Are you in the process of starting up a new small business? Normally one of the first things that people come up with is a catchy name for the business. However most of us don’t put too much strategy behind making this important decision, one hopefully that will become an integral part of our lives for many years to come. Think of brands like Google an Nike, would they be as successful as they are without their business name? The jury is out on this, but make no mistakes a good business name can help you out greatly through your journey.
What is the Golden Rule?
The golden rule in your quest to find a good business name is the old adage of KISS – Keep It Simple Stupid! Your name should be easy to pronounce and spell for a number of reasons. Firstly, it makes it infinitely more memorable when you are networking and talking to others (an integral way to grow your business). Consider in your future business how many people you will end up promoting and talking to your business about. This may all be in vain if after a few days they realize a need for your product or service and they cannot remember for the life of them what your name was. Your only hope is through the company name that you choose, otherwise all of your efforts would have been in vain – don’t rely just on your business cards!
Some Other Things to Consider and Do
1) Check through the phone book and make sure that there are no other businesses that are closely related. This rule especially applies to searching for businesses that are closely related in your niche. It would be terrible to think that your hard work in marketing and networking was only growing your competitors business
2) Consider the mental implications that your name invokes when you are talking about your business. Is it a positive one that promotes the benefits your business brings to your end user, or does it sound technical and scary?
3) Check for relevant domain names. Once you are out there promoting your business, it helps if you have the exact domain name for your prospects to find out more about you. In this instance you should look for as short of a domain as this will make your business infinitely more referable for your customers to recommend your excellent service to their friends and family – well we hope anyway
Some tips on how to narrow down the possibilities
Write down a list of keywords that are relevant to your business. Think not only of words that describe what your business does, but also words that demonstrate the benefits that your product or service brings to your customers. NB keep this information handy as it will assist you should you choose to use Google Adwords to promote your business later.
Once you have this list, for most of us it will be quiet comprehensive, choose just a few of your favorites and save that into a separate list. Invite your friends and family to select their favorites from the larger list. Should you start to see a trend and they agree with the ones that you have selected then this would be a good indication that you are on the right track.
What has you experience been with choosing a good business name? Is there any other factors that I have left out?
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