OK, OK so there are more than 5 things. In fact, there are 3 sets of 5 things to consider when naming your business. If you are like most entrepreneurs, your company means a lot to you. I have many clients who refer to their businesses as their “baby or lover”. As an entrepreneur, you are giving birth to this new business or nurturing an existing business to keep it alive and hopefully growing. You should have great hope for his future. It makes sense to name it with care and planning. Below are 15 key things to consider when choosing a name.
o Names that say something about the product are more successful than those that are vague according to research. For example, Toys R’ Us, Dominoes Pizza, Subway. Avoid names that leave the reader clueless as to what you are selling. Think about the key focus of your business. “Joe’s Windows” is more descriptive than “Joe’s Contracting.”
o Your company name should be broad enough to accommodate changes in the organization, including growth, products, and strategy. Plan to grow into the name, not out of it. This decision is not only a good strategy, it is also good for your mindset.
o Make sure the name is easy to pronounce and understand. Your business should be easy to remember and pass easily by word of mouth.
o Names that create a mental image are remembered much better than those where no image or image remains in the client’s mind. For example, I once saw a truck with an image of a snarling grizzly bear on the side. The company name was Angry Bear Lawn Care. I will never forget that image and I only saw it once. The fact that it rhymed also helped a lot to create the impression.
o Choose a name that has staying power. Stay away from names that are tied to the latest fashions. Fads may come and go, but you want your business to stick around.
o A company name must be at least somewhat unique. In the first place because if it is not, it is possible that someone else has already taken the name.
o Be prepared with a list of alternate names in case the one you want has already been taken. Ask 10 people who don’t know you to rate a list of names for your business. You need to run it through its steps. You should also ask people what the name conveys to them. A good example would be Wayne County Janitorial Service v. Worldwide concierge service. Both companies would have the same owner and even the same target market; however, the names alone would convey a different message.
o Unless it helps your marketing and defines your target customer demographics, stay away from names that define you as a certain race or ethnicity and stay away from jargon.
o Names that are too long can be a problem for signage and marketing purposes. Also, names that are too long don’t lend themselves to simple domain/web names.
o Research the meaning of your name finalists in other languages and cultures, especially if you plan to be an international company.
o If you are going to include your personal name in the business, you will tend to have a lower perception by the public. This can be good and bad, and of course, like everything, there are exceptions to the rule.
o Make a list of competitors in your industry and determine how you can differentiate yourself from those businesses through name selection.
o The name you choose will have a certain “feel” to the client and audience. Consider how you want the general public and your customers to view your business.
o Check state regulations on a business name. Many states require specific wording for corporations and LLCs. Also, some words have limited use or are prohibited in trade names. Consider trademarks when deciding on a name. Be sure to check the USPTO (US Patent and Trademark website) website to see if someone else has registered a name that will likely supersede your right to use it even locally.
Lastly, know that your company name is not the same as your UVP, USP, or “tagline.” Don’t expect to be able to convey an entire marketing message with just your name. For example, your business may be McDonalds, but your UVP, which defines what makes you unique, would be “over x billion served.”
Naming a business seems to be simple, however it must be taken seriously. Choose a name that provides at least a neutral image and, if possible, communicates your type of business (LLC, Inc., etc.). Make sure your target market likes it, after all, they are the ones who have to like it. By selecting the name wisely, your company will become a valuable company asset and a name you will say proudly for many years to come.