Now that you have finally decided to start a business, the question is, how much time and resources are you willing to dedicate in naming it? A strong business name will help your business stand out. It’s one of the many reasons why naming your business is one very important step when you launch your new company.
And although the right business name won’t guarantee your success, it is definitely something to keep in mind when you’re in the initial stages of planning. Naming a new business can be a challenge. But here are some insights on how to make it a simple process.
Naming Your Business The Right Way
The name of your business will gather the attention, create interest, elicit a desire of owning the brand and result in the action of purchase. So the name you’ll be coming up with is going to be a decision that you’ll have to live with every day. Do not get influenced by your competition. Instead, have a clear vision to create a name that will set you apart from the pack.
Think of something that will reflect your product or your target market. Use an open-ended process to allow business growth in the future. Doing a search on trademarks is good. However, it’s not enough.
Don’t take the business naming process lightly. Considerable thought and effort have to be put into this process. But unlike professionals who spend six weeks to few months coming up with just the right name, you can do it fast and easy. Here are some proven and effective tips that we have gathered for you.
Let’s start by knowing the DON’TS in a business naming process…
6 Common Mistakes To Avoid When Naming Your Business
1. Too complicated.
Whether it’s difficult to spell or difficult to pronounce, leave it well alone. A tricky name will ultimately fail to stick in the memory of your target customer. Obscure metaphors that your customers won’t understand without explanation should likewise be avoided. Steer clear of overly clever or technical names.
Remember, it’s okay to make up a brand-new word to use as your business name, just as it’s acceptable to merge two words together. Tread carefully, though, if going down this route; be prepared to spend more on advertising.
2. Lengthy.
Another critical aspect of creating a business is a digital marketing strategy. You need to integrate your business name, and other characters, to create a unique social handle just like a video animation that is very powerful today. Your consumers should be able to find you with ease on any social media platform by typing the same handle.
Aim to make your handle less than 15 characters. Shorter is better when it comes to choosing a business name. Imagine 20 of your favorite companies. Most of them probably have names with fewer than 13 letters. Longer names are difficult to remember and tiring to look at.
3. Irrelevance.
Selecting a name that does not accurately reflect your company’s mission. What is your company really about? What is the driving mission? At the core, what values do you, as a company, believe in and seek to portray to the world? The reason why this is important to think about is that the name is not a standalone thing, explains Webber.
It’s the first of many important elements of your company’s brand and as such it will play a role in the other design decisions you will have to make both visual.
4. Discard geographic references.
Using your geographical location to come up with a name tends to limit your appeal to a larger demographic. Make sure you stay away from these geographical references, as these types of names are harder and even more costly to change. Choose a brand name that has recognition and alignment with your industry. Consumers, Google and other search engines are now more comfortable with domain name endings.
5. Too local.
It’s tempting, particularly when launching service-focused businesses, to include your suburb, town or city in your new business name. Avoid this at all costs. While it may help boost your search ratings and generate local customers during early days, this tactic can also work against you, excluding potential customers who assume your business doesn’t apply to them, simply because they live outside of the specific area referred to in the business name.
Don’t limit yourself! Remember, your business is ideally going to expand. Changing a business name can be costly and time-consuming later on, so be sure to choose something more “global” right from the start.
6. Too boring or common.
Many businesses fail to stand out by choosing a name that feels most obvious to them. While it may seem logical to give your business a name that describes exactly what it is, in doing so you’re likely to wind up with something generic and, honestly, forgettable. In general, she says they recommend considering current naming trends, doing a competitive overview and getting creative in terms of spelling, combining words and considering word-number combinations or synonyms.
A Friendly Business Name
Making a friendly business name…
A good business name can make your customers remember you easily, it could mean free publicity or it could help you and your future employees to remember why you’re doing what you’re doing. There are specialized naming companies that charge thousands of dollars for finding a name that’s new, trendy, industry-wise, memorable and isn’t trademarked.
However, if you are starting a small business, you might have other priorities and a budget that doesn’t allow you to spend that money on a name. If you don’t have the confidence, help is always available. There are creative marketing agencies who can help.
Conclusion:
Starting a new business takes energy, passion, and courage. To come up with a great business name, just keep an eye on your goal. Name selection is often an overwhelming, frustrating, and exhausting experience. But with determination, anybody can.