Naming a business is no easy feat. It seems simple because you’re essentially just assigning a word to describe what you’re selling, but the name should define not just what the business does but everything it stands for. When you think of any great brand it is the name that sticks in the mind because it encompasses more than just the products sold. To help you come up with a name that is equal parts catchy, memorable, and identity-defining, here are some things to consider:
Consider the essence of your business
One of the best ways of kick starting the process of choosing a name for your business is to consider what your business stands for. Have a look at your mission statement, your business plan, and your unique selling proposition. It’s also worth considering your target audience and all the things you’ve learned during your market research.
When selecting a name, decide on what message you want to portray through your brand. Think about what you want people to think and feel when they see and hear it. Your business name should instantly define who you are what you’re offering.
Think about your business growth
If you have any plans of growing your business beyond your initial location, it would be best if you selected a name that is wide-ranging enough to give your venture some growing room. Business names based on geographical locations may be popular, but they won’t work in the event that your business takes off and you’d like to expand the areas you cover, or even go national.
The same principle applies to naming a business after one product or service. For instance, if you name a business “Tina’s Milkshakes,” you would need to change the name if you start selling fruit juice or cocktails in order to avoid confusion and a lack of sales. Additionally, it’s also best to veer away from names that are linked to current fads or trends.
Your business structure plays a part
There are four different ways to register your business name. You can use an entity name to protect the name of your business at a state level, a trademark to protect the name of your business, goods, and services at a national level, a Doing Business As (DBA) to conduct business under a different identity from your own personal name, or a domain name if you want an online presence for your venture.
Depending on the business structure you want to register as, there are also certain things you need to keep in mind as well. State regulations require businesses registering as a limited liability company to have “LLC” or a similar title in the moniker. Similarly, corporations are often required to have the word “Corporation,” “Incorporated” or a related abbreviation in their name. The actual regulations for these will vary by state and can be found on your Secretary of State’s website.
Check the SEO potential
Since all businesses now exist online, it would be best if you chose a name that incorporates vital keywords. When people search for your service or product, the keywords in your business name can do wonders in increasing your ranking on search engine sites, widening your reach, thereby allowing you to reach more potential customers. And while it seems tempting to name your business something unique, small businesses don’t have the luxury of using stylized names. It would benefit you to settle with names that give you leverage against the competition in search engine rankings.
On the flip side, if you name your business after something incredibly popular, like a famous landmark, it will always outrank you. Amazon managed to overtake the Amazon rainforest for the No. 1 spot on search engines, but it took them years and millions of dollars. You need to be smart in deciding an online name that won’t limit you to certain categories and is unique from your competitors. If you are unsure how to proceed, then hiring a professional digital marketing company could be a good option. This short-term expense could pay dividends in the future.
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