Choosing a Business Name
Jan 24th, 2008 by admin
A great name is a powerful asset in the business world. Alone that name can create intangible elements, help you gain a competitive advantage and keep you on the top of the minds of your customers. The goal is to come up with one that connects with your intended target audiences, supports your business objectives and is HIGHLY memorable. Be bold, be different. You’re an entrepreneur!
So how do you come up with that perfect name without hiring a pricey Manhattan branding agency or using a cheesy online name generator? I’m not going to say that it’s easy, but it’s certainly not as hard as you might think.
I strongly recommend using an oversized dry erase board or even a chalkboard for this exercise, although a pen and paper will work, too. Start by jotting down your product(s) and/or service(s) (i.e. walking shoes, Web site design). Next list your target markets (i.e. baby boomers, single mothers, hospitals, etc.) and their motivation for buying your product or service (i.e. affordable, most reliable, etc.). Finally, list your business objectives or measurable goals (i.e. obtain Deep Green certification by June 2008, increase sales by ten percent, etc.). Although they may seem obscure, each of these elements ties into creating the ideal name.
Now it’s time to start brainstorming through what I like to call ‘word play’ sessions. Start jotting down words that associate with your product or service. Next think of some words that would resonate with your target markets. And finally come up with words that somehow work into your overall strategy for meeting your goals. Once you have all of these words down, step back and see what you’ve come up with. Do several of these words together scream “BINGO”! What about changing some of the letters? For example, can you change an ‘s’ to a ‘z’ – such as Results to Resultz?
When you think you’ve found the right one, make sure to say it out loud over and over again. How does it sound? Is it easy to say? Ask your friends and family for their opinions or have them participate in your word play sessions. Dig out a dictionary and thesaurus. You never know what the synonym for durable might lead you to… the perfect name, perhaps?
Reminder: You’ll want to make sure that the chosen name has not been trademarked or protected in any way. I’ll cover this in an upcoming post.
I would also recommend checking to see if a domain name is available. Even if they do not want to be on line right away it is better to make sure it is available and reserve it since it is relatively cheap than find out later you have to pay thousands to get the rights to the name.