Meta-description: Coming up with the right name for your business is not an easy task. A name should precisely reflect your business and be easily remembered by people. In this article, we will explore the top reasons why choosing your business name carefully is important.
- Top reasons for the importance of a business name
- The significance of selecting the right name for your business
- Four reasons why your brand name is important
If you want to build a business that customers want to engage with many times, talk about with their peers and recommend to them, you need to have a good business name. A name is used to build your brand identity and help others recognise what you sell. Your business name is also the foundation of your trademark design, which can be valuable if in future you decide to sell your business. A lot of entrepreneurs do not give enough thought or time before choosing the right name for their businesses. Here we shall explain why they should.
Four reasons why your business name is important
- Your business name creates the first impression: A name is often the first impression that future customers have of you. A name that is concise can be easily remembered and shared with others. When people see a sign that has your name on it, they might remember it if it is catchy and concise.
Not just customers but investors also develop their first impression of your business through the name. Many investors decide upon a business because of its investment potential, but some decide to invest on seeing other factors, like the name. Choosing the right name, then, can help create a positive impression of your business in the minds of both customers and investors.
- Names communicate power: This may not seem obvious at first, but having the right name can assert power in the marketplace. For instance, names like Amazon and Uber reflect the power of two global service-providing giants. By contrast, names like Fickledee or Shoppers do not communicate as much influence. Strong business names have the power to influence, include and inform others. They can also create an image of a consistent and reliable brand.
- Business names help to attract talent: When you have a popular business name, talented people will want to work for you. This is because good brand names carry the image of an employer that everyone wants to work for. Top companies like Google and Apple are known for the many benefits that they provide to their workers. These include vacation leaves, health insurance coverage, generous allowances and much more.
A powerful business name is synonymous with a reputed place of work, and that alone is a motivating factor for talented people who will want to join your organisation. A strong brand name makes it easier to attract good talent once your business has been fully established.
- Your business name drives sales and helps you to stand out from your competition: A strong brand name establishes customer loyalty. When you have a catchy name that can be remembered easily, it is very likely that people are going to remember you. They will opt to work with you and might recommend you to their friends and family. This will, in turn, boost your sales.
A good business name can help to distinguish your business from those of others in your industry. Since there is no shortage of companies in the marketplace, it is difficult for customers to decide where they should go for services. A unique and memorable company name will enable others to remember you before others.
Prior to deciding on a name for your business, there are some factors that you can consider. Do not choose a name that might be limiting for your company. If you start by offering one product and decide to expand in the future, a broad name will be useful. Also, avoid using names that cannot be spelled easily. You want to have a business name that is simple, straightforward and can be easily pronounced.
Remember to perform research and see whether your desired name is already in use by another business. Go for a domain name such as .com, .org, .net, and so on since that indicates that you are an established business. Consult your friends and family members if you need any feedback for your business name.
Being a business owner, it is important for you to think about how you can minimise the impact of financial insecurities on your business. Consider getting business insurance to protect yourself from such risks.