Believe it or not, the name of your business can have a significant impact on the future success of the company.
It’s pretty remarkable how much the business name shapes the brand’s future. A perfect example of this is Coca-Cola, being incorporated in 1889, it is now the second-most understood term in the world, right behind the word “OK.”
It’s not easy to generate a great business name out of thin air – It takes creativity and potentially some in-depth research.
Keep reading this guide to learn more about how to pick a business name that will create a lasting impression with your consumers.
Step 1: Planning
When you are just beginning the process of creating a name for your business, there are some questions you should keep in mind. These include:
- What is your company involved in?
- What makes you unique?
- What message are you portraying?
- Do you plan on expanding?
- How do you want people to feel?
These are essential questions to answer because it will give you a better idea of where you are positioned in the market. If your business is involved in selling pet toys, you will want to incorporate that in the name.
You want your company’s name to stand out and let consumers know why they should shop with you over the competition – this can be an excellent competitive advantage.
Do you have a specific goal in mind you are trying to accomplish? If so, make sure it is tied into the name somehow.
When making your name, don’t be too specific at first. It can potentially make it harder to expand later on. Imagine if Netflix instead chose to go with something like DVDbyMail, the world of streaming would look a lot different.
Step 2: Registering
After deciding on a business name, its time to make it official.
Depending on the type of business you set up, whether it is a sole-proprietorship, limited liability corporation (LLC), partnership, or a corporation, it will determine where you will need to register your business.
With an LLC, limited partnership, or a corporation, then you will have to register the business with the state, at the same time as registering the name. Otherwise, with a sole proprietorship, you can register the legal name of business with the county you are doing business in.
For more information on how to register a business, check out the link to learn more.
Tips for Choosing a Business Name
Selecting a business name can be a challenging process. Here are some tips to help you make the right selection:
- Make it easy to pronounce/ spell
- Don’t be too specific (make sure consumers know what you are all about though)
- Don’t make it too complex
- Can it catch customer’s attention?
- Does it stand out?
- Does it mean what you intend it to?
There is a lot that goes into choosing a business name. Make sure to take your time and make the right selection, don’t look at it as an afterthought.
For More Small Business Information
Choose a business name like your business depends on it – because it could. It’s essential to take the time and develop a unique name that fits your business. It is only going to be the first thing people see and speak about when talking about your business.
Remember, first impressions are everything.
For more helpful information about small businesses, check out the rest of our website!