You’ve put months, perhaps years, into nurturing and hatching your revolutionary Choose a business name. You’re ready to change the world. Like every entrepreneur, you want to hit the ground running. Not so fast, Tiger. Before you dive headfirst into the business world, you should realise that business naming may not be as simple as you think.
Here are 8 mistakes you want to avoid:
8. 1. Don’t name your brainchild after yourself.
Brand Naming Agency: Trying to become the next Tommy Hilfiger or Henry Ford is a sure way to trap yourself. There is always the chance that, after ten years of solid success, you would rather be building custom motorcycles or lounging in the tropics. It doesn’t do a new owner much good if they have to change the name and launch a whole new branding campaign.
7. 2. Don’t name your brainchild after your home town.
Do you really want to do business in Nowhere, Montana, for the rest of your life? Tying yourself to one geographical location is very limiting. If you or a new owner gets big and wants to expand to other states via the Internet or other mediums, you don’t want to have to start a whole other business entity just to do it.
6. 3. Don’t pick a name too similar to the leaders of the industry.
In fact, don’t pick a name too similar to anyone unless you always want to be wondering if you are going to get that elegantly worded letter from some big-shot attorney. It pays to do some real research and buy some peace of mind. Lawsuits are not good for business.
5. 4. Don’t make it too specific.
Similarly to being location-specific, avoid being too specific about what you want to do. As you get bigger and more experienced, you may come to a greater understanding of your clients’ needs or see some great opportunities for horizontal or vertical integration.
4. 5. Don’t pick a name that is difficult to spell.
This is especially important if you plan to do business online. You don’t want customers struggling to find you because they misspell your name.
3. 6. Don’t pick something too boring.
Create a Brand Name: Put some thought into business naming strategies. Make it catchy, creative, and unique. You want to set yourself apart from the competition and stick in the minds of potential customers.
2. 7. Don’t overdo creativity.
At the same time, going too far with creativity can seem contrived or become confusing. Be unique, but keep it somewhat simple.
1. 8. Don’t be vague.
Does your new name clearly convey what you offer? Members of your target market may hear your name tossed around via advertising or word of mouth, and it should be instantly clear what it is you provide. You don’t want them to have to do any research to figure out what you do. Wow, hold on a sec, you might be thinking. Is there anything I can do? Suddenly, the business world seems complicated; you’re only in the naming process, and you already feel overwhelmed. My point is simply that most people don’t take into account how important this first step really is. It may seem small, but your company name is the foundation for public interaction.
