How do you choose the best name for your business? How important is a business name?
When it comes to business, it is very important to create a good first impression. Not only that, you want to make sure that your customers can remember you – hopefully, not your competitor — and that you are properly positioned in their minds. That’s Branding 101, right?
How do you do it then? How do you choose a business name that you can be happy with and be your long-term brand? We will give you some business name tips or ideas.
Tip #1: Start With Your Name
If you are a well-known expert in your field, or you are an authority figure on a very specific topic, you can actually leverage on that by naming your business after – what else? – your very own name.
People do it all the time, especially for service-oriented businesses like Accounting and Law Firms. You don’t even have to be a Donald Trump to do it. Having a good public image is a big plus factor, of course.
Locally here in the Philippines, we have the following as good examples:
- Belo Medical by Dr Vicky Belo. And who doesn’t know her?
- JG Summit, that’s the holding company of the entire conglomerate which was started by John Gokongwei, Jr.
- Ayala Corporation. Sounds familiar? That’s the holding company of one of the largest groups of businesses in the Philippines.
How about you? Can you come up with a creative business name out of your name or in combination with those of your partners?
Tip #2: The Nature Of Your BusinessCan your prospects tell what your business is all about just be the name of your company?
If your name leaves them guessing, chances are good that they may pass you up for your competitor — or worst, simply ignore you. As a small business, you can’t afford this kind of mistake.
Come up with a business name that spells out clearly the nature of your business or your product lines.
Which of these is better: AP Bookkeeping or AP Ventures? Obviously, it’s the former. The latter should be reserved to your holding company, which doesn’t directly deal with the end consumers. That’s when you are already big.
Tip #3: Make It Sticky
We’re talking about name recall here. To be sticky, your name must meet the following criteria:
- It must be easy to read or dictate over the phone.
- It must be easy to write or spell.
- It leaves an impression on the one reading it or hearing it.
You have quite a wide range of choices for your business name. You also have the time in the world to decide. Take your time to determine the best name for your business. Brainstorm, if necessary. Confer with friends; test the name in the market, and make sure that it is legally available for you to use. Choose wisely as this name will carry the company brand for as long as you want to stay in business.