If you’ve taken the leap and decided to pursue your passion, then you are one of the few who have chosen to follow their dreams. Depending on where you are in your business plan, you may or may not have even thought about one of the most important areas of your business: the name.
Many people don’t see the importance of the name and might write it off as something to do last minute or even just to “get out of the way.” However, having a strong, relevant name is crucial to the success of any business. It’s the first thing people see, and hopefully the last thing that forget. Many would even argue that your company name is even as important as your company function.
Think of eBay for example. As one of the most successful online buying and selling platforms in the world, the name is unprecedented and one of the best around. It stands for Electronic Bay, which is exactly what it is: a bay of goods to buy and sell all available on the internet. Not only that, but it’s easy to remember and hard to forget.
According to Inc.com, they list three reasons to have a good, strong business name :
- It’s the First Thing Customers See
- It Sums Up Everything a Company Is About
- It’s Your Unique Take on An Industry
Smarta.com also lists important factors in a business name that should be considered before/during your decision-making process:
First impressions. This is self-explanatory at this point, but it needs to be understood that your business name is the first thing people see.
Impressing investors. Investors get targeted a lot. Don’t let them forget you.
Making your name web-friendly. Before you choose a name, make sure the domain is available or one you could use in its place!
So, how do you know if you’ve chosen a good business name? Entreprenuer.com states that, choose a comforting or familiar name that conjures up pleasant memories so customers respond to your business on an emotional level. Don’t pick a name that is long or confusing. Stay away from cute puns that only you understand. Don’t use the word “Inc.” after your name unless your company is actually incorporated.”