Naming a company, While entrepreneurs struggle to choose a perfect name for their enterprise, not always does the name work for them. We tell you a few things to consider before you name your company.
One of the first and most significant decisions a start up founder needs to make is the name of the company.
A wrong name could have a number of implications.
A name that does not resonate with the customers, is difficult to pronounce or spell or is too close to another business’s name, can have adverse effects on your brand.
While entrepreneurs struggle to choose a perfect name for their enterprise, not always does the name work for them.
We tell you a few things to consider before you name your company.
1. Search for a unique name to avoid similarity
A unique name not only differentiates your start up from others, but also helps build a brand and sparks an emotional connection with customers. Choose a name that can make it the talk of the town. Naming your company, which has a similar pronunciation, or meaning as some other company on the internet, might make it look old or nothing special.
2. Find something that defines your product or service
Just like your resume defines your professional skills, your company name should define what your company is all about. If not define, it must at least give a brief idea of what your company is involved in. Don’t come up with a made up word, as they complex your company name and may be unable to create a perception for that product.
3. Go for a name that can be reachable on all domains
While surfing the internet the most widely used extension is ‘.com’. You may choose any domain for your company, depending on your choice. However, before registering your domain, see if the company can be available on other domains as well. The more number of domains for your company, more will be your visibility.
4. Easy to speak and easy to spell
Being quirky just for the sake of it, could be a big mistake. When start-ups look for names that are quite quirky, all they’re thinking about is whether the name is unique, without considering the fact that it may or may not be easy for the world to spell or pronounce. That, your company’s name has to be different is true, but pushing too hard, to come up with a name, can backfire your company.
5. Don’t push too hard
I am not sure, how do parents come up with a name for their baby, but they definitely don’t have to struggle with the name, no matter how different do they want it to be. Similarly, you want something different and unique, list down a few names that you can think of and choose from one of them. The harder you try after a limit, the more will it be difficult for you to choose.
6. Avoid naming a company after yourself or a profession
You may want to name your venture something that you can relate to. However, if the venture name describes the services or products, and is something people can connect to, the chances of success are higher than usual. A good name has layers of meaning and association.
7. Get registered with the help of a lawyer
Understand what regulations, licences and taxes you will need to follow. Once you have decided the name, get in touch with an IP lawyer and learn all the regulations you need to follow with respect to the name of your venture and your domain. Establishing a business is not easy. The last thing you might want to get involved with is a copyright or other legal issue.
8. Final analysis
If you’re lucky you‘ll end up with three to five names that pass all your tests. In that case, think of the names that match your first criteria. Which names fit your objectives and which name according to you will the consumers relate to.
Professional naming firms generally donate six to eight weeks, to come up with a suitable name for a new company. You may not have as much time. So plan ahead and spend a few weeks on selecting a few names. Once selected, start analyzing which name would be the best and there it is- your very own venture, shining in big, gold letters.