Choosing a business name can be a tough process. Entrepreneurs often struggle with finding a name that will be perfect for their business. One that will embody the value the business will create and also what the business stands for. This week’s newsletter will give you tips to guide you to choosing a name that will easily set you apart, is defensible and tells your story well.
First things first, a good name should be easy.
The moment you have to explain what your name might mean or how it is related to your business or maybe even apologize for it being so tedious to get, you have already begun losing some eyes and ears. Your business name should be one that quickly tells what your business could likely be about. One that won’t need too much explaining. It should be easy to spell, easy to pronounce atleast to the locals in the city or town you’re starting out in. One that makes sense not just to you but your audience.
Avoid being a copycat
The problem with using a variation of a name that already exists is that with branding, when one company has succeeded with a name, the others with similar names now become just that; “the others”. Your business will constantly live in the shadow of the business whose name you have tried to copy. For example, there are too many fintech companies that exist in Nigeria now with a variation of kuda or kudi in their name and the truth is just one has stuck so far. Avoid this. The goal is to stand out. If your business name is catchy enough, you can even make money from selling merch as well.
Naming your business after yourself might not always work
Apart from Walt Disney, law firms and fashion brands, this might not always stick for a lot of small companies starting out. Even if this is your goal, consider choosing a name that’ll get you in business and then you can always rebrand in future. Having an eponymous small business can be a trap. Selling your company if you decide to, will be a lot trickier if you have your name attached to it like that. Also, teamwork and collaboration are very attractive features to sell your audience about your company and having your name as the company name might make it come off as a one man show. If you are to use a person’s name, let it be another person’s name. That’ll do a better job of storytelling and relatability.
Think big
When naming your business, it is important not to unconsciously put yourself and the business in a box. While it is important to choose a name that’ll easily give people a clue of what your business is about, it’s important to not be too literal. For example, if you start out your business making men’s clothes and name your business something that literally screams ‘men’s wear’ and in future you decide to expand to begin making women and childrens clothes, it’ll be a little difficult to pivot under that name. You will either need to start out separate businesses for those or rebrand which could be avoided if you’re smart about the name you start out the company with.
Check domain availability
When you finally decide on the perfect name for your business, run a domain check to ensure that the name hasn’t already been trademarked or registered by another business. You should be able to run a check on the internet or with the corporate affairs commision.
We hope that these tips will be helpful for you in choosing a business name that’ll work great for your business. Also bear in mind that you can and should ask for the opinions of your friends and family and maybe even potential business partners and customers when choosing a name. It could very well be a tedious process but it’s one you’re capable of winning at.
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Have a great week champ!