You might have an incredible idea for a business, but that’s just the very start. While of course you need an idea for product or services that people actually want to buy, there are a million and one other crucial decisions you need to make along the way to ensure your business is a success. Even something as seemingly simple as your business name takes careful research, planning and consideration. Here are a few things to consider when it comes to deciding on your company’s name.
How to Choose
First and foremost, you need to make sure that you’re not treading on anyone’s toes with your business name. It can’t be identical or too similar to your competitors, or it could infringe on copyright and land you with a lawsuit. When there are SO many businesses out there, this already poses a problem so be sure to do extensive research before making your decision. Secondly, you’ll want to make sure you can get a decent domain name for your business. Even if the name you’ve chosen isn’t officially taken by anyone else, someone else could have registered the website. Sites like wizzhosting.co.uk - modern web host platforms allow you to check what’s available as well register and host your site in one place. If you can’t get both the domain and the company name you want you may need to play around with ideas. Since choosing a business name can be confusing, it’s worth speaking to a professional and consulting a lawyer if you’re unsure. It goes without saying that your brand name shouldn’t be offensive (or be perceived as being offensive) and it’s worth avoiding anything that’s too difficult to read or pronounce. So while looking into foreign words for example could be an idea, make sure it’s something people can easily read/ say (and double check the translation means exactly what you think it does!)
Branding
The company name you choose will have a huge impact on branding. If you’re a very serious kind of business such as a lawyer, psychologist, medical office or other kind of professional you will want to sound strong and professional. Other types of businesses could go with something a little more fun, relaxed, even funny. If you look at something like biznamewiz.com - business naming website, it might inspire some ideas. Not only does this make the name more memorable but it could draw in potential customers. The name you choose should be carefully selected based on the nature of your business, and how you want your brand to come across to clients. Do you want to appear professional and serious? Do you want to be fun and eye catching? It’s something to consider carefully when you’re developing your brand.
Uniqueness
There are already a million cafes, launderettes, cosmetics sellers, homeware stores and every other kind of businesses out there. What makes yours different, what makes it unique? You need to offer something that customers can’t get elsewhere. Is your price lower than your competitors? Do you offer payment plans, free shipping or higher quality? Once you have pinpointed your unique selling point, you could work on making your brand name or slogan reflect this.