Starting a business is an exciting time. When you start a business, you're the head honcho, the boss...you are in control.
Being in control means that you make all business decisions, big and small, the buck starts and stops with you. One of the biggest business decisions you'll be tasked with is choosing a proper business name. The name you choose for your business will impact your business significantly. You want to choose a strong name, a meaningful name and a name that will connect your business and brand to the hearts and minds of your audience of buyers.
Here are 5 tips to consider when selecting your business name:
1. Try not to allow emotions to take over sensibility. Quite often, emotions can take over and cause entrepreneurs to choose a business name that is more personal than it is business. While you may be indebted to Aunt Gertrude for the love and support she gave you, naming your tech company, "Getrude's Love" may not be such a good idea.
2. Think beyond the fad. What's hot today may not be hot tomorrow. If you base your business name on an "in and out" fad that's forgotten as quick as it came, your business could be associated with something that is considered "played out" and as a result, your business may not get the attention of your audience of buyers because they may not realize that your business is current.
3. Do not corner yourself in business with a business name that does not expand with your business. Sure, Burger King is getting away with selling more than burgers, but, as a small business, you do not want to lock yourself in with a business name that does not grow as your business thoughts, ideas and creativity grows. Starting off with a business called, "Just For Women", may create some issues, if 2 years into the business, you decide you want to start offering products for men as well. Consider your business goals and plans beyond the startup when selecting your business name.
4. Consider your buying audience. While Uber, Yahoo and Amazon are great names now, extremely unique business names can be tough to brand for small businesses. If your potential buyers cannot remember your business name because your name does not put them in touch with the products and services they need, (products and services that you provide), choosing a unique business name can put a strain on your marketing and ultimately can be detrimental to the growth and development of your business.
5. Get input from others. Test your business name on friends, family and even strangers. Know what feelings and impressions you want your business name to elicit from your audience of potential buyers, then compare your expectations to the reactions of those individuals you are testing your business name out on. Do not feel you have to give all of your decision making power away, ultimately, you have to like the name and as long as you are well with the name, it's all good.
In addition, you want to make sure you follow all legal guidelines when selecting your business name. You do not want to get into any legal wrangle at no time with our business. Also, do not name your business a name similar to a (more successful) competitor. Choose a name that you can nurture and grow and ultimately succeed with.
Your business name will be the beacon of light that shines over your business for the life of your business, choose wisely.