3 Steps to Find The Right Name For Your New Business

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Naming the business is a situation that sneaks up on you when you’re starting out your business. Being an entrepreneur, matters such as actually creating a successful business plan becomes more important than choosing a name, and more often than not, we ignore the importance of it until the time actually comes to register it.

3 Steps to Find The Right Name For Your New Business
3 Steps to Find The Right Name For Your New Business

While Shakespeare might argue the importance of a name; with businesses, it can be the difference between success and failure. Companies such as Google and Apple have created a base of customers by giving the public what they want; however, no one would actually have gotten attracted to Google in the first place, had it been named something such as “General Internet Directory”. Sure, it would have been properly described, but it would not have been fun to say.

{ Also read: how to become a succesful entrepreneur with less money }

A new business with the right name can be the key to success, since a catchy name can have a big impact on investors and customers alike. While a naming firm can be hired to give an appropriate name to a company, they can also cost the business owner a lot of money. So if a person does not have plenty of cash to spend, it is probably better to have a little knowledge about how the company should be named.

Knowing the Company’s Goal 

Apple got its name because of Steve Jobs’ fruitarian diets. Upon coming back from an apple farm, Jobs thought that the name Apple sounded “fun, spirited and not intimidating” and would be perfect for his company. The impression that the name gave was one of fun and easiness; something that the company strives to provide to its customers through their products.

Apple wanted to provide the people with a device which would not only be easy to use but also trendy and fun, and associating the word “Apple” with it, creating a form of familiarity, and thus making it more appealing to the customer. Hence, a business name is more than just its identity, it is the company’s brand and by visualizing the impact, the brand can translate into all aspects of the impression it is creating.

Don’t Forget Creativity 

The name of a business needs to stick. With Apple being so small and catchy, the name became synonymous with the product. If you want to introduce new footwear, you can’t obviously just name the product “Shoes” and call it a day.

Adidas is the popular sport apparel company to go to when you want high quality sports merchandise and rather than going for some soul-searching for the perfect company name, the founder of Adidas, Adolf Dassler, simply took his name as the identity of the brand for his product. He used his nickname Adi with the first three letters of his surname, and thus, created the iconic name for the largest shoe company in Europe, only coming second to Nike in the world.

Hence, making sure that the name is unique enough to be remembered is the key to creating a customer base, because usually, a customer will become curious as to what this name is all about.

Testing Your Name

It seems that almost every word in the English language is trademarked, which is why there are many companies who coin their own names. Although a business can simply use the tactic of trying different forms and spellings of existing words, this trick has been used by many companies such as Compaq and Acura.

An original approach for a name can be used to a coin a name. Using a coined name means making a name which hasn’t yet been trademarked. For example, if we see the site flickr.com, their website could have used a generic name but here, the problem wouldn’t just be about the trademark.

Unusual names arouse people’s curiosity, whereas generic names would only allow the people to go to the site because the name means something to them. So it is important to create an identity which is more memorable than functional.

When starting a new business, it is important to keep an eye on all the possibilities which can create popularity for the brand, and by choosing a name that is catchy and easy to remember, any business can create a following for their product and start on the first steps to developing a solid business identity.

Originally published here.

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