Whether you believe this or not, some of them have iconic brands that once went with their other names, and it is hard to imagine they became as well-known as they are today. What are their secrets to growing successfully in the business industry? Naming a business seemed trivial but carried much weight. A prominent business name reflects the goals and identity of a business.
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Why is a business name important?
Changing the business name is costly and cumbersome. You should notify the IRS, get a new EIN (Employer Identification Number) and alter permits and licenses. Ideally, a business name is forever. So, it can be so challenging that you are choosing a business name as it serves as your identity in the business industry and to your target audience.
It needs several impressions for people to remember a brand, but it takes seconds to form impressions of a brand. Get a memorable and catchy brand name to evoke the right associations as it helps it stick. Brand recognition has great implications for the bottom line.
There are strategies for picking a business name wisely. A business name sets the tone of what customers expect from your business. It can determine how easily existing and potential customers recognize your brand, either product or service. Yes, your business name is what the customers will see.
It’s what the customers see
A business name will shape the first impression of potential customers. It headlines the advertisements and will form part of the domain name. Thus, it must be search engine-friendly. Selecting a brand name closer to the competitor’s or that’s difficult to pronounce dents the discoverability online.
A catchy business name is not enough, but it should be meaningful. However, intriguing brand names must be more memorable.
Sum up your business!
Ideally, a brand name conveys the products offered and the general purpose of the brand, including:
- Consider the words you are about to use to describe your product
- Level of customer service
Types of business names
Yes, you have different types of business names to use, such as:
- Descriptive names
- Suggestive names
- Arbitrary names
How to name a business?
Use a structured and disciplined approach to create a list of potential names for your new business. Never rely on guts. Perhaps, you should consider these:
- Engage in market research
- Talk to potential customers
- Solicit feedback (it should be from friends and family)
- Iterating until finding the name that sticks
Here are the ways how to name a business:
- Brainstorm business names
- Creating a list of the best names
- Follow the naming rules for a business structure
- Check the business name availability
Now, once you are done with all these, your business name is ready to register.
Business name registration is very important as you can officially own it. Keep in mind that no two businesses can have the same business name.