One of the keys to having a successful small business comes from the very beginning- choosing a name. The name you give your small business can make or break your success in your early days as a company. Whether you chose to name your business something abstract, something straightforward or something completely new and unique to your company, one thing is for sure. The name must be unforgettable, easily identified with your business, and backed with a strong and effective marketing strategy.
What’s In A Small Business Name?
Much like naming a child, the first step in naming a small business is to decide the sort of personality that your business to have, and therefore the personality you want the chosen name to convey. Choosing a name that effectively communicates your business’ purpose and ideals means less explaining to customers what your business is. This means more recognition in the market and more customers right off the bat. However, a name that is too specific can become limiting if you later choose to expand your business beyond its original purpose. The name should be catchy and short enough to be easily remembered. A great example is Smallbusinessfunding.com. They do exaclty what their name entails…small business funding. Make sure to also be careful to not choose a name that is too cute or too specific to a joke or concept that only you and your employees understand. The name should make sense and make customers want to put their trust in you as a brand.
Be Creative When Naming Your Small Business
As a small business owner, choosing a name is one of the first times you get to be truly creative with your business. It is also one of the most crucial decisions you will make. Many popular brand names today are made up words that are then trademarked and only associated with one business. This is a popular method of naming and can sometimes be more meaningful than using already existing words, especially because the likelihood of an existing word already being associated with another brand is high. However, be cautious in using this technique because it can make your business seem more complex than it is, and this may be intimidation to prospective customers. Fast Business Capital is a great name for a company that provides “fast business capital.” Keep it simple.
When you finally decide on a name to call your small business, make sure that it, or something close to it, is not already trademarked by another business. If possible, do some research with some your target customers or use focus groups to see how well the name performs with consumers. Naming is such a huge and important part of starting a business and it is better to put in work beforehand than change the name later on due to poor performance. Whatever you decide to call your business, make sure you are enthusiastic about it, and that excitement will translate to your customers.