Deciding on a name for your small business is essential to building an image, brand marketing, and gaining recognition in your industry as a solid competitor.
A business name should clearly distinguish you from competitors as well as connect with your key products and services. You want a name that has longevity or one that will last while at the same time consistently incorporates the purpose and values of your small business.
Basically, your business name matters because it is one of the single most factors that determine whether you become well-known and respected, or barely exist and not taken seriously.
The right business name will also lead to customers who understand your products and services by mere mention of your name, making it easier to attract the right target market.
You have several options when choosing a small business name including something basic and simple, tied to your product, service, or company website, and even the use of a family name is an honorable choice depending on your goals.
Essentially, a solid trademark name for your small business will set you apart from competitors and create a lasting image for all customers, existing and new.
By choosing the right business name you will find that it really matters simply because it can be the difference between profit, industry recognition, or inconsistent and slow sales.
To determine the name that best fits your company goals, objectives, and overall purpose, you want to ask a few important questions.
Some questions to ask include:
- What target market are you trying to attract
- Where will you be located
- What image would you like to build?
For example, if you are looking to attract a younger crowd for your new, high tech arcade, then your small business name should reflect a trendier feel to appeal to the specific target.
If you are home-based or working in an obscure location, you may want to consider a name that does not oversell services and mislead potential customers into thinking they can conveniently stop in to pick up products or services.
So, as you can see, there are very important factors to consider in choosing the right business name, all of which make it crucial that you research your options properly.
Other things to consider when deciding on the right business name and why it is important is the design of your marketing items such as business cards, flyers, website domain name, and other collateral materials.
When choosing design, logos, trademarks and your company colors, the business name should align with your purpose and ultimately, create a theme.
You want to ensure you are not sending mixed messages with different marketing materials that confuse customers. It will not help your image to have different business names on several pieces of marketing materials, the website, and the physical location.
It is important to maintain consistency and establish a strong reputation by protecting your business image. You want to protect your business name as an asset to send a clear message to your customers and competitors that you are serious.
If you are having trouble deciding on a professional and marketable business name, you could seek the aide of a focus group, relatives, or friends who could sit down with you for thirty minutes to an hour for a brainstorming session.
Keep in mind that you want to stay clear of weird spellings or pronunciations that make it difficult to remember, nothing too unique, but definitely something that is memorable and catchy.
Also, you want to make sure your business name is available and you are able to register the trademark in your location. Consider, perusing the telephone book, or even the Secretary of State’s registered business listings, which is usually available online.
Remain open minded and track your ideas and suggestions in a notebook until you are able to eliminate those names that do not fit your overall business goals and objectives.
Eventually, you will be able to choose something that meets your needs through process of elimination or even combining a few ideas together.
Finally, a good business name is important for long and short term reasons. Think of products and services that are well-known, household names, easily remembered with a solid customer base.
Several, come to mind right?
Well, this could be your business product with the right name choice.
Customers know companies not only by its products but by its logo, slogans, commercials, and the overall provided service, good or bad.
Imagine, your small business someday becoming a well-known name with brands and products in high demand. Even over time, whether you have a bad sales year or a public relations issue, you want your customers to support the business, and they will, and in most cases, based on name only.