What’s in a name? Quite a bit, if it is the name of your business. You want to make sure you pick the right name because that will become your brand. This article takes a look at three things you must consider when naming your business. When you sit down to think of your business name you need to consider; what the name means, if it is memorable and does it encompass long-term growth?
1. What does it mean?
This is an important step when deciding on a business name. What exactly do you want your name to convey? Figuring that out is the first step. For the most part, your name should be meaningful. Figure out exactly what kind of image you want for your business and pick a name that matches. If you are a high quality jewelry store then “Bob’s Bargain Bracelets” might flow well, but it isn’t the name for you.
2. Think Long Term.
This is something a lot of small business people don’t think about. If you plan to expand your business in the future then you should chose a business name that doesn’t limit that growth. If your goal is to have a nation wide business, then you will want to avoid limiting yourself with your business name. “Sue’s Hometown Catering Service” might be great for a start-up business, but does it have growth potential?
3. Is it memorable?
If you have a business name, then you want it to be memorable. Who wouldn’t want people remembering their business name? The best way to stay memorable is to keep the name relatively short, catchy and easy to spell. With the proliferation of the internet as an all encompassing search tool, it is important that the people who do remember your business, can spell it. Striking the right balance is key though, yes you want it easy to spell but making it catchy can be the trick. ” Ontario Corporation ” is easy to spell, but does that make your business stand out at all?
Naming your business is not something to take lightly. Now that you have read this article, you will be able to apply these tips when you decide on your own name.
Ultimately, incorporation might be the long term plan for you small business start up, the name matters. If the business name means something, allows long term growth and is memorable, then you have the beginnings of a great business.