The right name for any business can highly reward the branding and marketing efforts, while a bad name could make your business end up in turmoil. Coming up with a good business name is complicated as you have to consider numerous factors such as uniqueness, legal issues, domain availability, consumer psychology, etc.
When you try to bypass this process by hiring a professional naming company, you might get a good name in compliance with the Trade Mark laws. But as a hitch, you will end up in paying a large sum of money which can be effectively used to grow your business.
Here’s a short guide to arrive with the right name for a captivating business by yourself!
Consider easy-to-spell names
The name you choose must be easy to understand when heard aloud, and should not be hard to spell or read. The common mistake most new entrepreneurs do is choosing a name that’s extravagant.
For example, when a person asks your company name, he/she should immediately understand what you are telling and there should be lesser chances of misspelling it. More the chances to misinterpret it, the listener may forget it soon, won’t be able to find you online, or cannot refer your business to a potential customer.
Use online resources for brainstorming
You can always do a brainstorm with your friends and colleague. But you will get mixed answers and perspectives. Make a note of all worthy suggestions, but don’t miss using some online tools like thesaurus.com and other sources with which you can jumble words for your existing name ideas/words.
Don’t limit the name to the type of business you start with
This is one of the common mistakes new business owners often do. Say, you are starting your entrepreneurship with a poultry business. Instead of naming your company as “Poultrystock”, come up with something that can be used as a common name for your different business streams.
For example: When you succeed in the poultry business with a good reputation, you cannot use the same name “Poultrystock” for other business streams like machining or manufacturing. Moreover, you will have to start from zero to brand your new business.
But if you have chosen a name that’s catchy but not directly representing a single business, the already earned reputation will help you to grow your new business much faster without spending too much on branding!
Do thorough online research for pre-existence
Once you have shortlisted the best names, do an online search by typing each of them and verify if there are other businesses incorporated by the same name. Most of the time, someone else will be already using the name you have chosen.
You don’t have to get disappointed here, at least the business should not be the same type of what you are going to do. But it’s highly recommended to come up with a unique name.
Convey proper meaning through the name
Try to convey something that is related to your values that positively impact your business.
For example, Adolf Hitler wanted to name the German Automaker as “Volkswagen”, which means “People’s car” in German. But it’s not mandatory. Some already popular meaningless names like “Kodak”, “Sony”, “Xerox” had great reach for their catchiness, but requires huge efforts for branding.
And that’s not all, even if you have found a name that’s unique, easy to read, and catchy; the name should satisfy you. Keep calm and be creative. After all, it’s your own business, and choosing the right name is critical for success!
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