Selecting a business name is easily one of the most overlooked steps in starting your business. It’s important to take your time with the naming process. Your business name will not only be the first impression of your business but should also represent your strategy, target audience, and business objectives.
DOES A NAME REALLY MATTER?
Of course, that’s a rhetorical question. I’m sure you know how much it really matters. The problem is that most don’t understand the discussions that have to happen before you can even begin the brainstorming work. We’ll discuss these questions in more detail below.
I need you to think about some well-known businesses today, what do you think when you hear their names? Some businesses take the literal approach, while others prefer a metaphorical approach like Under Armour and Apple. Both names are used to represent their company’s vision rather than the actual product. The name of your business must properly reflect your overall brand. Think Disney or Nike. What do you associate them with? Your brand should inform your audience on who you are and how you’ll help. I’ll show you how.
THE SECRET INGREDIENTS
The business name is often one of the first items selected when creating a business. Unfortunately, most first-time entrepreneurs put very little thought into selecting the business name that fits their vision.
This is due to vision and business not being clear at the time a name is selected. You must make sure you are clear on the following questions BEFORE you sit down to brainstorm.
What will your business offer?
What problem do you solve?
Who are your customers?
What is the culture of your business?
What do you see in the future of your business?
How do you want future clients to feel when they work with you?
These are the most important questions but there are others that should definitely be considered depending on your industry. Download our FREE Brand Questionnaire to go deeper on this.
Rather you complete the questionnaire or answer the questions listed above, it’s important that your answers are detailed and concise. It does you no good to be vague in your responses. You must seek clarity before taking the next step.