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How to choose the right name for your business”?

Entrepreneurs choose a new business name

Your company name is important for a number of reasons, and can make a significant difference in terms of success. It can make your brand well known and that is something every company wants, as it drives traffic and sales.

So what does your name need to convey:

  • expertise
  • value
  • uniqueness of your product/service

Descriptive or Abstract Names

There is some controversy in opinion over whether your company name should be something abstract or something which clearly illustrates what your company is. And there is also controversy over whether either of those two lead to a more memorable or forgettable name. You should research what your audience will positively react to. Based on this, you can select an appropriate name for your business.

A company name is just the start. It needs to be promoted through a strong marketing strategy to develop and spread the word about the business and what it is you can offer. The term “branding”, which is now used, encompasses your company name, logo etc. and this helps advertising. Having a strong brand does make a difference and it is your brand that people remember, and that all starts with a name!

In today’s internet fuelled business world, there are new companies starting up regularly. Most of them tend to use very unique and original names. A more distinct a name, the better the brand recognition. When it comes to trade marks, you’ll have to have a uniquely different and new name in order to get a registered trade mark.

So, when coming up with a good name that needs to convey those three crucial aspects you definitely have a bit of a challenge ahead of you (unless you happen to have a product which easily lends itself to a name, or you are extremely creative!).

Using Naming Professionals

If you still struggle with finding a name, then you can choose to consult a “naming experts”. They can help you pick the right name for your business. This might be useful in competitive markets where most names are similar and you need something unique. Using this can come at a price though.

These are some top tips that you can find all over the internet on how to write a good name:

  • Choose a name that conjures up pleasant memories, which allows customers to respond to your business on an emotional level
  • Focus on what the business is about
  • Try to keep your name as short and straightforward as possible – confusing names are easy to forget!
  • See if you can get a name that appeals to you but also the customers you want to attract
  • Avoid using puns or private jokes that only you understand
  • Don’t use a string of letters or numbers as apparently this rarely works well for small businesses

Here are some other tips that can help you come up with an appropriate name for your business, but also enable you to be able to trade mark it.

Recommended Tips

Your company name should appeal to your target market. This will help lessen advertising costs required to explain the brand name. However, companies which using unique or made up words have had enormous success in recent years. The most popular example of this is Google. Unique and made up names create intrigue and that can itself bring about crucial conversations explaining your line of work. Feel free to use words that are not in the dictionary, this can be of benefit because these words have a good chance of being completely original and not trademarked yet. You can be creative with this and there are specialist companies who can help you come up with new words that resonate with readers due to the letter formations etc.

Try to avoid using place names in your company name unless it is a product relevant to that specific area. If it isn’t relevant to that specific area people from other places may not realize it has benefit to them, and could make branching out harder.

Having a trade mark is fundamental, so before signing off on your name, make sure it is available to trade mark. Speak to a lawyer or company specializing in trade marks and make sure that yours could work.

Equally, test the name out in general.  Would it look good on promotional material, does it work well with a logo, these are all things which lead to the complete brand package, and very often people trade mark multiple assets of their brand, so make sure they complement each other.

So to conclude, you will have no doubt spent a few weeks debating which name is most appropriate and made sure it fits your objectives. As stated before, a name is just the start, the marketing and promotion efforts will help get your name out there, but it is the first thing people notice so make sure it’s memorable.

Best of luck embarking on the challenge of finding a good name, it isn’t easy and we hope this information helps, but if you do need further help, do get in touch with us.

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