What’s in a name? How does it matter to the success of a business? Well, a name is the identity of your business, it is a lot more than what you think it is! Businesses are recognized by their names; they can be the talk of the town in the future, they reflect the nature of your business and it is one of the most powerful branding tools. Careful considerations are required when you are planning to name a business as it will have a huge impact on the overall success of the business. The naming process is an essential step towards your new venture and it can be an exhausting and frustrating one too, but choosing the right name for your business can get you going faster than expected. Ideally, the name of a business should reflect the exclusivity and significance of the product or service you are going to provide, so it is time for you to turn on your creative minds and come up with a business name that is:
- Easy to pronounce and spell- you don’t want your customers to have difficulty in pronouncing or spelling what your business name is.
- Be unique- it is certainly a bad idea to name your business what is already trending in the market.
- Easy to remember- what is better than a name which fails to get out of a customer’s mind.
- Gives a clue- your business name should have a deep connection with the nature of your business.
- Appeals the customer- keep in mind the target audience for your product/service as your business name needs to attract the right kind of customers.
- Simple yet meaningful- make sure your business name has an actual meaning and don’t make it too complicated.
The struggle to come up with a viable name does not end there, there are many other things that need to be pondered over, after all your company’s existence is dependent upon this factor and these one or two words are going to reveal the story behind your business.
Doing your homework well is critical to get the naming process started. Your analysis should cover everything which can affect the quality of your business name, for instance, competitor analysis, names which have been used already, meaning behind it etc.
Even if simple names are tweaked a little to sound good or which can be combined with another word to give it a little peak into your business world, you are good to go. The names do not necessarily need to be in the dictionary for you to be able to use them.
Make it web-ready
Another important thing to consider is to pick a name that you can use to claim a website address and to register on social media platforms. For that, the name has to be unique and available, do a quick search before shortlisting names to ensure that it is not taken up or used elsewhere.
It is always favorable to take a second opinion but skip your friends and family, as they might be biased or too judgmental. Try your chosen name on potential customers and co-workers and question them to check if it is giving out the desired impression.
After the tedious process of brainstorming and making your potential shortlisted names go through a bunch of test hurdles, whether you choose to go by your gut feeling or which fits all your objectives, your chosen name is going to be the cornerstone of your business, so set it well.
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