What’s in a name? A lot, when it comes to your business

| September 29, 2015

What’s in a name? A lot, when it comes to your business

Is naming a business really important? If yours is a small business, a great name can be what gets you seen and heard by the locals. A name that doesn’t strike the right chords may very well put you into the background buzz of Main Street.

First of all, you want a business name that says “you” and showcases the unique value in the services or products your business offers. But for a name to be really effective, it needs to be backed by sufficient market research and know-how.

Here’s one way you can choose a name for your business that works.

Step 1: What do you want your business name to say?

Your business name will and should communicate certain things to your customers. Like what it does, and how it might go about doing it. Using real words instead of fabricated words is always a good idea. Real words are much easier to understand and remember by potential customers. For the same reason, names that are unnecessarily confusing, foreign or long should also be avoided.

It is a good rule of thumb to avoid initials or numbers in the business name because they usually don’t mean anything to a potential customer.

Even though it is your business, the name not only needs to appeal to you, but also to your potential customers. It is best to use a name that conjures pleasant images for your potential customers.

Step 2: Trademark check-up

Once you have zeroed in on a few business names you like, research to find out whether they break any trademark laws. It is best to hire a lawyer to do it for you.

Failing to test your business name may lead to problems later on. Unresolved disputes can lead to expensive and drawn out lawsuits, not to mention a bad name for your business. So make sure you check up with a lawyer beforehand.

You can also consider trademarking your own business name to protect your business’s brand assets and goodwill.

Step 3:  Final choice

After your lawyer gives you the tick for all the business names you like, choosing one of them is the next step. Which is the name that most accurately describes what your business does? Which name do you think best fits your business values and goals? Which name runs most smoothly off the tongue?

A lot of entrepreneurs do consumer surveys to decide on their final choice. But if that is not something you have a budget for, it is best to go with your gut instinct. As long as you keep in mind all the above points, you will be able to choose a great business name.

The right business name can make a world of difference to how people view and remember your business. So spend some time finding the perfect one!