Simple or abstract? Playful or smart? Symbolism or clever irony? There are endless ways to brainstorm for a business name. Naming your business can be frustrating, overwhelming and an exhausting experience.
Unfortunately, new entrepreneurs worry about startup capital, sales, marketing, product strategy and a host of other details as they start their business and leave one of the most crucial aspects unattended - the business name!
Truth being told, finding the right name for your business can sometimes make all the difference when it comes to pushing your business to success rather than just making it slog. Names can be quite powerful and pretty much play an important role in consumer mind in making their purchase decisions. Choosing words is incredibly important when it comes to a business name because each one has a distinct difference and can help you a lot in advertising your product.
This is perhaps one of the most common mistakes of all. Businesses assume that the customer won't understand the type of business unless it is literally described. This leads to a lot of problems in future and may not show insights about the company. It's just like reading a heading on Yellow Pages and can reduce a brand to a commodity.
Every company starts with a single product and then slowly branches out to different other products and services. But if you name a company after a particular product, the problem arises when you want to branch out to different products or have stopped producing the initial product.
The default naming strategy for some companies is to go by the geography route -using an area or a city in the name. Firstly, why would any customer buy from you accept that you are from their neighborhood and secondly if you expand, what would you do with your company name?
This might be an effort to shorten a long name or include a family member in the company name. This can be a problem in the future because these meaningless acronyms can lead to misunderstanding among your customers and does nothing to promote your business. Search engine rankings also become a big problem with the kind of "alphabet soup" names out there.
Since naming a company is one of the most crucial decisions in determining the future of your business success, it’s important that you take professional help to arrive at a decision. However, it's not necessary that you have to spend thousands on professionals to do this for you, but you can use the iGoStartup tool that helps you in choosing a business name. The tool has a check-list that includes almost every parameter one should consider in selecting the name of your brand or company. Just five minutes of your time can give you the same information that most naming agencies give at a premium cost.