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Why Is Your Bussiness Name So Important?
An effective business name is a vital liaison between your product or service and your customers. It might not seem that big of a deal, but choose the wrong name and your entrepreneurial efforts might all be in vain. Today, with the onslaught of new media and the Internet it’s more important than ever.
A business name that doesn’t work will hold you back and limit your growth in the future. A favorable business name will draw customers and employees to you, verses your competitors. It will serve as your most effective marketing tool. Carve out your niche and display your uniqueness. Nothing does that better than your company name.
1. Hit Your Target
Your business name should speak directly to your desired audience. Are you trying to entice the knowledgeable professional or wishing to allure the general public? Do you intend to present an upscale image or evoke more of a casual feeling? An effective business name stirs up emotions. Ensure your name stimulates the desired response.
2. Keep It Simple
It’s great for your name to have a special meaning or significance, but keep it simple. Try using action or positive words with metaphors. Example: Pick and Save, a grocery chain in Wisconsin. What comes to mind when you hear those words? Their name portrays their main selling concept: discount. Another example: Tri- County Temporaries. A temporary staffing company which covers three counties. People need to remember and pronounce your name. Your business name reflects the core essence of your company.
3. Don’t Limit Your Potential
Don’t make the mistake of naming your company with a geographical description. Example:Minnesota Manufacturing and MIning Company was growing beyond their state. The company’s name was limiting its growth . It is now the 3M Company. When you change your business name midstream it can mean disaster for your company. You might have to reinvent yourself from the beginning. A specific geographical description can be crippling to your growth, but a broader term can be rather catchy and effective. Let’s go back to Tri- County Temporaries. It infers a geographical location, but nothing specific. Their bussiness name does not limit them to specific counties or states.
4. Does Your Name Have Meaning?
Create a name that has fundamental meaning. Example: The Shoe Carnival. A shoe store with various locations throughout the United States. The word carnival suggests the idea of festivity and celebration. Just the thought of going to the “Shoe Carnival” conjures up excitement. Whereas, an unrelated name can prove counterproductive. How about the name Logli’s? Logli’s Supermarket was a chain of three stores, started by Joe and Irene Logli, and well-known to the community of Rockford, Illinois. The name Logli would have no meaning to anyone outside of the vicinity. But, hear a name like Pick and Save and you automatically think of discount. Invent a business name with grit and relativity and you could save yourself thousands of marketing dollars.
5. Check the Web
You cannot use a name that is already in existence. When you have your business name ideas jot them down in Google. Do your own Internet search. At a later date, when you have decided if you will be a partnership, corporation, LLC or S Corp the state will do a name check for you when they file your papers. Be ahead of the game and do your own name search.
6. Go For It With Common Sense and Creativity
How then do you choose a successful business name? Get your creative juices flowing. Relax, have a glass of wine and get to work. This is your business. Don’t have friends and neighbors kick out ideas. The owner or owners of the business, the ones who care the most, should do the work. Keep all these snags in mind and work around them. Think of your business in three, five, or ten years from now. As it grows, will it grow out of its name? Keep flexibility in mind and choose a business name that will allow growth and change.