Why Your Business Name Matters
Starting your own business can be one of the most fulfilling things you’ll ever do in your lifetime. Whether you are simply tired of not being your own boss or have an idea you feel will corner the market, you’ve decided to launch your own company. Since there is much to do before you can actually launch your new company, perhaps a few words should be said on the importance of choosing the right business name. Believe it or not, a name can make or break you, so do consider it carefully. Here is some of what you should know.
The Nuances of Language
Language is how we communicate. Have you ever been taken wrong because the person you were speaking to had a different perception of what you were saying based on your choice of words? Now, take that forward a few steps and think about what a name can do to make or break your company before it even gets off the ground. It is suggested that your name – your brand – should be something pertinent to your industry but always with a focus on what is ‘socially acceptable.’ Be careful not to get too trendy because, true to their nature, trends are finite and, at some point in time, that name may mean nothing whatsoever to your intended audience.
Make Sure the Name Is Available
Another grave error would be to spend weeks coming up with just the right name only to find it’s already been taken. Say, for example, you were thinking of starting a business in Detroit. You’d want to conduct a thorough Michigan business entity search to ensure the name you’ve come up with isn’t already in play. Also, try to ensure that the name you choose isn’t extremely close to a business already registered in your state. A good bit of confusion might ensue, causing both you and the other business a great deal of frustration.
A Few Tips on Choosing the Right Name
Although you will want a name that is conducive to your industry, you might be at a loss as to what is acceptable. Some business owners shy away from controversial names, and that is all well and good up to a point. A little bit of controversy might be ‘just’ that marketing strategy you need to help you quickly build brand. Here again, it is vitally important to understand that your name IS your brand! As an example, think of Kleenex or Band-Aid. Do you ask for a Kleenex or a tissue? Most people ask for a Kleenex and the same holds true for bandages. If you get a small cut on your finger, you don’t go to the boss and ask for a bandage! You ask for a Band-Aid. Those are both wonderful examples of what a good name can do for your brand.
The key point being made here is that your business’s name is so much more important than you might have imagined. Keep it easy to spell, easy to understand and memorable. You’ll know you got it right when it becomes a household word. As a side note, if you find your name isn’t serving you well, don’t be afraid to change it! This could be the difference between success and bankruptcy. Need we ask which you prefer?
