If you are starting a business, or have been hired to help launch a company, one of the first decisions you will need to make is to decide on the business name.
While some individuals simply name a business after themselves, or specifically after the services they will offer, others have a hard time coming up with the perfect moniker.
A lot of thought needs to be put into this process, as the name of an organisation is crucial to resonating with future customers, and describing the services or products offered. Below is a helpful guide of three things to consider before settling on a name for a business.
Suitability – The very first consideration when it comes to finding the right name is to make sure it suits the business you are establishing. While you can come up with an innovative or clever title, truly think about if it will tell the story of your brand. For example, if you are planning to open a startup to develop apps, then a clever and catchy name including a play on Internet lingo would be appropriate. However, if you are establishing a catering business, you may want to choose a name related to food.
Originality – Another thing to keep in mind is coming up with a name that is truly original and not alike with other businesses. This is often easier said than done as there are so many businesses out there; but you can enlist the help of the National Business Register to look up names of over 10 million registered entities in the UK. Remember that you don’t want potential customers to confuse your company with another; so take your time and conjure up something truly creative.
Geography – Many businesses incorporate the location where they operate in the name. You may be tempted to register your business under the name “Notting Hill Grocers,” but prior to committing to that, consider a few factors. Is there a possibility that you will have to move your business in the future? Perhaps your lease may not be renewed, or you will require a bigger location. Another possibility is that you will choose to open more stores or franchises that will not be located in Notting Hill. While there are certain benefits to including a location in the name, such as it being easier for customers to find you based on their own neighbourhoods, consider future factors that can challenge this choice.
Being creative and choosing a name for a company can be no easy task. Just remember to consider suitability, originality and geography in your choice.
Head of Marketing
The Internet Marketing Academy
(Image courtesy of Dollarphotoclub)