Choosing a Great Name for Your Business
According to WPBeginner, 65 percent of Americans want to start a business. With this statistic in mind, choosing a name that stands out from the crowd is a crucial step to making your business a success. A bad name for your business can signal that a company lacks self-awareness, attention to detail, and due diligence. A poorly chosen name means that you may have to rebrand, which is an expensive and time consuming process. A small business can spend up to $180,000 and eight months on rebranding. This price includes filing with the IRS, updating legal documents, change in trademarks, and new marketing and advertising.
Some big names that had to rebrand include Subway (changed from Pete’s Super Submarines as people kept hearing “pizza submarine”), WWE (previously WWF, but the World Wildlife Fund sued them for the acronym), and Weight Watchers (now WW to reflect a shift toward body positivity).
The characteristics of a good name are quite simple. You want a name that is simple and memorable, differentiates itself from competitors, serves as a foundation for branding, linked to a core idea, clearly defines the business, and that creates a strong impression. Be sure to stay away from names that are hard to spell or say, generic, riding on a trend, or are too similar to competitors.
Luckily, there are five simple steps to creating a strong business name:
List related keywords and phrases. You should think about how your business works and who you work with. Also be sure to include synonyms for the keywords you chose. You can look to competitors’ names and slogans for inspiration.
Create a long list of name ideas. Be sure that you do not commit to a name or idea right away. You will want to stick to words that make sense, rather than make people laugh. You can also ask friends and family for feedback.
Avoid words and names already trademarked. To find this out, you can search the Trademark Electronic Search System and state databases. You should also do a quick search online for businesses with the same or similar names. To cover your bases, you might want to consider hiring a trademark attorney to help.
Consider how you want to brand your business name. Here are some questions to ask yourself to help with this: How does this name fit with your overall brand? Does it align with your other businesses? How will it be represented in a logo and brand colors?
And finally, check website and social media availability. You need to consider what domain works best for your company. You then need to do a simple search to make sure that domain is not in use. Do the same for social media.
With these steps, a great name will be within reach.
