If you are struggling with choosing your new business name, don't feel like you're not on track. Having a difficult time with this is actually normal. By now, you're aware that your business name will be the first thing that people will associate with you. That name will be on all of your promotional gear and all of your advertising. You want to name your business name right the first time.
How do you get started?
When you begin to think about your new business name, you want to be very clear about the image that you create. If you're the one who personally handles all clients, you may want to name your business after yourself.
If others are involved in running the business, your new business name may work better if the focus is on your product or service. Think in future terms, in case your plans include phasing you out of the picture.
Concentrate on the message
Most entrepreneurs agree that they want a business name which is memorable and that reminds their customers of their value proposition. Legally, it should also be somewhat unique.
One approach is to name your business with meaning and purpose, with direct reference to what the business is or does. Another approach is to name your business with creativity and flair. Some business names work best by piquing the curiosity of potential customers with a fun play on words.
How do you find business name ideas?
Write down different words that match your goals for the perfect business name and describe what you want people to remember about it.
Next, take those words and look them up in a thesaurus, which specializes in synonyms. It can also give you ideas about different phrasing or alternate usage. Research what each word means in another language, if you're going global. Whether each combination makes sense or not, just keep rearranging the words and let the business name ideas flow.
How do I narrow down my list?
Take a good look at your list, perhaps setting it down for a while and coming back to it later. First, eliminate anything that sounds inappropriate or doesn't communicate your message.
Next, show the list to your friends or your management team (or both) and get their input. This might result in a longer list at first, but that can be a good thing. Two heads are definitely better than one when you are deciding what to name your business. Some new start up businesses build their lists by hiring professional at business naming creators or putting together a focus group for consumer research.
Now, take your list and prioritize it. Which sample business names communicate your value proposition better than the others?
Put them to the test
You should always test your ideas in some way. Can you pronounce it easily? Are people likely to remember it? Does it evoke anything embarrassing if you translate it into another language? Does it effectively communicate your message? Does the name fit well on your marketing materials?
Names sometimes need to fit on a retail tag, a cardboard box, a business card, or the side of a delivery van. Imagine your name printed on your marketing materials, and imagine people talking about your new business. If you answer 'no' to any of those questions, cross that business name off your list.
What is the best choice?
After a thorough vetting, you should have a much shorter list of great business name choices. Take another break from staring at the list, then go over the process one more time. Rearrange them in rank if necessary. You're almost there, but keep the list for one more test.
Take time for legal issues
There are many restrictions on business name availability. Names must be unique. You cannot use a business name that is the same or deceptively similar to another. At a bare minimum you should search the state records for your particular state to see if the name is used.
Finally, don't let an article on the internet complete the business naming process. Hire a legal professional to help you with the fine print on copyrights, trademarks, and business name availability. It may save you a lot of time and money later. The right business name can help you become a success!
About the Author:
Steven Schlagel, CPA, CVA, CFP, JD is a coach and consultant to small business owners. This article on finding business names is just one of many you can access by clicking here. If you want to know more about him or his services visit My-Small-Business-Mentor.com.
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