Choosing the right name for your new startup can be very tricky especially if this is your first business.
In actuality, you can give a company any name and it can be very successful if the actual internal structure of the business is correct and external requirements are met. but in reality, which very tight competition is a reality, you must always strive to have the competitive edge to win. Hence.
With millions of new business startups every day, selecting a name for your business may not be so much of a selective process after all but rather an adventure to find a name that is not as yet occupied by an existing business.
To let you in on the basics of business. A business name is classified as an Intangible Intellectual Property of the business and can be copyrighted for safety and security purposes which comes with its own pros and cons, hope to write a separate post on this soon.
However Intellectual Property (IP) for short are intangible assets of a business that can in most cases outweigh the tangible assets in a business especially if the business is listed on a stock exchange. Examples of IP include the aforementioned business name, logo, slogans, software used, websites, etc.
In this post, I will be discussing some tips you can use for creating a competitive business name with a strong brand and story.
1) Avoid Lond hard to spell names.
Though the idea is to identify a name no one else is using, you should at all costs try to avoid a long complicated name. This can put marketing at your disadvantage as your name is not easily remembered by new customers hence it is not very likely to be shared at this point. Understanding the human factor and the market you are appealing to is very important at this stage, as developing a name for your new business is in most cases reliant on the image that you are trying to project on the mind of your market in contrast to their needs and expectations.
2) Use a name that has the .Com domain is available.
In a now digital age not trending means you’ve missed the exposure, the trending guys are basking in the ambiance and taking home the bag. So choosing a less trendy domain may have your business at the disadvantage of the trending guys.
Not saying other domains don’t or won’t trend but having a .Com domain not only makes your new brand seem more authentic but also contributes to the memory factor, .com domains are more memorable, like Facebook.com or Amazon.com.
Goes without saying the best and most successful websites on the internet are boasting a .com domain, why not benchmark the best.
In the ranks of Business intellectual Properties, websites & domains rank within the top spots due to their scalability within its single exclusive nature.
3) Use online name generators to aid in the process.
A good place to start is by using online business name generators. Here are some of the good ones businessnamegenerator.com, namelix.com, looka.com to name just a few.
The benefit of using a name generator is it helps you to easily find loads of names that may intrigue you but in some cases or another, some of those names are already legally owned by other registered brands. Also to have in mind try to be creative with the mix of word terms you enter could land you something kool. Needless to say, leveraging someone else creativity or a system could help you land a great name for your new startup.
4) Ensure the name communicates what your business is about.
Finding a name that clearly communicates what your business is about whilst not limiting its scalability is your best bet.
Regardless you are able to change your business name in the future to accommodate scaling or incorporating other ranges of products or services for profitability, you still want to have a name that speaks directly to your current products, services, customers & client base. Changing your name in the future regardless of possible with a good change management plan can be an extremely dangerous task for your business, you run the risk of losing everything, from search engine traffic to losing the competitive edge or your new name may not tell the same story or rather align with your existing Unique Selling Proposition (USP) which are all crucial factors of not just growing your business but also keeping afloat in the industry with all the competition there are.
5) Do thorough internet research for trademarks, copyrights, etc.
Staying clear of infringing on other persons’ legal registered rights, is a primary thing for new businesses. A lawsuit can cripple an organization especially large companies needless to say new companies.
Infringing on persons’ trademarks, trade secrets, patents, copyrights can land you costly lawsuits which could include legal ramifications up to the closure of the business and other legal finds. Staying clear of this makes a brighter feature for your business and signals uniqueness, authenticity, creativity, viability, and value. Remembering at this stage it is ok to be different, find a name that no one else has.
6) Have a story
Having a reason behind your results is likewise key. At this stage what is your mission? Is it aligned with the name in question?
Remember you will never have it all figured out but having the ability to show the reason behind you starting this business and how the initiative will benefit its intended audience. This is all embodied in the story behind the name. Like for all public characters such as businesses, brands, public figures, etc. Their images are constituted by their story so be willing to tell one likewise if you are wanting to stand in the marketplace. This also should be a prime factor for your name consideration.
7) Niche strategically
Niching is generally advised for business especially during its startup phases, in most cases including budgetary deficits.
The trick at this early stage of your business is to not set such a core foundation of the business so narrow that building a bigger business in the future is adversely affected. Unless you are positive the market cap within that niche comfortably satisfies your profitability margin and business survival then choose a bigger niche. Likewise, don’t be too greedy because choosing too big of a niche will adversely affect your marketing budget in most cases relating to outsourcing new skills, tools, and resources, etc. And will in most cases delay the startup processes of the business due to major budgetary situations for the decreased budget being applied to other primary areas such as product development and innovation. Try to hit the sweet spot, with some creativity, effort & consistency you can land a strong name for your new startup.
Conclusion
As the old saying from business school, “business is not rocket science.” And its explanation generally goes, business is the science behind rockets and not the rocket itself. This means business like the study of science takes time, effort, and other resources.
Unlike the rocket when launched does it in a matter of seconds. But it is the science surrounding the rocket that makes this possible. They all don’t remember when the first engine was being built, but now we making trips to space.
Consistency is really the case in business growth and survival.
I am always seeking new topics to write on, ask me anything in the comments and I could elaborate in one of my next posts.