’t want to choose something that’s too convoluted or “out there.” Your name needs to resonate with your target audience.
Your business name is something you, as the owner, will have to live with for a very long time. Make sure it is something you like, and something your consumers will connect with too. Spend the necessary time to get it right from the start.
Need Help Naming Your Business?
Do not let a bad name hold your great idea back. Download our free Business Naming Template to brainstorm, filter, and select a memorable name that perfectly represents your brand and attracts the right customers.
