Most entrepreneurs and business owners take the business name for granted when it comes to setting up a business for their products and services. Research shows that most Fortune 500 companies spent a substantial time on deciding about the name of their business. Why does the business name matters a lot when it comes to establishing a business? Do your customers really care about your business name? Do you stake holders care about your business name? And most importantly, does the name impact your overall success in the long run? In this article, we answer some of these questions to help you make a better decision with regards to choosing your business name.
Why the Business Name matters?
A business name is more than just a word or phrase that identifies your business; it is a factor that helps you establish your brand’s personality so that it is easy to recognize by your target audience and has the potential to enjoy a credible position in the industry. Here is the equation to help you see what your business name must entail.
Your business name must represent your business goals, your vision, the nature of your product and services, and your brand message.
Choosing the right name for your online business
Creating a business name is more challenging than you might think. You can use various forms of business names to represent your company’s personality. Some of the business or brand name types are shown in the following image.
Regardless of what type of name you choose for your business, always consider the following things before settling on a name.
- Always remember that your business name will you present your products and services and will have a deep impact on how your customers see you and your business.
- Your business name will also be your domain name, which means that the name you choose to represent your products and services will also be used to create e-commerce presence for your online business.
- Customers find it hard to find businesses that have unusual keywords and phrases that hardly come up in search engines. So before choosing the name, make sure that you have done ample keyword research to understand what words and phrases are most searched by your target audience.
- Business name plays a key role in digital marketing campaigns, so make sure that you think about your product placement and its relation to your business name.
Mistakes to avoid while choosing a name
There are a couple of mistakes that most entrepreneurs and business owners make frequently when it comes to choosing a business name. Peruse below:
- Avoid using a lewd term or word
- Avoid using a word that represents an unacceptable idea, such as fascism and bigotry
- Avoid using extremely common terms
- Avoid using words that do not represent your business
- Avoid using names that represent your competition in some way
Choosing the right business name can help you create a positive brand voice regarding your products and services that can ultimately help you place your business among the most reputable online businesses for better revenue.