Whether you are new to the entrepreneurial domain or a seasoned veteran, naming your business is an arduous process.
While this is one of the most important decisions you will make, it doesn’t have to be the dreaded event you’ve cooked up in your head.
This is an electrifying time; an opportunity to share your passion for this new project with the world. Channel that passion, using it as fuel to spark that innovative fire.
Your business name should embody everything that you and your company stand for.
It is the very first impression potential customers will have and is an excellent time to begin nurturing professional relationships. All the while, sounding catchy and memorable.
1. Consider The Message You Want To Convey
When choosing a name, it’s important that you consider the business’ customers.
What is it that makes your business remarkable and what feelings do you want your customers to associate with your brand?
Some entrepreneurs go for an emotional connection, while others strive to be considered an essential part of their customers’ daily lives. There is no right or wrong answer here. The key is to define these goals early-on and make them an integral part of the naming process.
- If your mission is to play a vital role in your clients’ lives, try to come up with a captivating name that clearly communicates what you are doing to better their lives.
- If forging an emotional connection is what you are after, consider what sentiments you want to evoke.
2. Keep It Simple
When brainstorming name ideas, consider the brands you value. They most likely have one commonality – their names are short and simple; easy to say, write, and remember.
This is important because one of your most valuable advertising tools will be word-of-mouth.
A noteworthy piece of advice – be sure to look at the acronym for any name you’re considering. While it may not be your intention to shorten your name to the first letters of each word, your customers may choose to do so.
Save yourself the embarrassment and headache and take this simple step before committing to a name.
3. Is the Domain Available?
Even if it’s just a simple website that shares your story, an outline of the services or products you offer, and contact information, your website will play a vital role in your company’s success.
When you think you’ve landed on the winning name, be sure to do a domain check to make sure it’s available for registration. New business owners are also urged to consider settling on a name that is available for trademark registration.
This will not only save you the stress of having to go back to the drawing board late in the business planning process, but it also reduces your exposure to potential litigation.
A common misconception that is worth noting – your domain name does not have to match your business name exactly. A well thought out SEO and marketing strategy and relevant content should be enough to ensure you rank high with the search engines.
4. Don’t Make It Too Personal
Every entrepreneur will agree that launching a new business is deeply personal. You’ve poured your heart and soul into this project, laying everything on the line in hopes of sharing your passion with consumers.
How could it not be personal?
It’s important to remember, however, that your end goal is to develop a name your customer base will remember and relate to. If done correctly, it could be the start of a long and deep connection with your customers.
5. Don’t Box Yourself Into A Corner
Hopefully, by now you have written a business plan that includes an outline of your goals for the next five years.
What are your plans for growth in the coming years?
If your boutique’s short-term plans only include women’s clothing, but longterm plans are to expand to men and children over time, pick a name that will grow with you.
6. How Does It Look?
An organization’s name is not only spoken. It will be written, along with your logo, which will appear on your website, advertisements, business cards, and social media banners.
Utilize a free template site to make a mockup of your logo.
Work with the word(s) to ensure they offer a sound visual representation of what you are trying to accomplish in a name. Then, wait and revisit your thoughts in a day or two.
Final Words Of Advice
While choosing a name for your new business can prove challenging, it should also be empowering and inspiring. It is your first step towards turning your entrepreneurial dreams into a well-known and respected brand.
When you think you’ve found the name that embodies everything you had hoped for, don’t rush it. Take that next step and ask for feedback from colleagues, mentors, family and friends, or even potential customers.
It’s important that you complete the naming process with resolve and confidence so you can move on to your next steps with that same resolve and confidence.