When you first thought of starting a business, sure enough, you came across thinking of your future business’s name. You get excited as a lot of ideas pour in the process, but it then becomes hard to figure the final brand to pick for your business. It is best not to spend too much time on this step. However, have in mind that your business name could help shape its success.
Here are some checkpoints for you to ponder on:
Is the business name available? You may think the business names you have on your list are unique and that no company owns it, but there’s a high chance that it is already out there. Unlike before, start-up entrepreneurs now need to consider checking on the online presence of a brand/business name. A few of the things you need to examine are the name’s trademark, domain, and social media handle.
To avoid plausible lawsuits, it is best to be sure that the business name you use is an unregistered business trademark in the same field. Failing to verify this may lead to an unsurmountable loss of money and time for you to fix. The worst scenario is losing the brand, plus all those money spent on branding go to waste. You would not want to start from scratch all over again. Right?
As I’ve shared on my previous blog, the domain is your webshop’s name or link. You need to check the availability of your business name’s domain. Doing this is necessary to keep your trademark in sync, along with all your social media accounts. A uniform label on all your online site and pages will benefit your company’s name’s web search giving your potential customers/clients ease in finding you on the web. To learn more about considerations when choosing a domain name, see the chapter four of my book, “Build An Online Business In 24 Hours”.
How would you want your business name to communicate across? You, yourself, would like something that is not complicated to understand nor pronounce. The same should go when choosing a name for your business. Try to keep it simple and easy to remember. In doing so, consider the principal elements of your business: your niche and mission. It would help you directly reach your target market without having to explain who and what you are, hence use real words, and avoid naming your business after yourself and location. To include your place in your business name could limit expansion. Also, attaching your name to your business could tie you up to it even after a point when you decide to sell your business.
Is your business name the best choice? Pick your top 3 or 5 business name choices out of your list. Create a poll among your trusted friends, colleagues, and family members. The advantage of doing a survey is the chance to contemplate their feedbacks that should help you in the decision-making process. There could be points that you’ve missed along the way that you would need to consider.
Lastly, do you LOVE your business name? Say your business name out loud. Does the business name make you feel giddy? As the business owner, your business name will represent your passion and would long resonate with your patrons. It is going to be one of those you will care for and fight for, protect, and build. It is your own and will demand every ounce of your emotional, financial, and time investment. It is the name you will read and hear that will make you proud. Therefore, the moment you pick your final business name, you will have to love every bit and the future of it.
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Building an online business is a journey. But it does not need to be long and painful. Building an Online Business or Transforming an existing one Digitally, should not become a sophisticated paper exercise. Creating value for the customers and other stakeholders should remain as the aim of any business process including the Digital Transformation. This is more so for smaller businesses.
My book ‘Build An Online Business in 24 Hours’, aims to inspire and show a roadmap to bring your existing or future business online in a short period of time.
To learn more about some of the subjects on this page, and to find out a roadmap to build an online business in 24 hours, read my book.