It may seem like a very trivial task but choosing the right name for your small business can contribute a lot to its success. While a good business name can make your business the talk of the town or a trending topic on social media, a bad business name can lead your business to failure. In fact, your business name is the first step towards creating a strong business identity.
Experts believe that your business name should impart the uniqueness, value and expertise of the product or service you are offering. Some think business names should be abstract, while others suggest that the name should be informative so customers would immediately know the nature of your business. Coined names or those that come from made-up words are often deemed memorable than names that use real words.
Here are some of the things you need to consider to come up with a good name for your business.
1. Decide what you want to communicate.
Keep in mind that the name you will choose should reinforce the key elements of your business. Review your niche, business vision, objectives and mission statement in order to identify the elements you want to emphasize in your business.
2. Be creative.
According to NameLab president Michael Barr, coined names can be more meaningful than existing words. You can create coined names by putting together meaningful word segments to produce new words that are both unique and meaningful. You may also use new forms or spellings of existing words to make the name more noticeable and less generic.
3. Test your name.
Once you have narrowed down your choices to four or five names, you need to conduct a trademark search to make sure you’re not infringing other businesses’ trade name. You can check it through this link.
Some entrepreneurs rely on their gut feel when making the final decision while others conduct focus group discussions or do consumer research to see how others particularly potential consumers will perceive it. It’s extremely important that your business name fits your company’s objectives and describes the company you have in mind.