Chapter 6 - Its all in the name - Your Business Name

You're making great progress in establishing your new business, and choosing a business name is essential. Selecting the right name is crucial as it needs to be memorable and plays a significant role in your success. This guide will assist you in ensuring that your brand name captures the essence of your brand while remaining easy to pronounce, spell, and remember. Let's explore further.

The most effective brand names have three key characteristics. They are:

• Unique

• Simple

• Memorable

When creating a name for your brand, ensure that each name is legally available. Check if there are other businesses with the same name; if so, you'll need to choose another. Consider future growth as well. Will the name still be suitable if your business expands?

Although it may seem straightforward, dedicate as much thought to this process as you would to any other aspect of your business. Here are some essential steps to help you select the best name for your business.

Brainstorm Business Name Ideas

Start by researching other businesses in your industry and their chosen names. Do they incorporate elements of their core services, like “ABC Distribution Company,” or are they more abstract, like “Nike”? Avoid common pitfalls, such as names that abbreviate to something inappropriate or words linked to negative attributes.

With a clear understanding of existing business names, begin generating ideas based on your observations. Consider:

• Your mission and vision

• Your target audience

• Your core offerings

• Future offerings you want to develop

Ensure your chosen brand name resonates with your target audience. Avoid using a high-end name if your audience is budget-conscious. Craft thoughtful names that genuinely connect your brand with customers and make it stand out.

Use Tools That Can Help With Inspiration

Use available tools to spark creative ideas. A business name generator or a basic AI tool can kickstart the ideation process.

For instance, tools like ChatGPT can inspire creative business names.

Choosing a simple name makes your brand more memorable and easier to share. A relatable name fosters a connection with customers, enhancing brand trust. Ensuring it's communicative helps convey your brand's focus accurately. Thoroughness in this process allows you to explore all options and avoid hastily choosing a name.

Finalise And Select Your Business Name

Once you have a potential list, start eliminating unsuitable options. Usually, you can narrow it down to a shortlist yourself. After refining your choices, involve others in the discussion. Present your top name options to trusted individuals and possibly your target audience to gather constructive feedback.

When presenting these ideas, ask them to consider three questions:

• Does this business name communicate the primary purpose?

• Does this business name resonate with the target audience?

• Can this business name easily scale with the company?

You're looking for a solid 'yes' to each question. Follow up by asking why the name successfully answers each question. If it doesn't, reconsider. Ask for suggestions on improvement, refine your options, and present the improved names again to identify the standout choices. Choose your top three business names.

Validate Your Business Name

Before finalising your top business name, validate it through additional research to ensure legal availability. Using a trademarked name is illegal, so confirm your name is original and won't infringe on others.

Consider these three strategies to ensure your business name is available:

• Checking for an available domain

• Conducting trademark searches

• Confirming legal availability

If your chosen name passes these tests, you've done your due diligence in creating an original name.

From here, expand its reach by creating a logo and copyrighting it to protect against unauthorised use. Launch a website or create a business Facebook page. Your business name provides a solid foundation for building your brand confidently.

Bottom Line

Business names aren't just quick tasks on a to-do list. They are core elements of your company's identity. Choose your name thoughtfully by researching, considering all options, and testing and validating your final choice. This will result in a cornerstone of your company's identity that you can confidently build upon.

More Chapters in this series

Chapter 1   - A Business Idea - Lets Make it Happen

Chapter 2  - Target Your Market

Chapter 3   - Land Your Brand

Chapter 4   - The Price is Right

Chapter 5   - Lets Get Down to Business

Chapter 6   - Its All in the Name

Chapter 7   - Location Location Location

Chapter 8   - Financing your New Business

Chapter 9 - Recruitment

Chapter 10 - Law and Taxes: Play it Smart, Stay Sharp

Chapter 11 - Kick off Your Business with a Bang

Chapter 12 - Financial Review for your Small Business

Look out for the next chapter.

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