A good company name is one of the first considerations entrepreneurs make when launching a business or startup.
However, only few consider a great company name when starting out, missing out on an early opportunity for branding and differentiation.
Smart entrepreneurs on the other hand know the value of a great business name, they do everything possible to get it right from the start.
Some Benefits of a Great Business Name
- Acceptability (They are well received)
- Better branding (Slogans, campaigns fit in)
- Continuity (No need for expensive name change down the road)
- Word of mouth mileage (Customers use it a lot)
- Positive mentions (by celebrities, influencers, musicians, writers), etc
And here are
Some Attributes of a Great Business Name
- Often copied
- Scalable, etc
One key sign of a great brand is that they are usually faked or counterfeited, often using close sounding names.
What Is a Great Business Name Really Worth?
- Com sold for $872m
- Some domain names sold for multi million dollars
- Domain flipping is a multi million dollar market
- Business name change can be costly e.g changing UTA to TDU could cost up to $50m
- Great copywriters charge a lot for one, etc
Now, here are
4 Quick Tips for Naming Your Startups Right
When brainstorming business name ideas consider your
Who constitutes your major target audience? If you’re targeting millennials you shouldn’t pick a business name that appeals only to boomers.
Pick names or terms your target audience can understand and relate with at first sight.
You want to pick a company name that clearly explains what your products or services are about without much ado.
A good question to ask is “will someone driving by in traffic grasp what your business is about by glancing at your signboard within seconds?
Business names that manage to incorporate certain key industry terminologies better communicate what you’re about to industry insiders.
Proper understanding of your operational market will help you choose business name ideas that will go down well with insiders.
Brainstorming can be tedious, especially if you’re a perfectionist. Instead of spending days and going nowhere with naming your business, why not try tools like business name generators?
These are tools designed to help you generate thousands of business name ideas as well as matching domain names for your startup.
There you have it, 4 simple tips for naming your startups right henceforth. Try them and share your thoughts.
This article is a guest post by:
Amos Onwukwe is an AWAI trained Business/Ecommerce B2B/B2C Copywriter, featured in scores of blogs including Huffington Post, Dumb Little Man, Ecommerce Nation, eCommerce Insights, Understanding Ecommerce, Result First, Floship, SmallBusinessBonfire, SmallBizClub, Successful Startup 101, Business Partner Magazine, RabidOfficeMonkey, etc.
He’s available for hire.