With the rapid adoption of online services and products by consumers in B2B and B2C segments, there is a proportionally rapid rise in the number of small and medium-sized businesses.
While the Covid-19 pandemic has added fuel to the fire, many former working professionals are moving towards entrepreneurship. The path of entrepreneurship is not easy. However, there are many agencies and online tools available to assist entrepreneurs in their journey of growth.
The amount of information that we come across online is more than ever. There is more information disseminated in the market than the required demand. This exemplifies the company’s necessity to come across as unique with the plethora of competitors in the market today.
A lot of strategy goes into naming a start-up. Selecting a name for your business that is not only timeless but also embodies your values and your business’s unique proposition is tough.
Importance of a good company name
Your business name is the medium through which your potential clients meet you for the first time. A good business name has the potential of making your target customers believe in the high-quality you offer and provide a clear view of what they can expect of your brand in case they are associating with you for the first time. Your target audience should get a clear idea of your business and value proposition by looking at the name.
Certain critical characteristics of the name that can help your business are as follows:
- Creates Identity
- Motivating Factor
- Brand Recall
- Easy to search
How to pick the best company name?
When it comes to picking a name, think about something that you have had in mind since the inception of your entrepreneurial journey. However, do not try to copy a brand name. Instead, try to come up with a name that is unique and sparks curiosity among potential customers. One way is to use linguistic tricks. For example, picking a name that lends itself to wordplay.
Here are few tips to come up with a good company name-
Be clear about the mission and vision
There is no hard and fast rule while deciding your company’s name, but remember, you should have complete faith in your business, and you need to be very clear with your mission and vision statement.
Avoid hard to spell names, and you should use a name that conveys meaning and sounds scalable. Ensure that your website does not confuse people and gives them a seamless experience while understanding your products or services.
Usually, people buy your products or services because sometimes it is effortless to understand. So don’t make your website confusing. A clear message on your website makes your customer’s journey easy, and they rapidly make purchasing decisions.
Conduct a survey to pick the right name
If you start as a solo entrepreneur or have less than ten people in your team, you can start as a community or a hub. If you have some bigger plans, decide upon a name based on what you and your team resonate with.
While choosing a name, try doing a survey online on social media; this will also help you understand which name people are inclined towards. Rather than discussing this internally with your team, go online! Apart from online surveys, get opinions and ideas from friends and family.
You might also discover the hidden potential of your offerings in addition to just the name of your company. In addition to the online survey, many online tools are available to help you choose the right name for your business.
Use clear, descriptive, and easy-to-remember words
Consider using words related to your product or service, the mission of your company, and what your customers can expect from your business. Don’t just stuff keywords in your name. You can choose a modified version of relevant keywords.
Don’t choose a name that is too long or complicated. Your business name should sound appealing to your customers and generate positive emotions. It should also be easy to pronounce, search and remember.
Make sure it’s unique
Before finalizing a name, conduct thorough research to check if any other business is using it. Last thing you need while starting a business is a trademark suit. If your selected name does match with an existing business, there is still some wiggle room available.
Find out if the business is in the same industry or location. However, even if the other details do not match, it is recommended you tweak your name to avoid confusion and any legal action. Do check if the domain name is available.
Ensure the domain name is available
A domain name can have a severe impact on your online visibility and influence your marketing efforts as well. Plan to have an online presence, which is extremely important in the current scenario.
You should ensure that the desired domain name is available by conducting a domain name check. The domain registration service is provided by several companies in India – GoDaddy, Bluehost, SiteGround, Shopify, to name a few.
You should not give up a good business name just because the exact domain is not available. You could do certain things – buy it in case it is a parked domain, add modifiers to the name, and be creative with the domain selection to make it more memorable.
Customers associate a business name with the business’s value, so keep in mind the legal considerations while choosing a name. Naming your business is a critical first step, but it’s not something to stress over. Talk to your friends, family, and potential clients to get their opinion. Getting a few different points of view never hurts.
Once you have finalized your business’s name, you have successfully reached the first milestone towards formally launching your new business and branded your business to start carving out your niche in the business world.