Business Name: How to Choose the Name of Your Business?

Business Name: How to Choose the Name of Your Business?

What is kept in a business name? Is it unnecessary or is the one of the most important thing for your new business? The right name can make your business the talk of the town. And a bad name can lead you to become bankrupt.

The name of your restaurant, for instance, can attract more customers or can convince them to never visit your restaurant again. Preferably, your name should express the expertise, significance, and unlikeness of the product or service you have come up with.

Rumor has it the best names given to restaurants are abstract. This opens a way of attracting consumers as they sign in for something unexpected.

Names can be selected in various ways. But one of the best ways to select an impacting name is by coming up with new names rather than using real words.

With a proper marketing strategy, any name can become the talk of the town. Here are few tips to select the most appropriate and effective name for your new business.

Look for Expert Support

Finding an appropriate name is a struggle. You might take the suggestion of consulting an expert is your success is dependent on the business’s name.

Trademark laws are very well known for the naming firms. The naming firms have a very detailed system for creating new effective names.

They can give suggest appropriate names for your business and also give you proper reasoning for their choices.

The con for using an expert support for naming your business is the cost. With service comes a huge cost. To develop a name, naming firms charge about $2000.

The package which costs so much also includes graphic designing and other identity work.

What is kept in a business name?

First, you need to decide what message you want to send out with the name. It should emphasize the key elements of your business. Your work in developing a position and a mission statement will help you pinpoint the elements you want to highlight in your name.

The more your name communicates to consumers about your business, the lesser effort you need to put to explain your motive.

Entrepreneurs should give priority to real words or combinations of words over fabricated words, this tip is suggested by the naming firms.

How do find out a name which is broad and meaningful? If you want your name to describe your type of business or where your business is located it should use Descriptive Names.

If you want your business’s name to be all abstract, try using suggestive names. They focus on what the business is about.

Consider “Coxtour,” a name that was developed by one naming company to help promote package tours to Cox’s Bazar. The name used for a company isn’t a real name but it successfully portrays the company’s motive. The name “Coxtour” also attracts consumers because it effectively helps consumers recognize instantly what the company is going to offer.

When choosing a business name, no matter which type of business it is. Here are the tips you always need to follow:

• Make sure you choose a name which attracts consumers, not only you. Make sure your name effectively represents your business’s purpose.
• Always remember we are humans and emotions is one of our biggest weakness. So try giving a name which has an impact on the consumers by making them relate on an emotional level. Try giving them sweet pleasant memories with the combination of words you chose for your company.
• Don’t pick a name which is very difficult to understand and is extremely long, Because consumers like shorter names with bigger impact.
• NEVER. I repeat. Never select names or puns which only you can relate to cause you won’t cause profit for your business the consumers will.
• Don’t be inspired by Doofenshmirtz and use “Inc.” in your new business’s name. Don’t use the word “Inc.” after your name unless your company is actually incorporated.

Examine the Name

After you came up with selective five to six names now your mission is to go on the trademark search.  Not every business name needs to be trademarked as long as your name isn’t copying any other company’s name it is completely fine.

Read more: Start a Small Business on a Low Budget?

But it is suggested to consider on hiring a trademark attorney or at least a trademark search firm before to make sure your new name doesn’t infringe on another business’s trademark.

Final Execution

If you are blessed enough at least three or four of your selective names will ace the trademark test. Now you need to jump back to square one.

Reminiscence all your initial criteria. Which name is perfect for your business? Which name successfully speaks the silent message behind the name?

Once your decision is made, start motivating yourself with your new name. Your name is your first step toward creating a strong company identity, one that should last as long as you’re in business.