Choosing the name for your business is one of the most critical steps any business owner will take. Unfortunately, many new entrepreneurs don’t realize the importance of name selection and its role in the success of the business. The name you choose could potentially make or break your business.
The right name can make people take notice; the wrong one can spell obscurity and failure. Just as you put definitive effort into coming up with your business idea, writing your business plan and selecting a location, naming your business is every bit as important. A great name should express the expertise, value and uniqueness of your product or service.
Susan Ward, in an article for www.sbinfocanada.about.com, lists 5 rules for choosing a winning business name.
Ward advises, “Get your family, friends or colleagues together for a name brainstorming session and work through these five rules.”
- A winning business name has to be memorable – but easy to spell. Potential customers need to be able to remember your business name. But they also need to be able to find it easily.
- A winning business name needs a visual element. So you want your business name to have a strong visual element to it. The catch is that…
- A winning business name has to a have positive connotation. What it means to you is that when you create a business name, you need to choose words that have the positive connotations that you want people to associate with your business – and make sure these connotations are suitable for your business.
- A winning business name needs to include information about what your business does. Including information about what your business does in your business name … makes it easier for potential customers to find your business (both off and online).
- A winning business name has to be fairly short. You want customers to remember your business’s name (and be able to tell other people what it is)! But it’s also important for promotional purposes. You want a name, for example, that will fit well on a business card, look good on a sign or in an ad, and even a name that will serve well as a domain name. So keep it as short as possible. And a last tip: think about colors when you’re choosing a business name. Colors will be an important component of your business logo and other promotion materials.
Allison Way, in an article for www.broowaha.com, says, “Although some experts think that the best business names are abstract and generate questions, others believe that a business’s name should be informative. While some think names should be coined terms (made-up words), others think that businesses should use real words for description and memory. So what’s the right answer and how should you name your new business?
“Choose a name with the following qualities: The name should appeal to you and your target market. The name should be comforting or familiar and conjure up pleasant emotions and memories. The name should be short and to-the-point. The name should not confuse your customers or audience. The name should not be a cute pun that only you and your team would understand.”
And don’t forget that your SCORE counselor is an excellent resource and can refer you to a professional who can help you choose a name if you are struggling finding an appropriate name.
Published 11/10/11
