You have a fantastic product or service. And you are ready to take the business world by storm, dazzling everyone with that amazing “wow factor”.
However, there is just one very crucial problem.
You have no idea what to name your business.
The importance of a business name can not be overstated. Naming your business is necessary when forming your company’s identification. It will go on all letterheads, business cards, and advertisements.
In the business world, it will be what makes you, YOU.
So how does one very smart entrepreneur (such as yourself) go about naming your business? We’re here to help with these 10 crucial tips for deciding on a business name.
1. Take the Time to Brainstorm When Naming Your Business
Do not rush your way through the brainstorming process. Ideas take time to formulate and grow.
Instead, take the time needed to really think about your business plan, what it represents, and who you are hoping to reach. Write down words that you think go with those ideals, and be willing to start over from scratch if you feel you are headed in the wrong creative direction.
2. Be Brief Yet Memorable
You want your business name to roll off the tongue. So keep the words in your business name brief, memorable, and easy to say. Sometimes the best business names are just one or two words (think “Amazon” or “Nike”).
3. Do Not Use a Personal Name
We know you are very proud of your business, and you want to put your personal stamp on everything it touches. However, try to refrain from using your first or last name in the business name. A specific name often keeps it from becoming easy to remember for future clients.
4. Reveal Your Story or Background
Make sure that the name you select reflects where you came from and what your goals are. It should almost tell a story about what brought your business together or what inspired you to begin with.
5. Use Geographic Locations With Caution
This step is necessary if your clientele will be located outside of your local area. You want to connect with clients no matter where they are from, and that is more difficult if you narrow your business name down to a specific location.
6. See If a Website Domain is Available
With over 366.8 million domain name registrations on the internet, finding a website domain that has your business name seems tricky. But a simple online search should determine if a viable domain name is available.
7. Make Sure It Stands Out in Your Industry
Do some research into your potential competition. You don’t want to choose a business name that is too closely related to someone else’s. Clients need to know to go to YOU when they need to, not get your business confused with someone similar.
8. Research Social Media Handles
Unless you’ve been living under a rock lately, you know the importance of social media in promoting a business. Like the domain name, make sure customers can easily find you on popular social media sites like Instagram and Facebook using your business name as a guide.
9. Check With Local Authorities
Another important source is the local authorities. You can’t trademark your business name if someone else already came up with it first.
Most areas provide easy online access to search for business names. For example, potential business owners in the Ontario area can utilize this helpful guide to make sure their business name is unique.
10. Go With Your Gut
In other words, no matter how great the business name sounds, if at the end of the day you don’t like it, scrap it. Often your gut feeling will tell you whether or not you got it right. Don’t listen to all the criticism of your proposed business names. After all, company names like Yahoo and Google weren’t considered to be smart by many at the time of their conception.
Build a Successful Business
Naming your business is the first step of many when it comes to building your budding empire. If you follow these steps when you’re about to formulate your company’s identity, you will soon be ready to step into the business world and dazzle future clients. It’s time to become a name brand!
Looking for more business branding tips? Read more of our articles to learn everything you need to know about entrepreneurship. Visit the Business and Marketing sections of our blog to learn more about naming your business correctly to set yourself up for future success!