Why a business name is so important
Naming your business is extremely important and as important as the business function itself. Your business name is the first impression you make and is the powerhouse of your branding foundation!
A business name uniquely identifies your brand and is the moniker you will use to reach your target audience. It defined both your online and offline presence and helps people to connect with your brand.
If you get it wrong then the name of your business can hinder your company’s development and may be expensive to change at a later date.
5 steps to naming your business
There are 5 steps you should take to name your business:
- Understand brand-identity
- Easy to say
- Due diligence
Let’s look at each in detail.
Understand brand identity
You need to consider your brand identity and break it down into your core brand.
Who are you?
You need to be able to clearly stand out in your marketplace and that means understanding who you are. Think about the core message and meaning you wish to convey.
Understanding your brand identity will help you choose a business name,
Brainstorming is a great way of flooding ideas when done correctly. You should take an anything-goes approach and welcome all ideas and suggestions. Remember the other considerations when coming up with a shortlist of names.
Easy to say
Whatever name you choose must be easy to say – it needs to be pronounceable and should have a corresponding domain name available to purchase.
Try asking other people to say the name without prompting them!
Remember to always seek objective advice and try to consider if the name has any other meaning than the one you intended. You do not want a business name that could be open to a bad interpretation of the meaning.
Use technology and particularly the Internet to research names. Some websites have business name generators that can help to fuel ideas.
There are also marketplaces such as Flippa that you can use to search for existing businesses for sale. These can help to generate name ideas as well.
Other websites such as DomainQuick have a catalog of business names listed by industry and include professionally designs logos and branding.
It is vitally important to do your due diligence and research any prospective business name. There may be copyright issues or other businesses operating in the same space with a similar name and message.
Always due your due diligence, it is extremely important and can save you expensive problems further down the line!
In this short post, we looked at the value of your business name – an asset that is central to your business identity. We outlined the 5 main steps in choosing a name and demonstrated the importance of getting it right from the start!
It is difficult to find the perfect name in a competitive marketplace, but going through the steps above this should help you on your way. Remember that there is no ‘perfect name’ but that you may be able to find a good one if you follow this process.