Choosing the perfect business name can be a struggle for many people. First, choose a name that is easy to remember. Make sure it best-reflects the actions of your business. Don’t forget about copyrights or other legal considerations.
However, the most important thing to remember is for a new business to choose a name that can grow with the company. If the name is too restrictive at the beginning and the business shifts directions over time, it may constrict the organic growth of the company.
Here are some common mistakes that business owners make when naming a business:
- Don’t Choose a Unique Spelling Name – This can be confusing to people and may actually lead them to a competitor if they spell the word correctly.
- Don’t Choose a Name that Is Too Ambiguous – Choosing a name that is too confusing can also limit growth. Choose one that speaks to the business intent.
- Don’t Avoid International Market Needs – If your brand evolves quickly, there is an entire world of audiences beyond just the United States and you don’t want to ignore them.
- Don’t Get Stuck on “.com” – This can cost tens of thousands of dollars when all that is needed is another option. Today, there are a plethora of new options available.
- Don’t Let Too Many People Help Name the Business – The old adage “too many cooks” applies perfectly here. Choose a select few to help brainstorm and ensure that you choose a diversified group to bring in different ideas.
Instead, focus on keeping these tips in mind when naming a business:
- Do Choose a Name with a Positive Connotation – Choose words that allow individuals to connect with the constructive essence of the business. Just make sure that the name is suitable and actually describes the business.
- Do Choose a Name That is Memorable and Easy to Spell – Choosing a unique, but easy to spell name that is also easy for clients to remember is a very smart business choice.
- Do Choose to Include a Visual Component – This may be the most important item on the list. Giving the name that customers can immediately connect to a visual image will sear the company name into their memory, which is exactly what you want to happen.
- Do Choose a Name that Provides Information About the Business – Sticking to an ambiguous name will have clients guessing what the business is about. Lead them to an idea of the business within the business name.
- Do Choose a Short and Sweet Name – Most people tend to remember (at a maximum) around 5 words. Therefore, be sure to shorten the name to around three, preferably two. Not only does this allow for flexibility on items such as business cards and billboards, but it helps with domain names.