The Value of the Right Business Name



There is considerable value in having the right name for your business.

Ask 500 people already in business how they decided upon their business name and you will get 500 different answers.

Everyone has a story behind how they chose their business name. Even if the business is named after their own birth name, there’s a reason why this was done. When you open a business, in a sense, you are causing a new birth to begin. 

This new birth was created from an idea by you and your associates. It will have its own bank account, its own Tax Number number, its own credit accounts, its own income and its own bills. On paper, it is another individual!

Just as if you would choose the "right" name for your own unborn child, you'll also need to spend time deciding your business name. There are a few reasons why a good business name is vitally important to your business.

Firstly - The first obvious reason is because it is the initial identification to your customers. No one would want to do business with someone who didn’t have a business name. The lack of one makes you look like an unreliable amateur. Even if you call your business “Jack’s Lawn Service,” a business name has been established and you are indeed a business. People will feel more comfortable dealing with you.

Secondly - A business name can be an indication as to the product or service you offer. “Mary’s Typing Service,” “Karate Club for Women,” “Jim Anderson's Jack-of-all-Trades,” “Laurie and Stephanie’s Laundry,” “Misty’s Gift Boutique,” and “Instant Copy and Print” are all examples of simple business names that immediately tell the customer what product or service you offer.

Most people choose the simple approach when naming their business.

They use their name, their spouse’s name, their children’s names or a combination of these names. For example the global hamburger-restaurant chain “Wendy’s” was named after the owner’s daughter. 

Amazingly, research has proven that these “cutesy” names are not always the best names to use for a business. Many experts claim that it makes the business look too “mom-and-pop-sie.” However, this depends on the business. If you are selling something that demands this mood or theme to appeal to your market, then it may be best to use this approach.

Names like, “Sensible Solutions,” “Direct Defenders,” “Moonlighters Ink,” “Printer’s Friend,” “Strictly Class,” “Collections and Treasures,” and “Starlight on Twilight” are all good examples of catchy names. These types of names relate to your product or service and also serve as a type of slogan for your business.

This is a big help when marketing.

When you name a child, you may not decide upon a final choice name until after they are born. You do this because a name is sometimes associated with a particular type of personality.

When you name a business you may need to wait until you have a product or service to sell and then decide upon a business name before going into the business itself. Why?  Because it may be beneficial that your business name give some clue as to what product or service you are selling. 

A business named “Joe’s Collections” normally wouldn’t sell car parts and a business named “Charlie Horse” would not sell knitting supplies.

To generate ideas - begin looking at business signs everywhere you go. 

Notice which ones catch your eye and stick in your mind. Try and figure out “why” they stuck in your mind. Naturally, the business “Pizza Hut” sticks in your mind because it is known worldwide. These don’t count! 

Look around and notice the smaller businesses. Take your time.

Within a few days you should be able to come up with many potential business names. Then, when you finally find a new name you really like - try reciting them to other people and get their opinion. It won’t be long before your business will have the name that will carry it through its life and hopefully make a difference to your image and profitability.

 


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