If you’re an entrepreneur, your business is almost like your baby. So, first thing new entrepreneurs need to do when getting ready to launch their business is to come up with a name for that business– one that customers will remember and that you’ll still love many years from now. While Shakespeare may have you believing that ‘a rose by any other name would smell as sweet’ – that’s not entirely true. There are many studies that have shown how our preconceived notions of something affect our experience of that thing. For example, the same wine tastes better when test subjects are told it’s expensive versus when they’re told it’s cheap. Now, that means, what you name your business really DOES matter! Thus, you want to make sure that you choose wisely before you lock down the company name.
With that said, here are some tips for choosing a great name for your business:
First, you want to make your company name memorable. This can be done when you take a start by deciding what you want your business name to convey. It should augment the key aspects of your business. Your endeavor in developing a niche and business goals will help you recognize the elements you want to reiterate in your name. Some specialist say – entrepreneurs should go for legitimate words or sequence of words over fake words- so that audience can relate to and get the idea. Avoid names that are too long or confusing.
Figuring out what to call your business comes down to three things- your industry, your vision, and your long-term game plan. If you’re looking to build your business around being expert, like an author, speaker, coach, or consultant and the main commodity is YOU, then name your business your name. The benefit to naming your website after yourself is that you can launch different brands under your name but you never have to get stuck with something.
On the other hand, if you’re starting a business that’s based around a product or service that could potentially be sold one day. Then you may want to choose a name that’s more fitting to the business. There are also countless companies that are named after their founders and exist without them. Donna Karan and Calvin Klein are some examples of name-based empires. Therefore, you can be successful naming your business after yourself or something else. And, to decide this, you need to know your industry and long-term vision.
Additional Reading: Did You Know – Free Business Name Generator Options can do the Job