Picking the right business name is a very important step
towards creating a successful company, but not everyone hits the jackpot on the
first try.
Often, people first choose names that are too wordy or
don’t have a catchy ring. You want a name that grabs the consumer’s attention
but doesn’t try to cram in too much information
A good way to think about a name is that it’s the start
of a conversation, but not a full encapsulation of what the business is about.
When they realize their company’s name has problems, many
entrepreneurs opt for a change. They find that it’s worth it despite the
initial headaches and expense. Below are 3 Common Mistakes to Avoid When Naming Your Business:
1. Do not use a
name that has already been used or sounds similar to other names:
It’s a good idea to research the name before using it.
You can use a search engine online to determine if your proposed name is
already being used.
If a name is being used by a number of other businesses,
there’s less probability that one can claim it as its own. If there’s only a
few people using a trademark, [companies] are going to have an easier time
defending it as theirs. Also, you don’t want a name so common that when people
Google it, they go to your competitors instead.
2. Using words so plain they’ll never stand out in a
crowd:
Some companies can get away with this one. But once you
have competition, it requires differentiation. Imagine if Yahoo! had come out
as GeneralInternetDirectory.com? The name would be much more descriptive but
hardly memorable.
And with the onslaught of new media and advertising
channels, it’s more important than ever to carve out your niche by displaying
your uniqueness. Nothing does that better than a well conceived name.
3. Avoid names that don’t clearly relate to your line of
business:
They are likely to cause confusion with consumers and
probably won’t show up in Internet searches for your type of product or
service. Instead, you should pick a name that tells what your business does but
isn’t too basic.
In the fever to start your new business or expand a
current one, ensure that you take time to think through some of these issues.
By tapping into your creativity and avoiding these
potential pitfalls, you’ll be able to create a name that works for both the
short and long term
-(Credit: The Entrepreneur)
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