Business success depends on various factors one of them is the business name.
However, it is difficult to estimate how much the business name itself will contribute to future business success. So, finalizing a business name can be challenging.
Here are some common mistakes you can avoid to ensure you choose the Right name – a name that will be part of your consumers’ very first experience, and have the potential to stay in their minds forever.
Avoid Local Limiting
Naming your business after the city, town or neighborhood you live in may seem like a friendly way to name your business. However, when you expand your services and offerings to a larger market this may no longer work.
You may also find it difficult to relocate your business in future if the name is associated to a city or a neighborhood. The business name may no longer have a proper context for the consumers to connect.
Resist to Simply State What You Do
Resist the temptation to just simply state what you do. Even if you use adjectives to try to set yourself apart, calling yourself Amazing Brownie Bakery, for example, you will just be one of many bakeries that make brownies.
Create a name that gives you room to grow. A name such as Bolta Bakery sounds dashing, catchy and allows you to move beyond brownies.
Avoid Niche or Narrow
As in the example of Amazing Brownie Bakery above – why would you want to restrict your business to only brownies?
Avoid choosing a business name that is very niche or narrow. This will hold you back from expanding your business with associated products and services.
Avoid Unwanted Nicknames
When parents name a child, it is common practice to consider whether an unwanted nickname may follow. Similarly, for business names, avoid unpleasant rhymes or embarrassing initials.
It is human nature to shorten or play with names. Take care not to give a name to your business that your competitors, or your employees, can twist into an insult or a bad nickname.
Avoid Too Cute, Too Trendy and Tongue Twisters
Clever and creative business names are good, too cute or trendy can turn out to be bad in the long run. Your business name should have the ability to take your business into the future. Names that are associated to current trends or fads will sound out-of-date and stale in a few years.
It is important to create a unique and catchy business name but in the process do not end-up creating a tongue twister.
Who Else Has Your Name?
Be careful not to use a name too close to something used by another business, even if you legally can use that name. A name close to another business’s name may create an unlikable comparison or confusion.
Like a gourmet restaurant will not want to have a name too close to that of a fast-food chain.
Or… an auto repair shop would not want to be named something that could be confused with the local junkyard.
Your Name is not a Brand
There are personal/family names in the business world that have become brands, but it can take years to create that connection. Most businesses do not have that kind of time.
If your personal/family name does not already have an established recognition – keep your name on the signature line. And, instead select a compelling business name that expresses the best of the energy and skill your business brings to the world.
Also, if you may want to sell your business someday, your personal or family name may not be as attractive to the potential buyers.
Finally… Are You Stuck Trying To Be Absolutely Sure?
When you discuss shortlisted business names with your family and friends – do not get too far in pleasing everyone. The meaning and connect of the business name is more important than pleasing a group of family and friends.
Your business has a message to convey, and its name is a critical component for that mission.
Hope this post helps you finalize a business name that will be engaging to your consumers and flexible enough to suit the future growth of your business.
Presence on the internet via a business website can help you spread the word about your new business. Here is the post on how to find a search engine optimized business domain name.