SIMPLE BUT POWERFUL TIPS FOR NAMING YOUR BUSINESS OR STARTUP

By: Amos Onwukwe

A name is a label by which animate or inanimate things are called or referenced. When we think about names, pictures or qualities are evoked from the good to the grotesque. For instance, KFC reminds us of delightsome delicacies, war on the other hand; hunger, starvation. The same applies to businesses. Therefore a good business name and slogan are key. They convey the right message to customers convincing them to do business with you.

A bad or poor business name choice on the other hand, can scare customers, fail to communicate your core business, and cause you to lose “buy mode” customers, none of which you want for your business. Your business name is as important as a good business tax regimen.

As an entrepreneur or business owner, your brain child deserves a befitting name. For this reason great care should be exercised when deciding on a campaign or business name.

Thankfully, this article shows you five (5) simple but powerful tips on how to get your business name right, but first,

WHAT IS A BUSINESS NAME?

DBA (doing business as) name is the alias or moniker with which you do business other than your registered legal business name. In other words, your other or alternative business name. This is the name by which the general public know and address your business.

Okay, you say.

So,

WHAT’S  IN A BUSINESS NAME?

Quite a bunch I’d say. To put it in perspective, Cars.Com recently sold for a massive $832m! There are other examples of big domain name sales running into millions of dollars each.

Think frugal entrepreneurs would splash millions on such on an “unimportant” thing as a name?

Think again, and while you’re at it, here are,

SOME BENEFITS OF GOOD BUSINESS  NAMES

A good business or startup name sets the right tone for your business and comes with some of the following benefits:

> Brand awareness
> Brand recognition
> Brand recall
> Brand love
> Brand followership
> Brand loyalty

These can increase patronage for your brand, product or services directly or indirectly.

ANOTHER BENEFIT OF GETTING BUSINESS NAME RIGHT FROM THE START

Perhaps one of the biggest reasons why you should get your business name right from day one is continuity. Several businesses on scaling realize that their original name isn’t reflective of their new status.

At this point they shop for a new, more apt business name, and oftentimes this doesn’t come cheap. Depending on your vertical, total cost of business name change can run into millions of dollars like the attempt to change UTA to TDU.

5 SIMPLE BUT POWERFUL BUSINESS NAMING TIPS
 
1) Make it Flexible and Extendable:
A good business name should be flexible and extendable: able to accommodate a growing portfolio of additional products, services or territories.

Nearly every business owner I know wants growth, but many by their business naming practices unknowingly sabotage this by selecting business or company names that put a cap on business expansion.

Some select geographically restrictive or nonspecific terms as business name. What happens when “London Glass Company” needs to expand to Montreal or broaden into leather or software production?

This would likely necessitate business name change with its associated rebranding costs.

2) Keep it Short and Sweet:
When brainstorming business or startup name ideas, always have brand recall in mind. How easily will people identify, spell, pronounce or recall your brand or business names.

If it is hard to spell, it would be hard to pronounce or recall in the event of a need. Choosing a business name that is easy to spell and pronounce will aid recall.

There are millions of businesses out there, perhaps hundreds of thousands in your industry, a good business name will get you more easily noticed. A name like “Jack Wells” will likely fare better than “Zxymograeb”.

Also, think about your website address. For instance www dot jackwells dot com is easier said than www dot zxymograeb dot com. Do you have to spell yours every time to new and even old customers?

A good business name should be easily, effortlessly, effectively articulated, and spellable from a telephone conversation, radio commercial or word of mouth recommendation. Also a few syllables is generally better than a lot.

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