The Best Way to Choose a Business Name

It is no surprise that a name can make or break your company. During any business start-up, one of the key areas that require a lot of concentration is the name of the company. It carries a lot of weight- permanent weight for that matter.

Experts believe that a name can either make your business famous or totally ruin everything for you. It can attract the whole town to your business premises or work the exact opposite. Therefore it is worth every care, caution and time to make it the best.

Try the following tips that are of great help;

1. Make a Decision

The first step in choosing a name for your company is to decide what you want it to communicate to your potential clients. Be sure to have it reflect all the key elements of your business-basically your mission and vision for the company. Experts in this field argue that names with real words or combinations of words are bound to give better results than fabricated words. Most people prefer names they relate to rather than a string of numbers or initials.

It is also important to note that using generic or geographical names for instance “Harare Snacks” is risky because you might need to move elsewhere when the business expands.

Here are a few tips that help keep your business name meaningful and abroad:

• Go for a familiar name

• Choose a name that not only you but your customers also find it appealing

• A short name is always a plus

2. Enlist Help

There is a great reason why we have experts in different fields; we are not self-sufficient. This is especially true for business names. Experts have elaborate systems for coming up with great names that influence the success and reputation of the company at large. They also understand the trademark laws and know their way around hence can offer the best advice regarding the best and the worst name for your company.

The challenge with hiring experts is that they are a bit pricey. Professional naming companies may offer their services for anything between $100 and $80,000. Whichever firm you decide to work with, the long term results of hiring one cannot be overlooked.

3. Creativity is Key

Since there are millions of businesses, almost every existing name has been trademarked and therefore more difficult to get not only one that hasn’t been used before but also a unique and creative name for your business. Michael Barr, the President of NameLab says that coined names are better than existing words. Some words have no dictionary meanings but say a lot for your company. An example is “Acura” which has no definition in the dictionary but suggests precision engineering which was intended to suggest. That’s one way of bringing in creativity to your business’ name. Creativity is the bottom line so choose what works for you.

4. Put Your Name on a Test

Once you have selected a small number of names for your company, the next thing to do is to ensure it’s not trademarked. Hiring a trademark attorney is a smart move because they ensure there is no risk of having the same with any other company. It will not be pretty if you infringed on someone else’s rights by “stealing” their company name as it may results to never-ending legal battles that waste both time and limited resources.

5. Analyze Everything

Making the final decision from a variety of names that have passed the test is crucial as this is the fifth and final step to naming your business. The best way is to go back to step one and find out the name that best describes your company.

Going with the gut feeling is what other consumers do during this sensitive step and while some nail it, some miss the mark. Practice out the name by saying the name loudly to have a feel of how it will sound on an advertisement. What’s left is to start-up the business and own the name with all you got.

As much as a business name is one of the important stages of your start-up, don’t stress over it. Be confident in your final choice and build a strong identity around it. You will be great.

Image source: Entrepreneur




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