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.
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.
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.
There are a couple of mistakes that most entrepreneurs and business owners make frequently when it comes to choosing a business name. Peruse below:
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.