Is the name I give my business important? Absolutely, it is! The name you select for your business is the central component of your business image and brand. In conjunction with the logo, it is the first representation of you and your business that a potential customer will experience.
So a good business name is important and can really add value to my business. But what factors differentiate an ordinary name from a great name? How do you know when you have found a real winner?
It’s not easy coming up with a great business name. It is very common for that awesome business name that appeared to you in a stroke of creative genius last night to be already registered by someone else.
If you are trying to come up with a great name, or maybe even trying to select a favourite from that list of 10 possibilities that you have been reviewing for the last few weeks, the below factors should help point you in the right direction…
Not too long
I have worked for a business with a name that is 80 characters long. Try fitting that within the spaces provided on forms! Not only is it a real annoyance to write a name that long numerous times every day, it is also much harder for your customers to remember. So keep it a reasonable length if possible.
Easy to pronounce and spell
If potential customers can’t pronounce your name or can’t spell it, they probably won’t be able to find you. And if they can’t find you, they can’t buy from you.
Unique and memorable
How easily will people be able to remember your company name or website? Could it be confused for another business? Being unique and memorable is especially important for small business as it will enable you to stand out from competitors. A memorable name is also easier to promote without needing access to a ginormous marketing budget like those held by large companies.
Energy
Does the business name exude the business feel that you desire? Is it reflective of the energy that you want to convey? For example, a business that is fun and exciting, would want a name that invokes the feeling of fun.
Easily recognised and clearly identifiable
Will a customer be able to easily identify your business name? A business name that is trusted and clearly identifiable is a valuable asset for any business.
Appearance and sound
Picture the potential name on your business cards and on a letterhead. Does it look good? Say it out loud. Does it sound good? Could it be easily confused with the name of another business? Could potential customers be confused with regards to pronunciation?
Not offensive or misleading
Offensive names can’t be registered. ASIC will disallow the registration during the application so you may as well exclude those from your list now. In addition there are certain words and expressions that are restricted and any name that includes these words will not be able to be registered.
Representative of your business
A business name should be representative of the business. This can be achieved in a couple of different ways. Firstly, your name can represent your business by being descriptive of what it is that you do, for example – Jane’s Homemade Scarves.
Another way that a business name can reflect the business is by way of feel or attitude. For example, 'Apple' suggests different and fresh. 'Virgin' suggests youthful and playful. 'Nike' is strong and simple. Look for words that are evocative and descriptive.
Domain
An extra level of professionalism is exhibited when the company name, domain name and email address are all the same. So, it is a good idea to check to see if your business name is available as a domain name for your website before making your final business name decision. You can check the availability of a domain name at www.crazydomains.com.au.
Not already registered with ASIC
Business names are registered with ASIC (Australian Securities and Investments Commission). In order for ASIC to register your proposed business name, it can’t be already registered. You can check to see if the business name you like is available at, ASIC business Name Search
Personal Brand
If you are looking to develop a personal brand, you may be considering using your own name as the business name. This is not a necessity though, as you can still create a personal brand without it having to be the name of your business or website. Think Richard Branson and Virgin.
Naming the business after yourself may actually cause some issues if you decide to sell the business as the buyer may need to rebrand; something for consideration before naming the business your own name.
Think about initials
To avoid discomfort or embarrassment down the track, it may be worth taking a quick look at the initials of the business. You don’t want people to start shortening your name to its initials only to find that it produces an embarrassing acronym.
It is so important to devote time to the creation of your business name. The name and the logo form the hub of your brand and they will be everywhere you look and on everything you do. You will spend a lot of marketing dollars trying to stamp this name into the mind of your customers, so make sure it represents you, your business and your future.
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