You have finally decided to walk down the path of entrepreneurship.
Besides other factors important for your business success, one the most important pieces of the puzzle is deciding on the name of your business.
Your name should convey the expertise, value and uniqueness of your product/services offered.
Where to get ideas for a name? Observe business names you come across as you drive by, look in a phone book, watch television or listen to a radio.
Take notes on what you like or dislike about a particular name.
Write down the names you like.
What makes a certain name stand out? Ask your family members and friends to come up with few names.
Keep compiling the list, no matter how long it gets.
Should you hire a naming firm? Upside is, one, like other experts in their respective fields, a naming firm would do extensive background check into your business and then come up with a name that is recognizable and represents your business in the way you have desired and aspired.
Two, they have the expertise to avoid any legal hassles with registration and trade marks.
Downside is cost.
They could charge anywhere from few hundred to few thousand dollars.
Do's and don'ts of naming your business Most of the small business owners take the route of naming their own business.
Here are few points to keep in mind.
Make sure the name you choose is not too narrowly defined.
Eg.
Cuyahoga Falls PCs'.
What if you decide to sell cell phone plans, or Macintosh Computers? What meaning would your name have in other parts of the state or country, should you decide to expand? Does the name give an idea of your product/service? Eg.
Joe Smith and Company.
What does this company do? If you are in the landscaping business, Joe Smith landscaping would be a better name.
Unless you have a huge advertising budget to market your name, it becomes imperative to come up with a name that tells an average consumer what product or service your business provides.
Is it easy to say and spell? If it is not, you are reducing your chances of getting referrals.
Is it easy to reproduce on stationery, or other marketing materials? Some business owners get carried away with the logo or name by adding multiple colors, color shades, fonts that are hard to read.
I have seen this mistake being made equally by professional and amateurs designers.
A logo/name might be "cute", but you got to make sure it prints well on marketing materials, signs, promotional materials, signs, etc.
Besides cost factors, keep in mind your target market.
Is your name easy to see, read and understand by your potential clients? Do you plan to expand your business to people of other ethnic groups, or internationally? If yes, make sure your company name does not have a negative connotation in those languages, and cultures.
Is phone book or online yellow pages main source of your new business? If yes, try to have the name closer to the beginning of the alphabet.
Choose a name that represents you, your style of conducting business, still keeping your target market(s) in mind.
Distinguish yourself and your business from the competition.
Don't take the business naming process lightly.
Professionals spend six weeks to few months coming up with just the right name.
You ought to give it at least couple of weeks.
Considerable thought and effort has to be put into naming your business because that's what you are going to be identified with as long as you own that business.