One of the most exciting parts of starting a new business is choosing a name. Perhaps, you are brimming with creative ideas for your company name, or you are considering a top favorite. But the truth is, naming your business goes beyond choosing a name that sounds good on your tongue or holds an important meaning for you.
Choosing a business name is a decision that can either make or mar your business in the long run. The perfect company name telegraphs your business’s identity and goals. It is the glue that binds your target audience to your business at first glance. Also, your business name will stick with you for ages. So, it would help if you got it right. Fortunately, we are here to help you get started.
Tips for Choosing the Best Company Name
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Keep it Simple
In other words, don’t settle for a name that is hard to spell or pronounce. Doing so will make you lose dozens of potential customers. No one wants to waste time looking for a business that is incomprehensible to locate or identify with. A potential customer will quickly move on to the next similar business if they find it difficult to spell and pronounce your company name when looking for your business. Find out more about that on the Biz Op website.
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Avoid a “Limited” Name
Anything is possible in the future — your business may start as a shoe store and expand to include jewelry. So instead of naming your business to reflect the specific identity of your store, say Mark’s shoes, try something more inclusive and less limiting like Mark’s Wearables. Though highlighting what your business sells in its name has its advantages, it can also prove to be limiting.
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Research, Research, Research
We can’t emphasize how important research is when it comes to choosing the perfect business name. The last thing you want is to choose a name that bears a similarity, or in a worst-case scenario, that is identical to your competitor’s name. The downside isn’t just an unfair customer advantage but a legal hurdle as well. There’s no telling what your competitors will do to take you out of the scene; they may let you be or decide to sue. You can take your research a step further by conducting a trademark search. This will tell you whether the name can be trademarked or not.
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Convey Your Brand’s Values and Top Attractions
It may be impossible to cram all your company’s values and top attractions in a single name. But never say never. Think about what sets your company apart from others and incorporate it in your business name. It could be speedy delivery, unparalleled expertise, or affordability. For instance, ” Read and Chew” and ” Bookish Cafe” are trying to convey the same meaning and purpose. But you bet the former will appeal to customers much more than the latter will.
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Be Unique, not Generic
Generic business names containing specific keywords like ” Chicago Cleaning Service” were great in the past but not the present. These names are, quite frankly, bland. Not to mention, easy to forget. Moreso, it doesn’t stand out from the crowd. So, you want to choose a name that is memorable and unique. For example, a name like” Flower Blossoms” is simple, memorable, unique, and descriptive.
The Takeaway
A good business name goes a long way to shape your company’s growth and success. It portrays your values and goals whilst attracting your target audience or market. But of course, choosing the perfect company name is just one step out of many. Find a detailed guide on how to start a small business here.
You may be interested in: How a Business Name Affects Business
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