Perhaps, new business owners think what’s there in the name of a business, while there are some others who feel it’s vital for the success of a business.
Well, the latter group is on the right side and there’s a lot that a business name has to do when it comes to the success of a business. The right name can make your business the talk of the town, whereas the wrong choice of name can doom it to failure and obscurity.
Ideally speaking, the business name should convey the value, uniqueness, and expertise of your products or services.
With the business name having such a crucial role in its success, it’s important to take all the essential things into consideration before selecting one. Here’s what you need to take into account.
Domain Name Availability
In today’s world of Internet businesses, domain name is probably the most crucial aspect to consider before choosing a business name.
You might have chosen a very good name for your company, but what if the domain name is not available for it?
The whole purpose goes for a toss. ‘.com’ is probably a globally recognized domain suffix, but there isn’t much left in its casket.
Domain squatters own the very few domain names that have been left out with the hope that they can sell it for lucrative deals someday. This is why we began seeing names such as Reddit and Flickr, which were actually supposed to be ReadIt, and Flicker.
However, they were already registered many years back. So, get creative and ensure that you select a business name for which domain name is also available.
Here’s an interesting video from Entrepreneur.com on naming a business.
Avoid Geographic Locations in Business Name
Avoid choosing business names, which don’t let your business to add to its product range or move around.
Don’t include any geographic locations as a part of the name. Also, ensure that the product categories aren’t a part of the name so that that doesn’t hinder the expansion of your business to include more products.
When such specifics are used, it becomes confusing for customers when you expand your operations to different places or add more products or services to the existing line.
For instance, if there’s a business that selects a name that matches the city it’s situated in – say Austin Garden Care, what happens when it wants to expand to Dallas?
The city name that was once considered to be perfect for a business name isn’t ideal anymore. It could even drive away prospective customers.
Check If There Is Any Trademark Infringement
Before finalizing on a name, check if there’s any kind of trademark infringement on the chosen name.
Perform a comprehensive trademark search of corporate names, federal trademarks, Internet domain names, common law trademarks and more to ensure that there would be no trademark issues later on.
You can get a detailed insight into trademark infringement in this Wikipedia article.
If any other business accuses you of infringing on their trademark, you could end up fighting a legal proceeding.
Even if not, wouldn’t you want your business to possess its own identity and brand rather than your customers getting confused with your competitor’s name?
Portray Your Vision and Values
Your business name is the first aspect that the public will think of when they hear about your organization.
Ensure that the name you choose portrays the meaning, feeling, and persona of the company. Just add a dash of character to the name so that it aligns with your vision and values.
At the same time, you will need to select your words carefully as this is an important stage of your brand development strategy.
Remember that different words can have varying connotations to different individuals. Ensure that your brand name has strong descriptive or positive words that will not trigger any kind of negative emotion.
Your company would certainly not want that kind of association.
Give a Hint
Try to find a name that gives some kind of details about what your business is into. For instance, it’s appropriate to call your landscaping business as ‘Lawn and Order’, but the same wouldn’t be apt for a handyman business.
Ensure that your business name matches the nature of business to remind your prospective customers about the kind of services you offer.
Simultaneously, it has to be unique and easily memorable. This article from Life Hacker explains how you can go about choosing an easily pronounceable and catchy business name.
Hopefully, after considering the above things it helps as a filter to narrow down your choices and come up with a more suitable business name.
Many new businesses literally struggle to find a name for representing them. Take your time to find something appropriate without actually letting it bog you down.
Your business name has a great impact on the way in which your investors and customers perceive you, and it’s a global decision in today’s small world.