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of the first big challenges in starting a business whether a large or
one-person business, online or brick-and-mortar -- is not the writing of the
business plan nor looking for funding or setting up the office or opening
the bank account. It is the process of searching and choosing of the right
“business” name.
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Looking for the most appropriate business name can be very challenging
because the word or group of words that you choose as your name can make or
unmake your product or services. The name embodies your brand: it is who and
what you are in the eyes of your customers, suppliers, financiers and
competitors.
Selecting the right name is crucial for a number of reasons:
- It is your customer's first contact with your company and its
products.
- It is what consumers use to talk about your product to other,
potential customers.
- The right brand name makes consumers and other businesses want to use
your product or associate with your company.
- The right brand name is what consumers remember when they want to use
your product again.
- The right brand name begins the sale for you. It is your first sales
rep, one that works for you around the clock, 7 days a week.
Business names are not “spur of the moment” creations. It is the
result of possibly long days and nights of brainstorming, digging the
Thesaurus for synonyms and antonyms, interrelated words and words that has
some kind of relationship with the proposed business activity. The big
companies even hire expensive consultants to help them choose the right name
for their business or product.
The easiest business name to form requiring minimal effort is through the
use of personal initials or full names. Others combine the names of the
owners. This approach gives the impression that customers can expect the
personal attention and care of the owner. Just make sure that your name is
easy to remember and will ring a bell on people’s ears.
Using your personal name as your business name works well if you already
have a proven track record in your field and leveraging your name could
attract customers. Take for example finance and Wall Street companies: many
carry the names of their founders who have had a long solid background in
investing to represent credibility and wealth of knowledge.
Some names such as “Everlasting Flower Shop” and “Long Life
Mortuary Services” connoting longevity are quite common in the Orient and
the Far East. The names “New Life” “New Light” “New Hope” show
some kind of a revival spirit. Home Sweet Home Rehabilitation Center is a
good name for those who are confined. EverSure, Everlast shows confidence
and endurance. Fresh Smell Cleaners gives a built-in assurance of cleanness
for a laundry shop.
Using foreign language can also depict the company’s origin and also
international activities. Names using, “Compania General” or “Companie
Internationale” or “GmbH” displays Spanish, French or German
influence.
To be listed ahead of everyone in a directory, some companies choose
words that start with a number or start with the letter “A”.
Since the name is the showcase of your business, there are a number of
key pointers that you need to consider when creating your business name:
It should be
appealing and easy to use.
The name should be easy to understand, spell, and pronounce. It should be
something that people can easily repeat, and most of all, remember. It
should be distinguishable from your competitors. Most important of all, it
should have the potential of becoming a by-word in the line of business you
are in.
Get ahead of
the pack. If most of your
potential customers will use the telephone directory to search for companies
in your business, consider your position in the telephone directory listing
when you think of a name. Adding words like “The” or “A” before your
name can change your position in the directory. Be cautious in using
acronyms or abbreviations, as these can confuse your potential customers.
Make room for
expansion. Even if you are
operating a highly niched product, select names that would represent a
broader category of your product line. Names that state a particular product
can limit you if you want to expand your line. The name Antique Horses may
hinder you when you want to sell antique furniture, trunks and lamps that do
not depict horses in their designs.
Emphasize your
business image. Adjectives
describing your product or service can be effectively used in a business
name. The cleaning company “Merry Maids” has successfully projected the
image of cleaning workers that are too happy to do their jobs. They want to
leave the impression that their happy workers will go to great lengths to
make their customers happy.
Use a Distinct
Name. Forget about the
lure of using a name similar or identical to that of another business. If
you call your line of equestrian sporting apparel “Polo Sporting Designs,”
the holder of the trademark “Polo” the giant Ralph Lauren may slap
you with a lawsuit.
At any rate, the choice of a business name must be given a very serious
thought because this will be the “flag” of the business. Once you have
chosen the word or group of words, it will be with you for as long as you
are in business and sometimes, even if others may have taken over and you
have gone to pursue other lines of endeavor.
About the Author:
Nach Maravilla is the Publisher of PowerHomebiz.com.
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