How To Choose The Right Business Name

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Sometimes, new entrepreneurs are in such a rush to urge started at their businesses that they jump right into working with customers without giving much thought to their BUSINESS NAME. “I’ll just do business under my very own name for a short time , until I find something i prefer .” While it seems easy at the time, you would possibly want to re-think the decide to change business names down the road. you’ll find that, as your professional recognition and customer base grow, people have began to IDENTIFY you with the name of your company. a reputation change in mid-stream are often costly and confusing.

First, you’ll lose ground within the marketing arena — it takes time and energy to create up BRAND RECOGNITION, which time is lost once you change names. you’ll also lose customers to the competition — what are they to think once they have a look for “Joe’s Mobile Car Wash” within the telephone book and you have changed your name to “Fast and straightforward Auto Detailing?” they could think that you’ve got gone out of business and it is time to seek out somebody else to wash their cards. and eventually , changing names can cause you increased PAPERWORK and EXPENSE — changing your bank accounts, credit cards, marketing materials, incorporation documents, DBA registration, etc. So why not catch on right the primary time? Here are some suggestions for selecting a business name which will serve you well for years to return .

IS IT MEMORABLE?

When people hear the name of your company, will they be ready to commit it to memory quarter-hour half-hour , 3 hours, or every week later? once they plan to hunt you abreast of the online or within the phone book, will they be ready to easily recall your business name? It doesn’t matter if you’re choosing a fictitious business name or using your own — an equivalent rules apply. Your name should be UNIQUE enough that it’ll stick during a potential customer’s mind — “Smith’s Gym” isn’t getting to be nearly as easy to recollect as “Work That Body.”

You also want to remain faraway from names that are likely to be CONFUSED with another company. you’ll think it is a cute idea to return up with a reputation that closely resembles (without exactly copying) another company’s name. But calling your personal coaching company “Joys-R-Us” is confusing, unoriginal, and certain to cause a lawsuit! And watch out for phrases or ACRONYMS that are overused in your profession. you would not believe what percentage Professional Organizers use some combination of words that spell out SOS (usually “Someone’s Organizing Solutions”). Your company will stand out more if your name is actually unique.

IS IT EASY TO SPELL?

However, subsequent question is “when they are doing remember it , is it easy enough to spell that they will immediately find your listing?” you would like to remain faraway from challenging spellings and pronunciations. Calling your restaurant “Phine Phoods” is simply posing for trouble — how is your customer getting to know to seem under “p” rather than “f” within the phone book? And if your surname is Piccalopoupoulis, you’ll be more happy creating a fictitious business name. an honest rule of thumb to follow is to concentrate to what happens once you tell people your name — if you’re always having to SPELL or PRONOUNCE it slowly, it’ll be hard for people remember and find afterward .

This is particularly important if you’re getting to turn your business name into a website name. Websites with long or hard-to-spell names get overlooked during standard searches. and check out to avoid having to incorporate a hyphen or underscore in your name to form it appropriate for the online . Short, snappy, easy-to-remember names work best within the translation from brick-and-mortar to internet.

DOES IT DESCRIBE YOUR COMPANY?

Will customers learn something specific, unique, or descriptive about your business, just from hearing the name? Will they get a pity WHAT you provide or HOW you provide it? Many individual service providers attempt to sound like high-end firms by using some derivative of their first and surname for his or her company identity – “Joanna Carrol and Associates,” or “JC Consulting,” or “Carroll and Company.” But what does that basically tell a possible customer about your company? i do not know if you’re an insurance broker or an attorney or knowledgeable organizer. Include something in your name that describes your product or service — “JC Graphic Design” — so customers aren’t left WONDERING what sort of business you’ve got .

You can also include some information about those special CHARACTERISTICS that make your business DIFFERENT from the competition. Okay — so you’ve told me that you simply are a printer. Why should I hire you rather than the printer down the street? you would possibly be faster, cheaper, provide better quality, have more experience, offer a higher-end product, or provide more services than the opposite guy. If it’s appropriate and pertinent, include one or two of these traits — “JC Full-Service Graphic Design” — in your name.

DOES IT LIMIT YOU?

If you’re joining an industry that permits for “branching out,” take care about giving your company a reputation that traps you during a very small topographic point for instance a corporation that starts out fixing tile floors — but has plans to expand into vinyl, hardwood, and carpeting down the road — wouldn’t need a name like “TileMasters.” Something more along the lines of “FloorMasters” will give the corporate the pliability they have to grow and alter afterward .

And if you’ve got intentions of ever expanding your topographic point you would like to take care a few GEOGRAPHICALLY limiting business name. “Hair Over Atlanta” isn’t getting to work also once you open locations in Seattle and l. a. and ny make certain to see the US Patent And Trademark Office’s online database to form sure your name is out there for national use before you begin printing it on your cards.

You also need to stop and believe whether naming your company after yourself — “Bob’s Bar and Grill” — will limit you during a different way. If you’ve got ever read “The E-Myth” by Michael Gerber, you recognize that having customers identify your business as an EXTENSION of you brings about its own special pitfalls. You become indispensable to the corporate — people get wont to seeing Bob behind the counter nightly and that is what makes it “Bob’s” — the business can’t run without you. And if you ever decide that you simply want to require an opportunity , let somebody else run the place on your behalf, or sell the corporate you’ll run into a roadblock. very often , what looks like an excellent thanks to PERSONALIZE your business finishes up turning it into a stone around your neck.

This business is your baby, your investment within the future, and you’ll have it with you (hopefully) for an extended time. Don’t short-change your business by skipping out on one among the foremost important steps you’ll take during start-up — selecting just the proper name.

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