Choose Your Business Name Carefully

June 11, 2008 by Tom Lindstrom

One of the most important steps in starting a business is to choose a good business name.The name you choose can actually determine if your business will become a success or failure. Choosing a catchy name is a way to stand of the crowd, but some companies choose a really weird name that has no similarities with the things they do.

For companies with hefty competition, this may not be the best approach when choosing a name for a new business, home or otherwise. In many instances, the business owner might be able to use their own name as part of their new business name, but for most consumers looking for a specific product or service, identifying a person’s name as being a possibility for offering what they are looking for and miss out on a lot of business.

A good business name is the first thing you need when you sit down to write your business plan. To help come up with the perfect moniker for your business, consider how you will most likely advertise and market the business. Print ads and broadcast ads will require a different approach. A name that makes sense in the phone book or newspaper ad may not sound as good if it is difficult to pronounce on the radio. Additionally, names that require a dash or two, or have other punctuation marks go well in print, but they are hard to relate through a radio ad.

No matter how you feel about your pet, unless your business is selling pet supplies naming the business after a canine or feline may not accurately tell the public what they can expect to find in your business. If your advertising will consist mostly of internet advertising, keeping it simple generally works best, but it should also relate, in some way, to the industry of your business.

Look at the names used by your competition and consider how likely you are to equate the business name with the product or service they are offering. For example, a printing supply store with a name something like “Under The Sun” may say to the owner that they carry everything under the sun, but customers in need of paper or ink might think they sell tanning supplies or swim wear. As tough as it is to find a new name, it is something that will require some brainstorming to get the right one to fit the business.

Avoid negative connotations in the name. While they can sometimes seem cute and make people snicker when they read them, they may not present the type of professional attitude you are really trying to convey. Once you have settled on a name, research trademarked names to be sure you do not infringe on an established business. Going back to the drawing board will be cheaper than having to reprint all of your stationary, business cards and pay to redesign a new logo for your website.

Related articles on The Home Business Archive:
- A home business start up plan
- Learning from the competition

-How did you come up with a catchy name for your online business?

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