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What To Name Your Business?

Apex Bounce Staff    |

The name of the business is essential when it comes to business success. A right name can make your company the talk of the town.

However, a bad one can doom it to failure. If you are thinking about what to name your business, we've gathered tips to help you choose a good one!

How to start choosing a business name?

It all starts with your business name. This is what people will be typing, tapping, or clicking on every day. A bad business name can set off a lot of red flags since people need to interact with it a lot.

Ideally, your name should convey the value, expertise, and uniqueness of the product or service you have developed.

When you do not sufficiently invest in your name, you're missing out on having all of your marketing undertakings turbocharged. 

A name you like might be an OK choice, but what does it indicate in the hearts and minds of your customers? Consider their interaction with this product, since these are individuals who are closest to the business's intentions and actions.

It would help if you collected feedback. You can receive practical feedback by observing the initial responses that your family, good friends, and associates have. 

Some experts believe that abstract is the best business name. Others think that names need to be informative, so customers will quickly know what your business is. Some believe that coined names are memorable than names that use real words. Others think they're forgettable.

The truth is any name can be valid if the appropriate marketing strategy backs it. 

naming your business

Use of Personal name

Naming your business is not a good idea, according to Alexandra Watkins, founder of Eat My Words, It's a company that creates brand names for clients. Often, your name will get forgotten in the mix of all the other company names if you use your personal name.

Personal names can be used in a variety of ways for Limited liability companies. First names, initials plus the last name, last names, or a personal name that's only part of the business name, just like "Joe's Bar and Grill." 

Descriptive names

Select a name that appeals to the kind of customers you are trying to attract. Descriptive names spell out a business—what it does, where it's located, and so on. They focus on what the company is about.

Choose a familiar name that triggers up pleasant memories, so they respond to your business on an emotional level. Let's have "Italiatour" as an example. The name that was developed by to promote package tours to Italy. 

Even if it's not a real word, the name is meaningful in which customers can easily recognize what's being offered. And actually, "Italiatour" evokes the excitement of foreign travel.

Don't use a name that are limiting target customers for a name that can be too meaningful. This is a common pitfall for geographic names. An example is "San Pablo Disk Drives." 

That makes cause work out if the company wants to expand beyond San Pablo, California? What message will that name have for consumers in Chicago or Pittsburgh? And what if the company extended beyond disk drives into software or computer instruction manuals?

Remember not to use the word "Inc." after your name if your company is not incorporated.

Coined names

According to NameLab president Michael Barr, coined names can be more meaningful than existing words.

When almost every word has been trademarked, the option of coining a name is becoming more popular. Namelab had developed good examples, which are Acura and Compaq.

The name was taken from Acura from "Acu," a word segment that means "precise" in many languages. "Acura" has no real definition but the word suggests precision engineering, 

Another way to coin your business name is by changing the spelling of a word. Namelab created the name Compaq for a company that sells portable computers where they thought about the word "compact" that they changed the spelling to "Compaq" to make it more noticeable and less generic.

Trademark 

Trademark is not necessary for every business name. For as long as you were able to register your business name and not infringing on any business names trademark. It is best to hire a trademark lawyer of a trademark search firm to make sure.

Keep in mind that professional naming firms spend anywhere from six weeks to six months to the name business. Don't be in a rush to make the perfect one.

feedback

Making the final decision

Some entrepreneurs make a final decision relying on their gut. Some do consumer research or testing with a group to see how the names are perceived. Imagine how the name appears on a sign or a logo. Listen to how it sounds by saying it aloud.

Once you've decided, feel the enthusiasm for the new name immediately! The name is your first step toward building your company identity, one that will last as long as you're in business.

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