Getting the Name of Your Business Right

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Being an entrepreneur is one of the best decisions you can consider. Not only will you get a career on your own terms and really pursue your passions, you also have the chance to give other people jobs and income opportunities. But with this decision to have your own business comes smaller matters that you have to think about – what’s the name of your business is one of them. So, before you get your open sign installed and your shop space renovated, here are some pieces of advice on how to get your name for your business correct:

The name should fit the business' daily operations, present a clear message and appealing to its customers.

Don’t go with a name that sounds too intellectual or ambiguous. It should reflect on what your business is all about even in just one mention. Avoid adapting a name that when you say it, would make the other person say, “What was that?” The business name should reflect your operations in one go and does not confuse anyone who says it. Speaking of confusion, you should stay away from names or words that have double meanings. You might confuse your customers and strangers who get wind of your name. For example, if you decide on putting “Hair Raisers” on your LED sign as your business name, your beauty salon business might be mistaken for a video store that only has horror movies or a shop of wigs.

Decide whether the name should reflect the business literally (e.g. Anne's Baked Goods) or if you can benefit from a more sophisticated name.

This factor really depends on what your business will be. There are some businesses that by nature, cater only to a certain class. Therefore, you should look into names that this market segment would appreciate. A name that has a certain level of sophistication would be to your business’ advantage, Otherwise, if your business has a mass market, then stay away from foreign-sounding titles. You might alienate people who will find your name hard to pronounce, or worse, incomprehensible.

After making a shortlist, allow a day or two before deciding on the final name. Don’t rush into deciding this integral component of your business.

Let the final ideas sink in and marinate first before switching on your open sign and typing them into your LED sign. Let others have a listen to your final name and check out what they think of it.