Choosing a suitable name is one of the first steps to take when starting a business. This is the core of your overall branding and marketing initiatives, affecting other aspects such as the logo and domain name.
On the surface, this process may seem straightforward. However, coming up with a good business name requires a lot of consideration and research. This name should give your business enough attention without getting you into any legal troubles.
In this article, we will look at six essential steps to take when creating a legal and catchy name for your new venture.
1. Reflect Your Business Statement
A business statement or mission statement covers why your company exists. Typically it informs the people about its culture, values, ethics, and fundamental goals. It also states other general information about your business, such as the target market, product or service it offers, and location.
When deciding on a name for your business, you might want to consider something that reflects this business statement. Doing so can help potential customers understand your company better and decide whether it resonates with their own values and preferences.
According to studies, 89% of shoppers stay loyal to brands that share their values. Try to also pick a name that conveys your business personality. For example, avoid choosing a quirky and playful name if you want your business to be recognized as serious and professional.
2. Avoid Picking Similar Names to Competitors
Before you pick a business name, check if it has been used by another company in the industry. Having a similar name to competitors should be avoided because it might confuse your customers and ruin your brand’s uniqueness.
Some companies may choose a similar name to a larger competitor to use its likeness and boost their own exposure. This is a bad idea since known brands are usually copyrighted, and using a similar name can get your company in legal trouble. If you are from New York, the best approach is to consult with a New York trademark attorney and, from there, make the decision on your business name, copyright it, and ensure that you are protected overall.
When your target audience notices that you picked a similar name to a competitor, you can also lose reputation. People might perceive your brand as unoriginal and lacking personality, which makes building a customer base harder.
3. Keep It Simple
Your business name shouldn’t be too long and confusing. Keep in mind that your brand only has seven seconds to make a first impression on potential customers. Therefore, picking a pronounceable and easy-to-remember name is crucial.
A simple and pronounceable name can also help your customer find your business by using voice assistants. This can help you gain more traction since around 44.2% of internet users in the United States use a voice assistant at least monthly.
4. Check Name Availability
The easiest way to check your chosen business name availability is to search it on Google. If a similar business appears on the result pages, then it is best to come up with a new name to use. Try to also check your local patent and trademark office’s database if possible.
Since you are also likely to use your business name as a domain name, make sure to check it using domain name checkers such as Name.com or GoDaddy. If it is not available as a domain name, consider using other top-level domains (TLD).
Some TLDs like .tech or .net have better availability and can help your target audience identify what your business has to offer.
5. Pick a Scalable Name
A good name should allow your business to grow and change over time. Having an overly specific name can sometimes limit the potential to expand your business. For example, if you are just selling pet foods now, you might also open a pet grooming service in the future.
The same goes for your business location. Attaching a specific city name to your business name can potentially push away some target market when you eventually expand your venture to another region.
6. Use Related Keywords
Incorporating SEO strategies, such as using related keywords in your business name, can help it reach more people. This allows your business to appear more often on the search results pages and potentially increase traffic to your website.
However, avoid stuffing too many keywords into your name since Google can mark you as spam. Being blacklisted on search engines can be very harmful to your business, especially if you focus your venture on the digital market.
Conclusion
It is important to carefully consider and do some research when deciding on a business name since it’s likely to be attached to your venture for a long time.
In this article, we have learned six important steps you need to take when choosing a name for your business, including:
- Reflect your business statement
- Avoid picking similar names to competitors
- Keep it simple
- Check name availability
- Pick a scalable name
- Use relatable keywords
Choosing a good business name can be a long process. However, it is worth all the effort and time since it can help you differentiate your business from competitors and convey its values to potential customers.
Follow the steps presented in this article, and the process of getting a legal and catchy business name will be easier for you.
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