So, you have a great business idea. A great dive restaurant, a clothing resale store, an electronics retailer, an insurance brokerage, whatever. You’ve already put a great deal of thought into the most important part.
The most important part being, well, the location. Or so you thought. Yet, the moment you sat down to draft a proper business plan, you realized that you forgot to choose a name for your business.
Your business’s name can be as much a part of its identity as its logo, so it’s important to choose the right one. Our expert tips will show you how.
Keep It Short and Simple
When naming your business, remember to KISS: Keep It Short and Simple. The average consumer doesn’t want to spit out a mouthful every time they talk about your business or your products.
Ideally, you should keep the name between 2 and 4 syllables, all of which should be easy to pronounce. Even if your products or services are tailored for more intellectual audiences, remember that brevity is the soul of wit. Not long-windedness.
Mind the Legal Ramifications
Obviously, you can’t give your business the same name as another existing company. This may require that you use name search services to ensure no overlap. (You can see here for a company that offers name searches.)
However, there are other potential legal issues you may encounter when you choose a name for your business. You cannot use “corp”, “inc”, or any similar terms if your business has not been incorporated. You may also encounter issues if, as a law firm, you claim there’s a lawyer with a surname that doesn’t exist in your firm.
Make sure you read through local laws during the naming process.
Consider the Clientele’s Tastes Alongside Your Own
When deciding how to name a business, remember that the name should serve the clientele’s tastes as well as your own. You can name your restaurant after an obscure gaming pun if you so desire. However, that will severely limit your demographics when you open.
Think about the clients you want to serve and what they might want to see in a business.
Remember the Conventions: Descriptive, Abstract, Suggestive, and Acronyms
When all else fails, remember the 4 main conventions when it comes to business naming.
Descriptive names, well, describe what the business is. Angela’s Antiques is an example of this convention.
Abstract names are names that seem arbitrary but make for easy trademarking. Think Apple, Samsung, and Google.
Suggestive names suggest what the business works with without directly naming. For example, any fitness company with “fit” in its name.
Acronyms aren’t recommended for businesses just getting started. However, if the actual name of your business is too long to put on branding material, you might consider using an acronym instead.
Let’s Review How to Choose a Name for Your Business
When you choose a name for your business, you determine the customers you’re going to attract. Keep this fact in mind while avoiding any sticky legal ramifications, and you can find a name that works well for you. For more business naming tips, visit our blog and check out other articles like this one!