Starting a new business has its own trials and tribulations. And one of them is finding an appropriate name for it. It is no less time consuming and challenging than other tasks. Some owners feel completely at a loss at this stage. While others don’t even begin a business plan until they have a name in mind. But our 08 tips will help you get out of this situation and find a great name for your company.
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Decide what your name should convey
The name of a business is a part of its identity. It will be appearing on everything connected to your brand. Your company logo, letterhead, business cards, products, promotional content, and website will all be sporting it. Therefore, it must identify what your business is about.
Companies that provide certain services should make sure that clients can recognize their nature by the name. For example, Bright Accounting or Executive CV Writers UK. These names convey clearly to anyone what kind of services these businesses provide.
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Brainstorm to identify possible names
Brainstorming is key to any task that needs you to think creatively. Set aside time to brainstorm when trying to think of names for your business. Ask yourself which words will be perfect to describe your niche or what you are providing. Then analyze which words can be used to describe your rivals in the market. Another tactic is to come up with words which show the difference between you and your competitors.
You can take it further and think about what describes the advantages given by your services and products. Phrases or terms that express the feelings you want your consumers to feel also works well. Do not get discouraged in the start because this process does take a lot of time. Leveraging resources is a great option while brainstorming such as the thesaurus, dictionary, and online help.
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Keep it short and simple
Think about the names of well-known brands you are familiar to. If you look closely there are a few common attributes they share. They are simple, brief, easy to write down and memorize. For instance, Google, Slack, Apple, Tesla and so forth. If your name is too obscure, then it will be difficult to remember or write down. A name that is too complex can also be harder to integrate into your logo.
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Avoid too literal or narrow names
Keep in mind how your business might evolve in the future so the name should be open to those possibilities. It should still be relevant when you expand into offering more services or products. Here is an example:
A company is named iPhone Accessories. After a year it expands and starts selling accessories for other brands too. That is when the trouble starts to brew. Its original name will become misleading and changing the name can be bad for business. This is the sort of scenario that you should avoid getting into.
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Test your chosen name
One can be tempted to involve family, friends, employees, or customers in finding a business name. And sometimes it produces great results. But most times it can be risky and messy. There can be too many disagreements and disapprovals which prevent you from reaching any particular name.
But testing the name is also quite important. Shortlist the names that you think ring true and reveal them to a closed group. The people involved must be the ones who perceive the business and its goals. Gather their feedback and then settle on a choice from there.
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Plain terms should be avoided
A name that is exceedingly plain can make you just another business in the industry with no unique identity. You cannot stand apart from your competitors with a name like that. There are hundreds and thousands of businesses which are also doing nearly the same thing as you. But what makes you different should be reflected in the name you pick.
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Geographic names should be dealt with carefully
Sometimes business owners use their region, state, or city names as part of their business name. If you are planning to keep the business limited to that region than this can work out fine. But as mentioned earlier, if expansion is your goal like most businesses, then such a name will create restrictions.
In some cases, including the name of the region becomes necessary to specify where your services are provided. It is prime not to make it the central element of your name then. The best example of it is Cheap CV Writing Services UK. The company can change the region attached in the end without affecting the entire name if the need arises.
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Make sure it is eligible to obtain a trademark and register a domain
Do not start working with a name that is being already used by someone else in the industry. Although similar or even identical business names do appear now and then, they are undeniably confusing. Your brand can be exposed to litigation by having a name similar to your rivals.
It would also be highly unlikely for you to get trademark protection for your business. Intellectual property must be valued and should never be taken for granted. Your name must also be available for domain registration as well. Keep in mind that .com domains are extremely popular so it can be difficult to find one that is free.
These were our recommended tips to follow in order to name your company with a suitable business name. The struggle can be pretty frustrating at times with the industry being so vast and diverse. And everyone involved in the race of standing apart from the crowd. But the tried and tested strategies we have shared with you will help you long in the process. Just trigger those brain cells and let some creativity enter the mix. Nobody knows your business better than you. So have faith that you will be able to do justice to the title you crown it with.
