A name for your business is important; think of it as the foundation of the entire business structure. So what happens if the alignment it a little off? The rest of the structure is never going to be right. A business name defines the tone, personality, character and the very identity of the business. What’s in a name, you ask? Just about everything
- Involving everyone: Involving your friends and family in the decision-making process might seem like a good choice to get more ideas. However, at the end of the day, you’ll choose only one name and risk offending the rest of the crowd. You could come to a consensus over the name, making sure that everyone is happy, but then you’ll risk choosing a very plain name that might seem like a compromise. A better thing to do is to involve a few people in the decision-making process who only have the company’s best interests in mind and not validating personal agendas.
- Don’t force the name: Several people just use a combination of an adjective and a noun to create a new word in order to come up with a catchy and original name for their business. Not only is it extremely forced, it’s extremely unimaginative. For instance, someone starting a spa chooses a name like RelaxiSpa or TranquiTherapy. It’s not like it’s a bad approach, but sometimes it just doesn’t work. It’s important to recognize when a name doesn’t work for your business. Using full words isn’t any less catchy, sometimes they just might work – Try Oxygen Spa, it makes more sense and sums up the personality of the brand.
- Avoid Generic Names: While using generic names like General Motors and so on, only the first company to start the business can get away with it. More so, they have been long in the business and also have a registered trademark over the name. When there is stiff competition in an industry, you need to start standing out. Imagine starting a brand as ‘General Search Engine’, the name would hardly stand out in the midst of Google, Yahoo and Bing! In the age of new media, it important to be memorable and unique.
- Don’t use regional indicators or descriptive names: Proud of their origins, many companies choose their own cities/region as a part of their name. Companies might also include their service and products as a part of their name. As the company grows, this can be a bit of a hindrance. The audience might assume that your business only caters to a specific area, or provides only a limited range of products or services. The company 3M, earlier known as Minnesota Manufacturing and Mining, which is now a world-renowned company known for their innovative products, strategically decided to change its name to ensure that their growth is not hindered.
- Metaphors might be cliché: Once descriptions and adjectives are exhausted, people often turn to metaphors and superlatives. While metaphors are a great way to start your business, they can turn stale when overused in a particular industry. For instance, many realtors use the words like Dream, Perfect, Affordable, etc. Apart from being overused, there is nothing else wrong with using these words in the business name.
For a new business it vitally essential to start off right! Imagine choosing a name that the public can’t relate to, or choosing a name that’s already a registered trademark and being sued for it even before your business takes off.