With that in mind, there are several things to consider when choosing your business name. You need a name that is catchy, tells people who you are, and fits well into a web URL so people can find you (www.yourname.com).
For starters, you should ask yourself these questions: Who am I? What am I good at? What territory do I want to occupy? What feeling do I want to share with my customers? Strong and confident? Soft and comfortable? Edgy and creative?
Do a little research into your industry and see what kinds of names the stand-out businesses have. But, whatever you do, don't be a copycat. You don't want your name to be confused with other businesses, and you need to make sure you are legally permitted to use the name. An easy way to avoid headaches in the future is to check for registered business names and trademarks. Whether you are incorporating your business or not, you don't want to worry about your name (or any part of your name) being used for any aspect of another business. This includes products, services, or marketing slogans. If your name is already being used by another business, don't use it.
Another consideration is the marketability of your name. You should choose a name that will last, and one that embodies your values and the characteristics that set you apart from your competition. Some businesses are so focused on establishing credibility in their field that they sacrifice a creative, edgy, attention-getting name. While considering your industry, you can still choose a name that is wholly unique to you and the culture of your company.
Harnessing your creative side can make an incredible difference in the marketability of your name, but you don't want to go out in left field. Your name still needs to be simple, easy to pronounce and spell, and it needs to be meaningful to your clients, not just to you. Using a descriptor at the end of the name can help clients figure out what the company actually does. If you will need to explain your name to anyone, then you should not use it.
Before we start getting comments about the importance of having "key words" in business names and "dot com" web addresses, let's clear up one thing. There is no denying the importance of key words when it comes to searchability, but there are many ways to drive traffic to your website without settling for a boring (or stupid!) name. And before long, there won't be many good "dot com" domains left, just like there were not enough 800 phone numbers to last. We don't even think about using 888 or 866 to dial toll free, because it doesn't matter! And that's how it will go with "dot com" web addresses. If you need to have a "dot net" address, no big deal.
In closing, let us share a couple of words of caution. These are pretty commonly known, but worth mentioning.
First, a mistake business owners make time and again is naming their business after themselves. There are positives to this, like your personal reputation. And if you have a name that is prestigious, recognizable, or an "action word," that could really be to your benefit. But there are negatives for using your name in your business, like your ability to sell a company with your name tied to it, or....well, your reputation. Another deterrent for naming your business after yourself is that it might give the impression that the company is a "one man show." Although that might be true in the beginning, you don't want to limit your growth.
And lastly, be careful not to paint yourself into a corner. For instance, if you name your sofa store, "Couch Potato," you're making it hard on yourself if you decide to add bedroom furniture to your inventory later on. Before you choose a name, consider how your business CAN grow. A great example of this is BestBuy, compared with CompUSA or RadioShack.
If you need help naming or re-branding your business, just give us a call. And remember, if you choose anything other than your own personal name, you will need to register it with the appropriate authorities to be in compliance with the law. This process is known as registering your “Doing Business As” (DBA) name, and we can help with that too!
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