It was Shakespeare that said; “What is in a name? A rose by any other name would smell as sweet…” However, the same logic may not apply to a business. Names have a way of setting the tone for any business – new or old – as they are usually the first line of marketing. The moment you see an advertisement or your friend comes to tell you about “that brand new app” on the internet, or the “brand new store” on the corner of the street, one of the first things that captures your interest is the business’s name.
WHY SHOULD YOU COME UP WITH A GREAT NAME FOR YOUR BUSINESS?
The name of a business is usually the first thing most people know about the business. Just by hearing a business name, an individual can begin to wonder what the business is about, because hearing the name of a business for the first time often breeds curiosity. Thus, there is usually a short time interval between hearing the name of a business for the first time and discovering what kind of services or products the business renders. During this time interval, many people perform a lot of mental assessments. First, their mind determines if the name of the business is cool enough. Then, they try to play a game of connect-the-dots; by trying to figure out exactly what the business is about before they get to find out.
Upon discovering what the business is about and learning what kind of services and products it has it offer its customers, another round of mental assessment begins. This time, many people try to judge the aptness of the business name; they ask themselves if the name has managed to sufficiently capture what they perceive as the essence of the business. If not, then, they may not think too much about it as long as they feel like the name itself is great. Therefore, it is very important to choose a good name for your business.
However, the process of coming up with a great name for your business is not always easy and straight-forward. Sometimes, the obvious choices work but sometimes they do not. Regardless of how easy or difficult the process may be, coming up with a great name for your business is very important.
HOW YOU CAN COME UP WITH A GREAT BUSINESS NAME
The process involved in coming up with a great business name is one that has a number of steps which may be very easy or somewhat difficult, depending on the type of business you’re starting and what that business stands for to you personally. Also, another thing to consider is what you want to business to mean to other people and how you hope to convey some part of that message through the business’s name. The steps involved in this process vary from business to business and founder to founder, however, some basic rules apply in most cases. These rules include the following guidelines:
- You must pick a name that has not been trademarked yet
The name you come up with for your business must be unique and free from trademarks. This way, you can avoid lawsuits from brands that have already trademarked that particular name. Asides the legal implications, another consequence of picking a business name that is already in use by a very popular company – or a name which has already been trademarked – is that it creates room for confusion in the minds of the customers. And the public may begin to confuse your brand with the other existing popular or trademarked brand. Also, in instances where your business name is already in use, finding an available domain name to use for your business website can be difficult. To avoid such problems, it is best to steer clear of names that have already been trademarked when selecting a business name.
- The name of your business should not be too complicated
The name you come up with for your new business must not be too complicated, so that people can both remember and spell it easily. Rather than use a long string of words or nonsensical letters, it is usually better to come up with a single word which best captures the essence or your idea for the business. That way, it won’t likely be easy to forget and the name of the business can leave a suitable impression in people’s minds.
- The name of your business should mean something
It is very important for the name of your business to mean something, because it is the first line of advertisement for the business. A great business name should mean something; even if it does not convey anything obvious about the nature of the business, it must mean something to you; something that reminds you of your reasons for starting the business in the first place, or something that goes a considerable way to convey the essence of the business and what it means to you to the general public. Selecting such a business name – one that has a meaning to you – is also a psychological move because you might be reminded about your own reasons for starting the business every time you hear or see it (the business’s name). This will serve as a means of motivating you to give it your very best.
- Come up with a name that will not limit the scope of your business
A great name for your business is one that will not place any sort of limitations on you business over time, particularly in terms of expansion and scope. Thus, a great business name is one that will not only stand the test of time, but one that will hold firm in the face of future expansion. As such, it may be a good idea not to add the name of a particular town or state or country to that of your business if it serves no purpose in raising sales or raising the public perception of your products’ value.