Naming Your Business: Know The Essentials

So, you have finally decided to let go of your 9 to 5 daily grind and decide to pursue your entrepreneurial skills. You already have thoughts on what products to sell or what services to offer. You are also contemplating certain aspects of your business portfolio that require more attention. Then, there’s the most challenging part—what to call your business?

What’s In A Name?

Naming a business is one of the most challenging aspects of starting a business from scratch. You can’t just call it after your name or a celebrity or some word that caught your fancy. Each name has to sum up everything that represents your products or services to their target users. It must differentiate you from competitors. Above all, it must embody the philosophy behind your business.

6 Essential Tips in Naming Your Business

That, in itself, is a huge undertaking. Sometimes, crafting a name for your brand can be the most challenging of all. Though it may trigger anxiety, We should search for the perfect name in a fun and creative way. To do that, here are some great key points to consider:

Tip #1 – Relate it to your vision.

Crafting the perfect business name should not be limited to what you are trying to achieve now. Think long term. How do you see your business 5 or 10 years from now? Will you be branching out? Will you be adding more products or services? Where do you wish to expand? Consider your overall vision and start de-listing the names which may sound off vis-à-vis your vision. If you want to stay local with no idea for expansion, a name that we can embrace locally will do. However, if you plan to expand, go for corporate-friendly names. So, visualize the big picture, and everything will fall into place.

Tip #2: Consider crowdsourcing.

Crowdsourcing is the “it” thing these days. When you already have a target market in place, finding their voice in all these will guide you to the best name for your business—one that will represent the voice of those who are going to buy it. Be reminded that you will please your customers later on. Giving them a slice of your entrepreneurial prowess will help hasten the forging of trust and loyalty to your brand.

Tip #3: Consider your target market.

Like the concept of crowdsourcing, your target market will have a big say in how your business name is perceived in the market. So, consider looking into their needs and values. Consider names that reflect their views as well as their inclination. This will help them relate to your products or services and eventually earn their confidence in the process.

Tip #4: Reflect your style.

Regardless of the size of your business, the name or brand must reflect its “personality.” A business name must represent who you are. This, however, is directly related to your target market. This connects to what class in the society you are trying to capture. From there, you can come up with a unique name that embodies your business personality and style.

Tip #5 – Don’t forget your online presence.

You are going to have a website and a social media page. These are today’s lifeblood when it comes to marketing and advertising a business. You would not want to have a business name with no available domain or one that’s been in use on Facebook, Twitter, Instagram, Pinterest, and so on. It will defeat the purpose of carving a unique and exceptional presence. So, before you register that business name, check for availability. Many Webhosting services can help you with that, or perhaps, a quick search on Google will do. Remember, search engines are also elemental for your business success later on.

Tip #6 – Don’t forget the logo.

Markets are primarily visual. So, make sure to create a logo that’s not just unique but one that truly complements your business name and personality. Hire a graphic designer—design one on your own. Use initials or specific shapes and forms. Just don’t forget.

Conclusion

Your business name must be easily relatable to your customers. It must also communicate to them without any explanation whatsoever. Use your inner genius, or consider reaching out to professionals who can steer you to that one perfect name.

Still in limbo on what to name your business? Let SiMar help you find one. We offer comprehensive business management solutions from start to finish. Call us.