What’s in a name? Tips for naming your business

When starting a business, a key thing to consider is the business’s name; what are the main considerations to take into account when naming your business? It sounds like a simple enough task, but naming your company is important and it can be a daunting experience if you don’t know where to start. The right name can mean the difference between success and failure. Below are some pertinent ideas surrounding naming your company.

First Impressions

• Ideally, you want your business’s name to create a positive first impression to potential consumers, clients and investors. Your company name is the first thing they will notice, so it’s important to think about what you kind of impression you want to create. Put yourself in the mind of the consumer; think about what you want people to feel when they hear/read about your company. Find a name that creates positive connotations in the minds of your consumers is key.

• A business name must clearly suggest what service it provides. The Gourmet Burger Kitchen, for example, has a very direct name. It implies quality and is clear in exactly what sort of services the business will be providing…i.e. burgers! Try to avoid an overly long, or generic business name – neither is likely to stick in the customer’s mind. Also, if a consumer is searching for your business online, these types of names are not likely to yield accurate results – they’ll just get lost on search result pages amongst millions of other results.

• Abstract business names, like Domino’s [Pizza], can be mysterious and alluring, but approach with caution. Think about what works best for your business, and what kind of impression you want your company name to suggest. There’s always a chance that an abstract name might distract investors or confuse the consumer. Ideally, think succinct, relevant and unique when naming your business.

• Also, consider the spelling, pronunciation and meaning of your chosen business name. You don’t want to be explaining this to people repeatedly, especially when it comes to pitches with potential investors!

Research the Name

• Research your competitors and consider and compare their business names with your own ideas. Think about what it is about their chosen company name that makes them a successful (or not, as the case may be!) business. Avoid copying or attempting to mimic your competitors, as you may end up confusing your potential customers, angering existing establishments and potentially struggling with things like SEO!

• It is also important to ensure your business name doesn’t translate to anything unsavoury or strange in another language – if you’re planning to conduct business overseas, this may create a bad first impression.

• Before settling on a name, make sure you are able to trademark it. Pay the Patent & Trademark Office and Trademarkia a visit to make sure that you still can, and that it’s not already taken.

• If you also want to create a web-friendly business then your company name is important in ensuring this is a possibility. Make sure that your business website name is domain free, and register it. Keep in mind that if the .com is unavailable, there are a multitude of alternatives, including .co.uk or .net. Also, if your business name consists of more than one word, you can always use hyphens to separate them in your web address. Once again, try to avoid overly long web addresses as they can be tough to remember!

• Also, make sure to Google your business name to see what is already associated with your chosen company title. Perhaps, your chosen title is inappropriate, or has taken on a whole new meaning in online culture.  Check the Google Images tab, and also conduct searches on social media websites like Facebook and Twitter.

 Other Key Aspects to Consider when naming your business

• Take a moment to think about how your name will look on your logo, website, storefront and letterhead. Ideally, you want an aesthetically pleasing company image, and your chosen name can play a big part in that.

• In the end, try not to rush your decision. Let your names and ideas brew over a few days. Sometimes what seems like a great idea can feel a little different after some time has passed. Seeing things with a fresh pair of eyes is important, and also remember to ask for feedback from your peers, friends and family. Although they may not be in business with you, their opinions as outsiders unfamiliar with the business name can be invaluable in considering what works and what doesn’t.

• Think about brand potential when deciding on a company name. Consider if there is potential for memorable slogans and taglines to accompany your name, and if your name suggests that your business could eventually grow and evolve.

• If you already have an established business and you’re not seeing the success you’d hoped for, it’s worth getting feedback on the company name. It’s never too late to change your name if it’s going to improve your business and help it grow.

Final Thoughts

Gary Backaus, the Chief Creative Officer of Memphis-based ad agency, acher>malmo, recently stated:

“You don’t need a big idea for your name. You need a name for your big idea.”

While it’s true that your business name needn’t be an elaborate puzzle, but you should never underestimate the power of a name. Your company name should relate to your company and reflect its values. If chosen wisely, it could turn your small business into a towering empire.

Once you’ve come up with your business name, you might want to start thinking about how you are going to handle your accounts. Of course, we can help with that! You can also visit this page for help in your search for an accountant.