Selecting your business name is a step before undertaking the registration of your business. Your business name has a lot of impact on the overall performance of your business. A wrong business name can cause so much negative impact on the performance of the business. On the other hand, a clear and powerful name can be beneficial in your efforts to market and brand your business.
Tips for selecting of business name
Selecting of business name sound like a simple exercise, but Startups may find it challenging to decide what we call the proper business names. The following are some of the tips to help you select the right business name.
1. Easy to spell names
Your business name is one of your sales too. You should consider your potential customers from getting confused about how to find your business online. Keep your business name simple and easy to spell. Simple names will stick in the eyes and brains of your potential customers. Thus, you will use less energy in selling it to your customers.
2. Consider business growth potential
In selecting your business name, don’t pick a name that could be a limitation to your business growth. Select a name that has a wider meaning yet not confusing. In other words, do not select a name that limits you to a specific product or area. For example, saying balls store instead of sports gears store. Balls store will limit you to selling balls only but sports gear cut across balls, uniforms, and the like.
3. Avoid selecting a name already in place
Try to select a business name that will help you sell your good or services instead of helping others. To ensure that you select a name that is not already in place, you must conduct a thorough Internet search before choosing and using a business name.
4. Consider what people say and believe
Since you will do business with the people, it is worthwhile to consider what people say and believe. For instance, in selecting a domain name, it is better to consider getting a .com domain name because many people consider .com domains a serious business domain rather than the .net and .org. If you force yourself to register outside the peoples’ beliefs, you will be taken casual and fail your business before starting. Hence, do not belittle peoples’ perceptions.
5. Use a name that conveys some meaning
In an ideal world, you want the business name to convey something expressive and positive concerning your business. To get expressive names, you need to ask yourself if people can instantly catch what your business will be doing. The name must be appealing to your potential customers. Avoid meaningless names to facilitate your branding process.
6. Conduct a country-specific search
Since you will likely want to register your business with your country’s authorities, you must follow country-specific requirements when registering your business name. In Tanzania, for instance, the Business Registration and Licencing Agency (BRELA) does not allow registering a name already registered. In the United States of America, you will need to register your business name with the Secretary of State; hence, you must search with the Secretary of State records to make sure your name won’t be confusingly similar to a business name already registered. Suppose it is too similar to an existing name. The Secretary of State has the right to reject a name similar to what is already registered.
7. Consider selecting catchy names
Do you want to have a boring name for your business? A name that your employees will fail to mention where they are working proudly. Do you want your customers to forget where they bought the goods or services? Certainly not. Thus, consider selecting a catchy name. but you also don’t want to choose something that’s too “out there.” You want your employees to be able to say where they work without hesitation, and you want your name to resonate with your target audience. Make sure the name seems fine on paper and sounds awful when said aloud. Further, if it’s said aloud, be sure that people aren’t confused as to how it’s spelled.
8. Allow opinions and feedback from friends and colleagues
Come up with a list of more than three names and then run them by friends, family members, and trusted colleagues. Allow getting opinions and feedback from your target audience as well. Assess the feedback and make your final decision out of your list.
9. Make sure you are personally happy with the name
As the business owner, you will have to live with the name for a long time, so make sure you are happy with it and believe it will resonate with your customers. Take the time to get it right from the start.