Selecting of business name sound like a simple exercise for experienced business practitioners, but for Startups may be challenging. Despite this, a business name has so much to do in making your business a success. Here are some 9 tips that can help you in selecting a proper business name.
1. Easy to spell names
Your business name is one of your sales promotion tools. Customers use a variety of ways including search engines to find a business or service. Easy-to-spell names are memorable and easy to access through search engines. Thus, keep your business name simple and easy to spell as much as you can. A simple name sticks in the eyes and brains of your potential customers.
2. Business growth potential
In selecting your business name, don’t pick a name that could be a limitation to your business growth. Select a name that has a wider meaning yet is not confusing. In other words, do not select a name that limits you to a specific product or area. You may opt for “Sports Gears Store” instead of “Balls store”. Sports gears store give you a wide ground of selling more than one sports item but Balls will limit you to only selling balls.
3. Undertake adequate name search.
To avoid back-and-forth movement with the name registration authorities for reasons that the selected name is already in use, consider undertaking a thorough internet name search before you decide. Furthermore, select a business name that will help you sell your goods or services instead of helping others. A small variation in spelling the name may lead to confusion and hence promote other people’s businesses.
4. Consider what people say and believe
Since you will do business with people, it is worthwhile to consider what people say and believe. For instance, in selecting a domain name, it is better to consider getting a .com domain name because many people consider .com domains to represent serious business rather than the .net and .org. If you force yourself to register outside the people’s beliefs, you will be taken casually and fail your business before starting. Hence, do not belittle peoples’ perceptions.
5. Use a name that conveys some meaning
In an ideal world, you want the business name to convey something expressive and positive concerning your business. To get definitive names, you need to ask yourself if people can instantly catch what your business will be doing. The name must be appealing to your potential customers. Business names that bear some meaning facilitate the branding process and thus, avoid the use of meaningless names.
6. Conduct a country-specific search
Since you will likely want to register your business with your country’s authorities, you must follow country-specific requirements when registering your business name. In Tanzania, for instance, the Business Registration and Licencing Agency (BRELA) does not allow registering a name already registered. In the United States of America, you will need to register your business name with the Secretary of State; hence, you must search the Secretary of State’s records to make sure your name won’t be confusingly similar to a business name already registered. Suppose it is too similar to an existing name. The Secretary of State has the right to reject such a name.
7. Consider selecting catchy names
Do you want to have a boring name for your business? A name that your employees will fail to mention where they are working proudly. Do you want your customers to forget where they bought the goods or services? Certainly not. Thus, consider selecting a catchy name if you want your employees to be able to say where they work without hesitation. Make sure that your business name resonates with your target audience. Make sure the name seems fine on paper and sounds awful when said aloud. Further, if it’s said aloud, be sure that people aren’t confused as to how it’s spelled.
8. Allow opinions and feedback from friends and colleagues
Come up with a list of more than three names and then run them by friends, family members, and trusted colleagues. Allow getting opinions and feedback from your target audience as well. Assess the feedback and make your final decision out of your list.
9. Make sure you are personally happy with the name
As a business owner, you will have to live with the name for a long time, so make sure you are happy with it and believe it will resonate with your customers. Take the time to get it right from the start.