Are you about to start a business and wondering how to choose the best name for your business? The name of any business is more impactful than many people tend to give it credit. Like any individual’s name, the name of the business acts as its basic identity. This is why it is imperative to have a creative and catchy name that resonates with your business’s nature.
Before a person starts a business, the first thing that comes to mind is an idea, and after that, people think about the name and other processes and procedures.
Choosing the best name for your business requires proper brainstorming. It shouldn’t be a generic name that just pops into your mind after coming up with the basic business idea.
You should arrange a brainstorming session with your partners or experts and think of a name that can make your company really stand out and attract more customers.
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Business name affects all aspects of your business. It can give your business more credibility, attract more customers, build your brand, and benefit your business in many other ways.
To be successful in business, you need to have all the ingredients in place. Having an excellent idea is obviously the core of any business; however, it can be difficult to develop if you don’t focus on all the other aspects of the business.
In short, you need to have a great business name in addition to an excellent business idea to create a successful business online.
You can be successful (to some extent) with a bad business name, but you will surely miss out on a lot. For example, the Fifth Third Bank was created after the merger of two banks, i.e., 3rd National Bank and 5th National Bank.
This is why the bank has such a unique name; however, people talk negatively about the weird name as the numbers don’t add up. It’s not good when your entire business revolves around numbers.
Another example is that of Pho King Korean restaurants in California. The restaurant has quite positive reviews, but its name does make some eyes roll.
In short, you don’t want to have a name that people would make fun of or something that people wouldn’t relate to your business.
You can have a great atmosphere at your business outlets, and you can offer some great deals, but still, the first thing people are going to talk about is the name. So how can you set up an excellent name for your business? Well, the following tips can help you do just that.
Suppose you want to open an online store where you can sell a range of edibles. What if you name your business “Dry Fruits Online”?
Now, people would think that you only sell dry fruits. You will have a hard time expanding your business with that name. After a few years of running your business, if you want to include other edibles in your store, then, unfortunately, your business wouldn’t be the first choice people would think of.
Because of your name, people will always think of you as a dry fruit seller. So to avoid that, you should instead choose names like “Edibles Online” or “Food & Drinks Online”. Something that will tell people that you sell a range of different items within your expertise.
Choosing such scalable names will also be great if you want to expand. You can add hundreds of other eatable items to your store without affecting your brand name. In the same way, you should have a name that restricts you to a particular location.
Names like New York Dry Cleaners or Cleaning Services London are good examples of local business names, but such names also restrict the business to these specific locations.
When you start your business, you should have the sky as your limit. So if you feel that your business name will restrict you from reaching your goals in the long run, then it’s ideal to come up with a great name from the very start.
Try to keep your business name creative yet straightforward. If your business name is difficult to spell or remember, people will most probably forget it. Imagine having to spell out your business name every time you are out on a sales call.
Don’t be shy to ask for help from business experts. Studies show that people are less likely to buy your stocks if your business name is hard to pronounce. So this also puts a lid on you taking your company public.
Many business experts believe that in the 21st century, “if your business does not have an online presence, then you don’t exist in the market.”
This is actually very true. So when you are thinking about a name for your business, make sure the right domain is available for the official business website.
Your website will act as the face of your business in the online business sphere, so you have to make sure you have the right domain for your business.
If you feel that your business name can make you successful, but the exact domain isn’t available, then you can add words like “official” in the domain. However, it is always recommended to go for domains that do not confuse the client.
Having other players in the market with somewhat similar domains will confuse your existing and potential clients, and that is something you, as a business owner, cannot afford. Domain Typer is one of my recommended websites to search for available domains.
Imagine you think of a creative name, get the domain, market it all over the internet, just to find that someone else has that name trademarked.
You have to be very careful when thinking about a business name. You don’t want to waste your money and efforts on marketing a name that you cannot use.
As a business owner, you might have to perform damage control by spending more money on getting the trademark, or worse, you might have to face a lawsuit by the trademark owner.
If you are in the US, you can visit the US Patent and Trademark office’s website to see if your business name is available or not.
There is no denying that creative names that do not have any meaning can be very successful. However, experts believe that choosing a business name with a strong meaning and story behind it can connect with the clientele more efficiently. So always go for a name that has a proper meaning behind it.
Is there anything the internet cannot resolve? You can find answers to almost all your problems on the internet. This is why people these days, Google everything.
Whether you are looking for a great restaurant nearby or you are looking for a cheap ticket to another country, just search on the internet, and you’ll have a range of different links offering your information on your entered query.
So it is only sensible to search for a business name on the internet. You might find a lot of unique and creative names that are still available to be taken, otherwise, try to approach an expert to help you research the best name for your business.
Make sure your business name does not rhyme or sound similar to another player in the market. Imagine having business names “Nikke Shoes and Apparels” or “Wersace Apparels”. Sure, They are unique but not that creative, and to top it all; they are too similar to Nike and Versace.
You might not face any trademark issues with that, and you may be allowed to carry on with your business. But once you start getting prominence in the market, the lawyers from the heavyweight companies like Nike and Versace will take you to the courts.
Not many companies can stand a chance against such a weak case, especially if the other businesses are powerful multinational companies.
In addition to choosing similar-sounding names, you should also avoid choosing rhyming names.
Taking the example of Nike once again; if you have a similar business model like Nike and you offer the same type of products, then choosing a name like Pike Or Zike or any other similar name wouldn’t do your much good.
You might not get a lawsuit, but the customers will look right through you and call you a rip-off.
Once you have decided on a business name, try to have feedback from your partners, close friends, and family.
Don’t be shy to get feedback from your potential clients as well. That will give you a better picture of how successful your business may grow based on its name.
Conduct a brainstorming session to come up with a business name. The session shouldn’t be limited to you or your partners. Try including other people as well.
If you have someone already lined up to take up a top management position at your business, it is better to invite that person to the session as well.
If you do not believe in your business name, no one will. To make your business name work well with the clients, you must first believe in it yourself. You have to love the name you have decided on and be confident enough that it will bring you success.
Don’t go for descriptive names. Large and successful companies like Microsoft, Google, Apple, Amazon, and many others only comprise one word in their business name.
Imagine if Apple was called Apple Computers, Mobile Phones, And Tablets Incorporated. It suddenly loses the ring to its brand name. So it is always better to go for a creative name that resonates with your business but does not provide a complete description of what you do.
Choosing a descriptive name is a big No-No while deciding on a business name. In the same way, choosing a generic business name is also not recommended.
A generic business name will restrict you from reaching high levels of success. It will keep you down in the lane with all the other business with generic names.
Go for a name that customers can relate to. It should resonate with your business nature but also be unique enough to stand out in the market.
In the 21st century, social media one of the most powerful form of media. If you want to succeed, you need to have a business profile on all the major social media platforms.
Your business domain name needs to be available for your social media profiles. You can check the availability of social media profiles on Domain Typer.
Choose a business name that will stay relevant throughout the years. Imagine hypothetical brand names like December 2021 or ShoesYear2007. Once the year ends, people will consider your products outdated, which will eventually lower your sales.
To be successful in the long run, you need to have a business name that can stay relevant throughout the years.
Also, naming your brand something like “Christmas Treats” will make people think that you only sell items around Christmas even if you are operations throughout the year.
When you start brainstorming for a business name, several different names will be brought to the table by everyone at the brainstorming session. Some of them are going to be good, and some are going to be passable.
You shouldn’t just affix yourself to a single name, instead, you should try to hear everybodyäs input and carry on the session for the already decided time with an open mind.
It is an important business decision, which is why you shouldn’t rush it. It is not recommended to go straight for the first name that you like. You might like a particular name, but you never know, someone else might come up with a better name.
So be patient and benefit from everybody’s input at the session. Once you have all the names written down. You can further narrow them down by looking at the domain name and social media profiles’ availability.
So there you have it. Fifteen tips that should help you choose a compelling and powerful name for your business.
Studies show that almost 77% of customers base their purchasing decision on the name of the business. I am sure the statistics mentioned in that study blew your mind away.
So if you weren’t serious about investing time and effort in naming your business, now you should be. It can the most important decision for your business.
If you don’t name your business correctly, you might lose 77% of your potential customers. So go through each one of the tips mentioned above carefully and come up with the best and the most influential name possible for your business.
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