The perfect company name
Finding a name for your company that will satisfy you through your entire business career is hard, therefore this article will give you some guidelines on how to end up with the perfect name for your new company.
First we are going to start with a couple of mistakes entrepreneurs make so often when choosing a name:
1. A name needs to be flashy and catchy, use your imagination do not use words that never stand out they will not be remembered. Also do not make the name too long, it will lose it's catchyness as well as it's overview.
2. The name should not be able to outgrow your business. For example by using the name "Printers & Co" because your company sells printers, but eventually you decide to also start selling laptops, your name does not represent your entitlement business anymore. You have to change your name because your target market just became broader and there before you have to start most of your marketing all over again which is literally throwing away your money.
3. Keep in mind that company names do not always have to say something about the products or services you sell, some of the most successful business names are fictional ones, think of Skype, Yahoo, Google, Twitter, etc. It should be a name, a brand, and not literally a description of what you sell, for example computer consulting company.
4. Do not use words that are rarely used within your language (unless you have a fictional name). But for example do not use complicated Latin words that tell something about your business when you translate them to English (except they do really sound good). People need to be able to easily remember the name or you lose sales.
5. Do not add a geographical location to your name unless you only want to target customers from that region, and that region only. As soon as someone sees a company that's called New York Heating nobody outside New York will place an order, even though they not necessarily sell heating only in New York.
Now let's talk about the things that a good company name should have
There are so many good company names already taken, but trust me there are still thousands of good company names out there. But what are the characteristics of a good company name ?:
One of the most important things is that the name should be easy to pronounce, easy to remember, and easy to spell. The name should also be catchy, trendy and unique. All together is should be compelling to your target market, because that are your potential customers.
So you finally thought of a good name, at least that's what you think …
You have to be sure the name you thought of is going to last. Therefore there are a couple of guidelines you should follow before you start using the name.
1. You should check if there is a corresponding domain name available.
2. Sleep over it. Does the name still sounds so appealing as yesterday?
3. Ask you friends and family what they think about it, but do not let them get you off the right track because some people are very good at making up pretty miserable names.
4. Check if the name is not already taken by other companies in your niche. Is it trademark already?
Mistakes often made by companies that chose the wrong name
Two words: Change it! If you feel you've made the wrong decision by choosing a dull company name, change it as fast as you can. Your company name may make people think of other products or services, so they link your name to the wrong objects. It's best to change the name in an early stadium, because promotion (marketing) is important for a company's existence and by promoting a name you are not satisfied with will not make things better. When the name is right your confidence level will boost.
What if I want some good ideas for a good company name?
These days there are a lot of specialized companies that will develop a brand for you, they research your market, write reports, make benchmarks, analyze the competitors in your niche, etc. The disadvantage is that all this costs a lot of money, it will easily cost between $ 1000 – $ 35,000. For starting entrepreneurs this is a lot of money and you should be crazy to spend this much money before even starting your business.