Perhaps the first thing you did after conceiving your business idea was to give it a name. The name of your business is crucial to your business. It is your identity and helps build your brand. The name plays a vital role in the success of small businesses. The right name can propel the business to success. The wrong one, on the other hand, will doom it to failure and oblivion. Your business name should be able to convey your expertise and the uniqueness and quality of the product you have developed.
According to some experts, business names should be abstract. Abstract names are a bit like blank slates. You can create just about any image on it. You will probably want to change your business model in the future and sell products that you do not sell right now. Since abstract names are not associated with anything particular, they are a good choice in this case.
Some experts, however, opine that business names have to be informative. Upon hearing your name, customers should be able to figure out what you are selling. Some argue that coined words that don’t make any sense are more memorable than names using real words. Others, however, feel that these names are forgettable. The truth is that any name has the potential to be successful if it is backed by a sound marketing strategy.
Here are a few things you should keep in mind while choosing a name for your business. These guidelines will also help you ensure that the business name you select meets legal requirements.
- Make sure that the name is descriptive. If your business name defines your service or product it is more likely to be successful.
- Keep it simple
- The name should be easy to remember and easy to pronounce.
- Ponder the name for a while. Make sure that its sound and sense settle into your thoughts and mind.
- Consult naming firms They can help you choose a business name after weighing its pros and cons from multiple angles. Also, they understand trademark laws. This knowledge helps them suggest names that meet legal regulations. After researching your market, they will help you choose a name that defines your product/service.
- Don’t use personal names. If you do and the business fails, your name will be associated with failure.
- Don’t select names whose popularity made fade over time. For example, names associated with sensational events will definitely lose their sheen in a few months.
- Don’t ignore your identity. If you run a restaurant, the name should clearly convey the taste and aroma of your foods.