Choosing a business name is one of the toughest decisions you will ever have to make. The decision can be equated to laying a building’s cornerstone where the entire structure and foundation is aligned with the stone. If you get it wrong, the entire building is off and the effect is amplified.
Here are some rules that will help you make a better decision.
1. The Name should be unique and unforgettable
In a world where competition in business is unavoidable, standing out from the crowd can give you an extra edge over your competition. A good example of this is Tech giants Yahoo and Google who chose names that are unique and that makes them stand out in a crowded industry. I would have been easier for either of them to go for a name such as Search Engine LTD but they didn’t.
2. Avoid names with unusual Spellings
Having a name that your customers can easily spell is important particularly in this digital age. Some business owners try to be unique by trying out unusual word spellings. This can be a problem particularly when people search for businesses online. This will also help when acquiring a domain name.
3. A business name should easy to pronounce and remember.
A lot of business owners try to make up words and phrases when deciding a company name. Another similar trend is where people use acronyms that makes no sense to your target customers.
When choosing your business identity, straightforward and simple names is the way to go. This also helps you because the cost of branding the business will be lower.
4. Avoid boxing yourself in.
Some entrepreneurs choose a business name without giving much thought about the future. An example of this is where some people name their businesses after places or a single product. This leaves you with little chance of expansion into other areas or launching a new product line. A good example of this is Nakumatt Supermarket which started out as Nakuru mattresses which had to rebrand after deciding to expand its business outside Nakuru.
Finally, remember that a good name is one that you would; like saying it, like hearing it and like looking at it.
