Why a Business Name Is Important
The right business name can make what you have to offer easy to remember. The wrong business name could cause confusion, drive people away, and even knock you out of business. A name should never be chosen as a joke or from a brief moment of inspiration. Names are an integral part of a company’s brand. They are thought out, carefully planned, and selected because they accomplish something specific.
The Three Types of Business Names
There are essentially three different ways to approach naming a business:
Made up words: Making up a new word to call your business is done with a specific intent in mind. Names like Facebook and Skype are chosen because they are able to effectively communicate something specific about the company.
Part of the owner’s name: Many small businesses utilize a name-based approach for their business and this works well on a local scale. Why? Because when people encounter you in the community, you have an easy way to further the recognition of your business. Adding a brief descriptor, such as “Contracting,” after the name will effectively communicate what service you would provide.
Starting from scratch: Some business names are very abstract and really don’t have anything to do with what the business does. If you look at Apple, it doesn’t indicate what the business actually does. It is a memorable name that people easily associate with phones and computers, however, which is the reasoning behind an abstract name.
Easy Names Are the Way To Go
Not only are easy business names a simple matter to remember, they also tend to trade better in every category when tracked against more unpronounceable business names for the first year of a businesses existence. If something is familiar to people, then it is something that is comfortable to them. If it is unfamiliar, then logically it becomes uncomfortable. If all things are equal except the business name, which one are you more likely to associate yourself with using? One that makes you comfortable? Or the one that makes you cringe?
Avoid Certain Pitfalls
Did you know that if you have an English business name in a market that is dominated by the Spanish language, people will be less likely to visit that business? Language fluency, initials in a business name, and even words that can be pronounced in different ways can all detract from the message you’re attempting to communicate through your business name. Though there are always exceptions to any given rule, by avoiding these potential pitfalls in the creation of your new business name, you’ll be able to potentially succeed where others may have failed.
What Will You Name Your Business?
Before finalizing any business name, it is important to test it out. Ask family, friends, or even complete strangers what they think about a the name of your business. See what they say when you ask them what they think the potential name represents. Don’t be afraid to ask for an opinion and take the feedback seriously. Incorporate some graphic elements into the name when you do finalize it to make it graphically appealing. When you do all of that, you’ll be able to find the perfect name that leaves a great first impression in the minds of a vast majority of people.
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