As they say a business without a sign is a sign of no business. Having a good business name is an initial step in starting your business. The business name serves as the initial entry point of your business to your consumers. The name of your business contributes a lot to the success of big companies as well as small businesses.
Your business name should include the expertise of your business, the value and the importance of your products or services. Recommendations for a business name include being informative so consumers can capture in an instant what you are offering. However, some believe that it should be more abstract to initially catch the attention of the public. Some may also think that a business name should use the most important things in your life such as names of family members, etc.
Since there are a lot of strategies in coming up with a business name, it becomes difficult to choose the right one for your business. Nevertheless, any business name may be effective in attracting customers when it is backed up with an appropriate marketing strategy.
Here are some of the tips to Consider when making your Business Name:
1. Seek help from experts
When you are just starting a business, you may seek help from experts on the field in coming up with your business name. There are various naming firms that can help you decide which name is best for your business. They can also assist you in trademark issues and explain to you why some names are good and why others are bad and may lead to negative results in your business. However, this step may be costly because naming firms may also require certain fees like $70,000 to $80,000. There are also naming firms that can offer as low as $50, but the trademarks, graphics and others may not be included. For small business, this may be feasible because spending as much as $80,000 may even be way beyond your capital.
2. Decide what you want
In picking the best business name, you must first identify what you want the name to communicate to the consumers. The most important thing in your business name is to present to the public the key elements in your business such as your product and services. The more your business name communicates what you want, the lesser your effort in your marketing strategies.
3. Avoid numbers or initials
Since your business name presents your products and services, avoid using numbers or initials in your business name because consumers may have difficulty in analyzing what you have to offer. Naming firms usually recommend the use of real words. Combination words may also be used and you might as well avoid fabricated words because your consumers may not know what it means.
4. Avoid geographic names
Using geographic names usually limit your consumers to the place the business name was taken. It would be good to consider diversifying your business name to avoid limitations.
5. Avoid generic names
Naming your business using generics also limits the diversification of your services or products. Instead of naming your business “Laptop Repair Shop”, you might as well use “Computers and Gadget Repairs” if you are offering services in repair of devices. Laptop repairs tend to limit your services to only laptop repairs when in fact; you also offer other repair services. The point is, make your business name communicate all the products and services that you provide using a collective phrase or tool.
Indeed, naming your business can make or break your success so choosing the best business name is very essential..
Amarendra is blogger and business enthusiast from India. Apart from blogging, He is interested in Public and Media relations for which he recommends bottlepr.co.uk. Here is the URL.