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2012-09-17 00:00:00Starting a BusinessEnglishThought of a name for your Business Venture: Representative of the Business,Think Global, Know your Customers , Keep it Unique. of a name for your Business Venture?

Thought of a name for your Business Venture?

3 min read

You might wonder what’s in a name. But actually, for a start-up, it’s a lot. The name of your business represents who you are and what your business is. Hence, there’s a lot at stake. A good name can help your customers remember you always while choosing an inappropriate one can reflect badly on your business.

Here are a few tips you might want to consider while choosing a name for your business.

Keep it Short and Simple The first rule of the thumb is to keep the name short and simple; that means no exaggerated, fancy and difficult to pronounce foreign words. If people have trouble pronouncing it or spelling it, they won’t remember it. Shorter names are easier to remember and pronounce. Think about the names of big and global companies like Pepsi, Nestle, Apple, Cadbury; their names are short, simple, thus easy to write and remember.

A representative of the Business Picks a name that identifies and represents your business in the best way that you can. Apple Computers might have gotten away with their name but not all could be as lucky!! Your name should convey the expertise, value, and uniqueness of the product or service of your business.

Some might argue that names should be informative so customers know immediately what your business is. Try not to get carried away by too much description as in the future you might want to change the nature of your business without changing the name.

Be Specific Try to use a name that associates well with your product.

• Don’t use a generic name that doesn’t mean anything. Don’t try to be everything to everybody with your name or you risk being lost in anonymity.

• Don’t try to imitate the latest trend in naming convention, though it might work in the short run, in the long run, it might become old and out of place.

• Avoid using the irrelevant mythological names, Latin and Greek phrases in order to stand out. It can be complex and puzzling to the customers.

For Example, if you’re starting a Tiffin (Dabba) service business, using attributes like delicious, fresh, tasty, home-cooked, etc., your business name should ideally put your product or service in the mind of the customer immediately.

Think Global Choose a name for its future flexibility. In the future, if you want to expand your business, the name should be flexible enough as a brand to encompass the new addition.

For Example, you want to name your pastry shop “Cakes ‘n’ Bakes”, but if in the future you want to expand it into a Deli, this name wouldn’t represent your new business correctly.

Know your Customers Know your market demographics completely before thinking of name-options. Your business name should relate to and be understood by your target market.

For Example, customers speaking local dialects would find it hard to pronounce “La Divinité” for a Kirana store.

Keep it Unique Remember that choosing a unique business name will set you apart from your competitors, be significant to your customers, and help you establish your business’ brand. You might want to run a Web search to see if the name’s already in use and, if so, by whom, both on the Internet and elsewhere.

Be Searchable If you are starting an online business, take care to choose a name that is SEO (Search Engine Optimization)-friendly. It will help to drive customers to your portal. Some people pick a random name so that they appear first in the telephone book. Though not a very good reason, it might work for you. Lastly, make a list of all the plausible names and run them past your mentor, peers or friends/family and see if they can help you choose one.

Remember, your business name is going to be with you for years to come. A bad choice now can become difficult or expensive to change later.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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