The Art of Naming Your Small Business
Naming your small business should be enjoyable. But for some entrepreneurs, it is stressful. What if you pick the wrong name?
While it is smart to be cautious, it is nothing to get overly concerned about. The important thing to realise is that your business name will become your alter ego, so you have to pick a name that reflects well upon you and your small business.
How do you pick a great name? Well, you have three options.
1. Pick a clear name
The first method is to pick a name that says exactly what your business is and/or what benefits people will get by choosing it.
Begin with what your business is going to do and what image you are trying to create. Both must either be in the actual name of the business or at least reflected in the name, so that when people hear it, they know what you are offering.
Using this method, you would pick a name that quickly explains what the business is: Mr Plumber or Borders Bookstore and Café.
2. Pick an obscure name
Alternatively, you might want the business name to express the benefits that people will get by patronising the business.
If you want to name the business yourself after a benefit, start by answering the following questions:
- What sort of business are you starting?
- What will be the distinguishing characteristics of the business?
- What benefits will people get by coming to the business?
- List five adjectives that will describe the business.
- What are the good and bad things about those names?
Based on the above, come up with five possible names for you business. After you come up with 5 names that you really like, get some feedback from people you trust. They may not think your name is as good as you think it is. Remember, your home-based business has to serve a market need, and so finding out what the market thinks about your proposed business name, even in a small and informal way, is smart.
As you settle on one, be sure the name is not already in local use and it is not too similar to that of a competitor. Try and pick one that is catchy and memorable – alliteration often works well.
Be sure also to pick a name that is not difficult to pronounce or spell. The risk of picking an obscure name is that while it may be unique, if you can’t afford to get people to remember it, it may just be an odd name. If you do not have a sizable marketing budget, picking an obscure name can be more of a curse than a blessing.
3. Hire a business to come up with a name
The last method for creating a winning business name is to hire a business to name it for you.
There are companies whose business is to come up with business names. They usually do a great job of coming up with a memorable name, and get paid handsomely for their efforts – $50,000 is not uncommon.
For the right business, it may be a smart marketing move, but most home-based small businesses are best served by coming up with a name themselves.
Conclusion
Find a few names, get some feedback and pick one that will catch people’s attention.
SOURCE: ZenBusiness
