Having a great business idea is of course essential, but what use is that idea if you don’t have a catchy name to attract customers and make them engage with you?
While for some, selecting a name for their business may be a cinch, others may struggle to find a name that accurately reflects the product or service being offered, and is unique. If this is you, then the following 5 tips should prove useful:
- Think carefully about the essence of your business
What is your mission statement, business plan and unique selling point? Answers to these questions, along with a good understanding of who your target audience will be, make a good starting point for ideas surrounding your business name.
- Brainstorm like crazy!
Grab a pen, piece of paper and scribble down all of the words and phrases that come to mind when thinking about your business; even if they sound wacky, in fact, the more creative you can be, the more chance you have of coming up with something catchy but unique.
Don’t limit your brainstorming to just you or other members of your business either, ask friends and family to come up with ideas, too – just make sure you recompense them appropriately should you plump for their suggestion!
- Don’t rush the process
Unless one name jumps out at you for all the right reasons, take your time over name selection; rushing into it and then regretting it once you’ve had your website designed or merchandise made up, could end up costing you dearly. If necessary, conduct a poll to see what others think of the name you’ve come up with, before you make your final decision.
- Check that it’s usable
You’ll need to make sure that your chosen name isn’t already being used by someone else before you take any further steps; using a trademarked name could see you being sued, and that’s not good for any business.
- Get it registered
Working with an entity management firm is the safest and most efficient way to protect your business name and register it with the relevant authorities. For LLCs, corporations, or a limited partnership, you’ll need to register the business itself, and this will also register your business name. For sole proprietorships or general partnerships, you may only need to register your business entity with the county and/or city in which its located.
The name of your business can be instrumental in helping you identify with your target audience, and help you attract the right kind of customers to your brand and products or services. While it may take time to come up with a name that says everything you want it to about your business, it’s a process that’s never worth rushing, and once you’ve plumped for the right one, get it officially registered with an entity management firm, who can also help guide you on many other aspects of starting a new business.