So, you’re planning on starting your own company! One of the first hurdles you’re going to face is deciding on a name for your small business. Nobody else can understand your vision well enough to sort this step for you, not even professional business mentors! Your name will be critical to your branding and your company’s public perception, meaning you want to get this step right as soon as possible. No pressure! While there aren’t any definite right or wrong answers in the naming process, there are some handy tips you can take into consideration to make a smooth decision.
Here is everything you could need to remember when deciding on a name for your small business.
Involve Few People
One of the smartest things you can do when deciding on a business name is to keep your counsel circle small. It can be tempting to seek advice from everybody in your life for what feels like a monumental decision, but this approach presents problems. Loved ones with different ages, genders and interests will all have very contrasting ideas, and you’re likely to end up more confused than when you initially started!
If you want to involve family and friends, choose a couple close to your target audience and who will have your company’s best interests at heart. They’re better equipped to help you figure out an appropriate name, and you’re likely to agree much sooner!
Leave Room For Growth
We’re right at the beginning of your business journey. While you’re just a very small business right now, you can’t predict the level of success that your new company will see. Your name needs to consider that too! Especially if you’re investing in online business coaching to strengthen your leadership abilities and grow your ideas, you don’t want to hamper your progress with a limiting name.
Limiting names include terms like ‘local’ and ‘small’. They lose their relevance as your company grows, and rebranding can be costly! Geographical names can also hinder you because you may end up marketing to a much wider area than you envisage now.
Avoid Serious Obscurity
Wanting to stand out is logical! Commonplace terms are soon forgotten, and your business name needs to be a little unusual to stay memorable and keep attention. Seriously obscure words won’t serve you well, though. Customers trying to spell your company name will struggle, and they won’t instantly understand the significance or hidden meaning behind your choice. Confusion isn’t a great start!
For this reason, using your own name can be a great way forward. Apart from the personal satisfaction this may bring (!), and depending on how unusual a name you have, it can be a lot easier to own the URL and be found on Google.
Be Open to a Rebrand
Ultimately, you can put a lot of time and effort into choosing a name you love without knowing whether it’ll perform well. If you follow all the proper steps, introduce your company, and your branding still isn’t resonating with customers, you need to re-evaluate! The good news is that the sooner you rebrand and rename your business, the more time you have to invest in your redeveloped image.
Even a few years down the line, refreshing your company name is worthwhile. The world is continuously changing, and businesses sometimes need to follow suit! Should you be a senior professional struggling with establishing your company image, consider executive coaching to equip and assist your rebrand.
For invaluable coaching sessions at the beginning of your company journey, contact me – Chris Kenber, an experienced start-up business coach in Bristol and the surrounding areas.