A business name is as essential as the business. Your brand name is your narrative. It is your identity in the market. A business name represents your products or services. It communicates the culture, objectives, and values of your business. It defines your position in the industry and may determine the success of your business.
A business name is what will differentiate you from your competitors. If it is unique, it will establish you as a firm brand name that might be the start of success in the industry.
What should I name my business? Failure at selecting a good name means business failure!
What Should I Name My Business?
A business name is crucial for business success because of various reasons like;
Having a good name for your business means that customers will hardly forget your name. Moreover, the name will be familiar. This makes it easy for people to search on the internet about your services.
The more your business is searched on the internet is relatable to its success.
A company that is explored more becomes popular. It overshadows its competitors, thus giving it an upper hand in the market.
A business name portends the values and the culture of a business. People identify certain products with certain companies because that's its nature and identity or what it is known for offering.
Customers who use a company's products will pride themselves on the product they use. For example, if customers buy their clothing from a particular clothing line, they will be associated with that brand.
If the company offers good products, customers will also want to be associated with its ethos and uniqueness.
Other than just branding, the name of your business is significant to your business when related products are being offered by competitors in that the need for an item leads to the mention of your brand name.
Customers will remember your product first when you have a good name for the business. A good name promotes your business.
A good reputation helps cut down on the cost of marketing.
Ease of Memory
The ability to remember a name is essential when it comes to branding.
When the business name is easy to remember for your customers, it will help in marketing your services. They will readily recall the name and mention your business to new customers.
Customers are likely to forget complex words.
A business name is helpful for branding as well as marketing. Satisfied customers will suggest to new customers through word of mouth about your services.
Verbal marketing from a first-hand source is more believable than fancy billboards along the road. When a customer mentions your business name positively, less is required for justification.
When Should I Name My Business?
A business name is a medium through which your customers get to know you for the first time in business. Therefore, the moment you think of a new business, a name for the company should also come along since you will need to register the new business before opening the doors to the business.
However, the need to change a business can arise. Take a situation where you start offering different products as a result of an expansion. You will be forced to change the name to align with the new services. We already covered the LLL name change process. Other types of business entities follow quite similar guidelines.
When there is a need to accelerate sales and growth, businesses confuse your customers. Customers may mistake other company's products for yours. The need for increased sales calls for rebranding.
How Do I Name My Small Business?
Use Non-local Language Words.
The use of simple foreign words such as 'Le Clique' creates memorability and sounds good to the ear. It evokes a feeling of exoticness and uniqueness.
A common way of naming your business is by using acronyms.
Well-known companies use acronyms in place of their full names, which may not be easy to remember. For example, Cable News Network,-'CNN,' Product of Arthur Meyerhoff -PAM Cooking Spray, and M&M for Mars & Murries are typical examples of acronyms.
Use Own Name
If you are well known or have a personal brand, you can incorporate your name into your business. Take, for example, L.L. Bean- for Leon Leonwood Bean.
Use a Business Name Generator
A business name generator can assist new business owners in coming up with names for their businesses.
Business name generators create possible suggestions against particular keywords or business types, e.g., catering, clothing lines or food chains, etc.
Additionally, they may offer logo suggestions or even perform a domain search for your future company name.
A business name generator may provide easy, fast, and plenty of ideas.
A free business name generator search engine is quick and easy to use and will generate interesting suitable names for your business.
What Makes a Great Business Name or Company Name?
If you're looking to name your business or company, consider the following tips for naming:
Avoid Using Your Name.
Using your name as a business name can cause more troubles than benefit your business. Not unless you are an established brand; using your name as your company name may add nothing to the business structure.
The name of your business should communicate something about your type of business, which your name does not. It is even worse when it comes to potential customers who do not know you.
Using your name may also be costly if you want to expand your business or even sell it.
It Should be Clear, Catchy, and Descriptive.
Pick a name that is memorable, lively, and descriptive. Choose a name that is clear and meaningful too.
Avoid look-alike or generic terms that do not evoke a feeling of uniqueness. A name like Cornershop Enterprises is vague and not descriptive. It might sound too common, boring, and hard to remember. A name like MaxiDress is catchy and offers an insight into what the business does.
A business name has a substantial impact on online visibility. It influences marketing too.
When choosing a domain name for your business, ensure the domain name is available, and if the domain name could already be registered as a trademark, you don't start running in legal battles!
Online presence is critical for any business's success; therefore, domain name check is crucial.
Should be Creative
Use common words for future your business name that relate to the type of your business. For example, MaxiDress sounds relevant, catchy, and memorable if it's a cloth line.
Avoid stuffing keywords or using plain words in your business names. Pick keywords that are related to create an appealing title.
A business name is a marketing tool for your business. It should catch potential customers by intimating the kind of service or product you are offering. For example, the name Surfer is a perfect name for content optimisation; instead, pick a tool.
Should be Unique
When you pick a unique name, you stand out among your competitors. Customers can distinguish you from the rest.
When you select a name similar to your competitors, it becomes difficult to differentiate your product from theirs, making it difficult to be competitive.
Catch potential customers by picking a unique name.
Copying brand names makes you come across as selling for another brand, or you end up confusing customers. Instead, pick a unique name and establish yourself.
What is a Trademark?
A trademark ( see trademark cost here) enables customers to identify a product and its producer. It could be a logo or a name. It indicates that the product belongs to a specific company.,
It protects the goodwill that customers have with the business and shows exclusive ownership of the product.
A trademark protects consumers from counterfeit products. Consumers get assurance that they are from a natural source.
A Trademark search is helpful to you in finding similar products that may curtail the protection of your trademark.
What are the Common Rules When Choosing a Name For Your Business?
This business structure does not offer protection on personal assets. It is an informal structure. A sole proprietorship must operate under the owner's surname.
When one wishes to use a different name in sole proprietorships, one must file for a DBA or trade name.
A general partnership is typically the same as a sole proprietorship. The difference between a sole proprietorship and a partnership is that a partnership comprises two or more people.
Like in a sole proprietorship, you must include the partners' surnames. Additionally, you must file for a DBA if you wish to use a different name other than the surname.
A C-Corporation offers protection on your asset since it's a separate legal entity from its owners.
When naming a corporation, the word 'corporation, 'limited' or 'incorporated' or corresponding abbreviation must be used. You should ensure the name that you use is unique. You may search online to confirm the name doesn't exist in your state.
Limited Liability Company (LLC)
When naming your LLC, you must include the words 'limited liability company or their corresponding abbreviations at the end of the company name you choose. An LLC formation service or a Registered Agent can be of great help with the legalities involved.
There are restricted words that require a licensed individual - see how to become one - to set up a business, such as law firms, banks, or universities.
Looking to Name Your Business?
Remember, choosing a perfect name for your business is a process that requires ample time.
A business name is not just a brand but an identity that you can not change every so often. When selecting a business name, please choose carefully, knowing that it may make or break your entry into the business.
When it becomes necessary to change your name, rebrand with a clear purpose-success!