Choosing a name for a business that is being built can be a very exciting process. Most people have some ideas in mind when they first start out, but the more you think about this issue the more complicated it will become. There are a lot of businesses out there already, and you need to make sure that you are able to stand out with the name you choose. But what exactly do you need to consider alongside this? Let’s find out.
Simplicity
The best brand names in the world rely on simplicity to ensure that consumers are able to understand them. Companies like IBM are great examples of this. IBM stands for International Business Machines, but this name can be confusing because of its length and the fact that it doesn’t relate to the current business model. IBM is simple and unique, without forcing people to think.
Memorability
The whole purpose of a brand is to help customers to remember your business, and this means that your name needs to be memorable. A name like “Discount Furniture Company” isn’t going to be as memorable as “Cheap Seats”, and this is a very basic example of this idea. Your business name needs to be cemented in the minds of your customers, but this can take some creativity to achieve.
Distinction
There are a lot of businesses in the world, creating a challenge for business owners. Your company needs to have a unique name, though this is most important within the sector that you already occupy. For example, calling a software company Microsoftware would be a very bad idea. Can I register a name that is similar to an existing company name? You might be able to, but you can expect confusion and potential legal issues down the line.
Sensitivity
It can be very easy to offend people in the modern world. This means that business owners need to choose a name that translates well into other languages, along with avoiding things that could be considered culturally offensive. While this can seem over the top, it is very important to respect other people, especially when you are thinking about your business. Few things will hurt a reputation like a business name that insults people.
Reflecting Your Business
Finally, as the last area to consider, it’s time to think about how your brand name reflects your business. It can be all too easy to give your company a name that doesn’t make sense for the products you sell. Take a luxury car company, for example. Calling a business like this something like “Affordable Autos” wouldn’t make much sense, but a name like “Prestige Motors” could be ideal.
Creativity is always important when you’re working on something like a business name. Many companies struggle as they go through this process, finding it hard to make sure that they take the right steps to choose the perfect name for their company. As time goes by, you will be able to see the benefits of choosing a good name.
