Considerations in choosing a business name
Christening your brand is the first major decision every startups has to sail through. Ideally, a product or service that satisfies the needs of its niche consumers is bound to make huge profits to the business. However, this is never the case in reality. It takes more than a ‘solution to a challenge’ to get across reel in your intended clientele, and be the winner over your competitors.
1. Never rush: Take all the time you need
Your brand name is the first contact your client has with your business. If this isn’t your make or break moment, then it does come quite close to it. Having the best business idea is not the only thing… you wouldn’t want your potential clients looking towards your competitors just because they ‘look more attractive’. As your name is the one thing that makes you stand out from the crowd, let your choice be one that with swing customers your way at first glance.
2. Animate you brand name
As this is the one word or phrase that you’ll say at the beginning and in every other conversation after, something you’ll be known for… the next important thing to do is to give it life before actually settling on the final name. It is important that before making your final choice, you should like saying the name, like the sound of it when someone else says it, and like looking at it when written down. If the name you chose leaves a bad taste to your mouth after saying or hearing it… you best drop it! If the name is difficult to pronounce, drop it! You wouldn’t want people saying your name wrong all the time! Your name should be beautiful… appealing… your name should be alive! So make sure you like how the fonts, alignments and layouts appeal before making a commitment. Test your name through fire!
“Branding is not only about a memorable logo, but an effective yet memorable name that helps people remember you.” ~ Jim Fowle
3. Make a list… and disconnect!
Well, it’s a no-brainer! Putting down a list on paper makes knocking off the ones you dislike a bit easier. It is important to not be too attached to your initial ideas… if it isn’t working, sweetie, let it go! Most startups would want to have their own names in their brands. While that may be the in thing for legal practitioners, it doesn’t work equally well for all other businesses. In most cases, it robs your brand of points in originality. So avoid the ‘personal touch if you can. The easiest way to ‘cheat’ into getting a business name is to ‘localise’ it… something like ‘Grill City’ for an urban restaurant.
There are a million approaches to getting your brand name right… at no point should you go easy and make the mistake of getting your brand name wrong. The best thing about a winning brand is getting the name right the very first time! This ensures consistency throughout your business’ lifetime; not forgetting that it costs you lots of money and/or client apathy when you choose to rebrand later on. However, it is also good to have your brands identity and personality evolve with age…
There are countless businesses you could own or start… but owning a good brand name is a good place to start.