Naming your business properly is really important, rather that’s something that will remain with your business forever. It isn’t easy to name a business. So, if you are in a fix, here’s a quick guide on how you can successfully name a business without much trouble.
There are a lot of parameters you need to keep in mind before you can name a business. If you go by the business books, understanding the market and competition plays a crucial role in the naming of a business.
Here are the 11 Steps to Name A Business
Remember, a business will create a niche out of its name that will not only appeal to your business but also attract different kinds of customers.
So, do follow each point mentioned below carefully for a successful result.
1. Legal Considerations
The very first step before finalizing a business name is to check whether it is already been taken or not. Also, check if already a trademark registration has already been done with the chosen name. Every country has an official site to check this. For example, if you are from the United States, you can check online at USPTO.gov to find if the name is still available to not for registration.
2. The Business Name Must be Simple, Yet Unique
Coming up with something that’s simple for people to understand is the key to naming a business. You need to brainstorm ideas and names on what you want to go with and what your business conveys. Start with simple words, chalk out similar names and meanings, and go with something that is unique and has an appeal.
For a trial, you can even try some name choices with a few of your potential customers, investors, and staff.
3. Understanding The Market
You need to understand your target market properly and the areas you want to operate. Markets have different segments and audiences, so do understand your type and set of target customers before you finalize your business name.
As you may expand with time, avoid names that will stop your business to move around or add any other product to its portfolio.
4. Name Must be Easy To Pronounce, Write and Remember
Your business name should not be something that people can’t even pronounce. Keep it easy and simple so people can easily pick up the name. An easy name will help customers to recall your brand, products, and services.
The key is to go for a business name that provides some information about what you do.
5. Name Should Match Your Business
A name that will provide some information about your business is an add-on. Your business name should match your business and what you do. This will help you to gain your own audience, and people who can recall your brand will remind them of the services and products you offer.
Also, make sure that your business name has no negative or obscene connotations in any language.
Suggested Read: How to Check Domain Name Availability & Register
6. Understand The Competition
A good idea of the competitor will provide you with a business plan that can help you to grow in the market. So, naming your business according to what your competitors are going through may actually help you to stay ahead. This will bridge a gap prompting customers to choose you over your competition.
Naming against your competition does not mean any obscure word that makes no sense. Always go with traditional word spelling and something better than what’s already available in the market.
7. Be Relevant
Remember the name you are going to choose for your business is going to be your identity probably forever, be it the company or your product line or services. Keeping it simple will do your job, but make sure it’s relevant at the same time.
Business names that are straightforward and relevant have more recall potential among customers.
8. Avoid Trends
If you are going to name a business as per any particular ongoing trend, do remember that this will only work for a particular amount of time. You may get a kickstart at the beginning, but as the trend will start to slow down, your business will see the same way down the lane.
You will have a business that has to work in the long term, so strictly avoid considering trends while naming your business.
9. Be Creative
Try to be creative with the name as much as possible. A completely unique name may actually pay off well as coined names are often more meaningful than the existing words. This also adds to the chances of your business becoming more popular.
Try experimenting with new forms of spellings of the words already available, but avoid names that are too narrow or too literal.
10. If You Are Not Able To Choose A Business Name
If you are having trouble picking up a name for your business, don’t worry, there’s a simple solution. There are a lot of business name generators available in the market that will help you to pick up a name for your business.
You can use online domain name generator tools to find a proper name for your business. You may hire a trademark attorney to get the search report.
As an add-on, you will also bring in the details regarding domain availability and social media handles.
11. What Next If You Have The Business Name Ready
In case you are ready with a name for your business, it’s now time for some online research. Starting with legal compatibility to an official domain to social media handles, it’s really important that you have everything available in some form or so.
This may look obvious, but a miss in one of these will cost you a fortune.
Also, make sure that the website URL you choose is a .com domain name unless your business is region-specific.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.