Entrepreneurs setting up their first venture have many things to worry about. While they must get their product or service design, the marketing and sales, and finances right, they must also pay a lot of attention to the business’s name since it is its identity. A good business name catches the attention of potential customers, tells them what the business is about, communicates positive brand values, and is memorable. Some handy tips on choosing a business name that works hard for you:
Ensure the Name Is Descriptive Without Being Too General
The name should convey what the business is all about to potential customers, but while you should not be too specific to avoid limiting the scope of your business, you should also not be vague. The middle path is the best approach, and you should try to make the name meaningful and catchy without limiting your future growth. Ideally, the business name should fire the imagination of a potential customer to encourage him to find out more about it.
Keep the Name Simple
When you want to create business name, it is important not to choose a name that does not make sense to the target audience. If the audience cannot understand it, they cannot relate to it, and you will always have to explain what the name means. Most people are too busy and will carry on with what they are doing without taking the trouble to understand the meaning of your business name. Also, you must not make the name too long or difficult to pronounce. A short and sweet name is memorable, sounds pleasant, and sparks positive emotions. According to Forbes, a name that someone can spell easily also helps in making the business more visible in online searches.
Resist Emulating Competitors
You must make your business name distinct from your competitors, especially the well-established ones. Keeping a name that sounds and is spelled similarly can make you look like a copycat, which does not look good to customers. While you may get some sales due to customers confusing you with other companies, it can be harder to establish your brand name and build customer loyalty.
Avoid Incorporating Your Name in the Business Name
It can be good for your ego to have a business styled after your name. But generally, you should avoid it since your name does not communicate anything special to potential customers. It may even affect the valuation of your business. When you want to sell it off because the new owner will not want a business with someone else’s name. However, if you can find a smart way of incorporating your name into the name. It can still be effective. A prime example of this is Adidas, the popular sports shoe brand.
In addition to the above considerations, you must make sure that the name you have chosen is not already in use by someone else. You can conduct an online search and also search the records of the Secretary of State to prevent expensive litigation later on for copyright infringement and difficulty in registering your business as an LLC or corporation.