Finding the Right Name for Your Business
If you have a business idea in mind, you probably want to get the ball rolling as quickly as possible. And while the most important component of any business is execution, you still need to worry about a few peripheral issues as well. One of the most overlooked aspects of any business is the name of the company. It’s important that you have a name that can attract customers and establish your brand.
This guide will provide you with advice on choosing the best name for your company. It’s important that you give this process a considerable amount of time – once you choose a name, it’s hard to go back. You and your business partners need to be certain that your business name has the potential to bring you success in the future.
Create a Shortlist
No matter how quickly you think of a suitable name, it’s important that you create a shortlist. You don’t want to jump to conclusions with your first name. Sit down with your stakeholders and discuss different names that you may find appropriate for the business. Make a shortlist of five names, even if it takes considerably more effort.
Five Tips for Naming Your Business
Once you come up with a shortlist, it’s time to run your name through a few stress tests. Below are some tips that will help you decide which name is best suited for your new business. Make sure to take all the tips into consideration prior to finalizing a name.
Easy to Spell
Businesses often make the mistake of playing on words, or choosing different spelling arrangements for words. While this may seem creative, it actually makes it harder for someone to find your business online. You need to make sure that people will understand how to spell your business’s name if they hear it.
Easy to Pronounce
It also needs to be easy to pronounce. You don’t want people struggling to say the name of your business. Make sure the name rolls off your tongue when you say it!
Short and Sweet
Remember, you want to be able to use this name quickly and effectively online – it’s important that it’s short and sweet. You don’t want your domain or email extensions to be unreasonably long!
Most importantly, you want your name to be memorable. Discuss with your business partners how memorable each name on your short list is. You want customers to remember your name and your brand when they first come into contact with your business!
Think About the Internet
You need to make sure that your name can be used in a .com extension. While there are many other domain extensions, .com is still the best if you want to convey authority and legitimacy. You should be aiming to find a business name that has the domain available – you don’t want people heading to the wrong website when they try and find your company.
Establish Your Brand
After you’ve decided on a name for your business, you need to be certain that you’ll be able to build an effective brand around it. Start strategizing about the type of logo and color schemes you want to use for your business. It’s important that you begin thinking about how to incorporate your name into your overall brand.
You want to be certain that consumers will take your business seriously. There’s no point in investing time and money into a business name that you know isn’t marketable. Decide on the type of company that you want to be, and ensure that your name fits the same portfolio.
Is Your Name Available
After you choose a name that fits all your requirements, it’s time to make sure that you can use the name. Unfortunately, you can’t just choose any name and hope for the best – you need to make sure that another business doesn’t already have the rights to that name. Head online and Google to see if any other companies are currently using the name. Even if you don’t find a company that is, you need to do a bit more in-depth searching before you can be certain.
You should check the U.S. Patent and Trademark Office to be certain – you should also apply to have the trademark for the name.
After you know whether or not you can use the name legally, begin searching for a domain. You’ll also want to check all the major social media networks to make sure that no one is already using it. It’s important that you can get the Twitter handle and Facebook page attached to your name. You don’t want consumers being directed to the wrong account.
Make sure you don’t focus so much on operations that you forget to give time to building your brand. Your business’s name is just one component of what should be a large strategy to build a solid brand in the market place. Think of all the businesses that you purchase goods from – most of them have a recognizable name, logo, and image. It’s important that you start building this image from day one – the quicker you can establish yourself in the minds of customers, the more likely you are to receive their attention.
While it can be tempting to choose a name that is super catchy or gimmicky, it’s important to try and avoid this. If you think about major companies around the world, very few of them have names that play on words or create a pun. Most successful businesses have professional, memorable names with curb appeal. If you do choose a name that you end up hating, you can change to something else – but this process means you’ll lose all the work you put into the previous brand.
If you need any additional information on starting a business, make sure to check out some of our other resources. We have a wealth of different articles that cover business financing and operations. If you need help establishing a business line of credit to fund your business, head to our homepage and get started on finding the right lender!
Michelle worked at a teller at her local bank while she was earning her degree in economics. Then, after completing an MBA, she came back to the bank as a loan officer. As a result, Michelle is uniquely suited to providing advice to small businesses when it comes to selecting the best loan and credit products.