7 Tips for Choosing a Good Business Name
Highlight: Growth and progress of any business primarily depend on major factors like hard work, business planning, capital management, etc. But there are few small factors also that can play their part in making or destroying any business. One such aspect is naming a business.
It seems that identity produces a small impact on a company’s growth. But in fact, a wrongly selected business name can not only reduce your connection with customers, but it can even create legal problems for your business. On the other hand, you can increase the marketing of your brand by choosing a clear and powerful identity (e.g. Riz & Mona).
Following are few important business name ideas that will help you grow in 2018 and beyond.
1. Completely legal
The first and the foremost thing to take into account while choosing a name for our company is to make a list of your favorite names and then find legality of these names. It is necessary to know that your potential business name is not already taken by any business, while it also should not be strikingly similar to that of any other famous company.
Apart from that, it is also important to note that your selected names may not be restricted in any specific country where you are trying to start or expand your business. All such things can create legal problems for a company and hindrance the growth of the company.
2. Related to your business
On most of the occasions, customers don’t go to details of a company and they only guess the working of a business through its name. If the name of a business is not relevant then there are chances that you may miss your potential clients. It will only result in losing important profit. It is especially important in the case of a startup when you require every business opportunity turning into profit.
An example is the name “Shopify” for the company that is related to e-commerce. Similarly, the company providing online payment services adopted the name of “Paypal” and even a person unfamiliar with the company can easily know about the working of the company due to its relevant label.
3. Complete research
Never be in haste while choosing your business name. Even if you find an appropriate name at the beginning of your search, it is better to take your time before naming your company and make a complete research on this matter.
There are chances that you may find a more unique and appropriate name with thorough research as compared to your initially selected business name. This will certainly prove better for the growth of your business in the long term.
Don’t get deceived by names like “Google”, “Yahoo” etc. and expect that your company will also get popularity today by adopting such meaningless terms. Never forget that the time has changed now due to the extreme and severe competition between hundreds or even thousands of companies in the same field.
Therefore, now it is important that you must select a name for your company that may have some meaning in it. Even if you could not get a name completely relevant to the business that you own, you can make your company distinctive from others by adopting a meaningful name. It will easily remain in the memories of people for longer.
5. Choose a positive name
Emotions and feelings play an important role in increasing the number of customers for a company. People in different areas and societies have different good or bad feelings with few names based on religious or political priorities. Therefore, it is important to consider the feelings of the people in the area where you are interested to start or locate your business.
Names like “guns”, “intoxication”, etc. are usually disliked in general while specific countries and societies can have their own disliking for several terms. It is possible that a particular term is appropriate in Europe but it can be unacceptable in the case of Dubai business setup. Such names should always be avoided. Always choose positive business names that produce good feelings among your customers.
6. Interesting and catchy
Customers remain more in touch with names that they find interesting and catchy as compared to completely dull names. If the name of your business is not relevant, then you can compensate it with the type of label that is more interesting which is easily pronounced by people.
Titles like “Apple”, “BlackBerry” and “Firefox” are not related to the types of services these companies provide. But using such interesting and catchy names played at least some part in the popularity of these technology giants.
7. Choose according to the business locality
It is important to name your business according to the current or the potential location of your company. If your company is confined to a single city then it is nice to include the name of “New York” in its title.
But if you are expanding it to a national or international level, then this addition will not prove fruitful and instead, it may prove to be a hurdle in the growth of any emerging business. Therefore, it is important to choose wisely by naming your business according to the area of your business.