The starting point of every business, company, brand and any legal structure we know is the business name. All the brands that stand out in our minds are names that were created by the founding team. A company name determines some big percentage of what perception it will create in the minds of the people. Choosing a good business name is very important and it’s key to differentiating you from your competition.
Where as industries can have varying business name needs but there are some key things that remain key considerations. These key considerations are not an auto button for business to be successful but truthfully a good name makes some difference. Matched better with quality service, a good business name can take you miles.
In my work as a Consultant & Entrepreneur, i realize some people choose their business names basing on emotional grounds (their father’s, mother’s, wife’s or child’s name or even their own name, memories, events, milestones, trends, etc). Some other people prefer to choose names that inspire while some other will go with names they want to portray good qualities about the business. Whatever name you choose, and for whatever reason, is totally up to you so long as it triggers good perceptions in the mind of the business audience. So, how do you find a good name?. Let’s look into some thoughts.
What Does the Name Communicate at Glance?
When starting the process of choosing a name for your business, you should think about what image does the name portray. E.g, it would be funny to see ABC contractors Ltd on a clothing store or restaurant. Your business name should somehow communicate something relate-able to the industry you operate in and if not the it should portray neutrality
Example given, if you have a tool assembling or trading company, you might try to include words like; Fix, Fittings, hardware, tools, apparatus, equipment, etc. If you opt for neutrality then it should also be something easy to relate with. So, in that case names like; ABC tools, B & C Fittings, L& M apparatus, bla bla, make a great deal. If you are dealing in let say Fumigation and pest control, names like; Jiden Pest control not only speaks what you do but also tells who you are with no further explanation. I hope you get the gist.
Choose your words carefully.
Different words can have different meaning to different people. You have to be sure that your business name is composed of strong, positive or descriptive words that won’t trigger any types of negative emotion, or any discrimination and critic to anything. Be sure to check the meaning of the name in the languages and regions you intend to do business in. Some words can be positive in some localities and others get negative in another language or locality, so keep that in mind.
Is the Name easy to Brand?
Every great business/company you know have got that great collection of perceptions it brings; the look, feel and emotion it triggers in overall branding materials. In this digital era, this is much important. Each business have got its needs depending on industry. Formal or professional service business may require a professional and corporate name.
Entertainment production firms may just require a fun creative names, tech firms may require creative short names, etc. All it is, you must consider pronunciation, spelling and length as a priority. If you are using a long name (which is common in Professional services, then there must be key words that can be easily memorized..
E,g my Janitorial service firm is called: NBK CLEANING KINGS INT’L LTD, quite a long name, right?, but it is easy to memorize first words or middle words, so some clients say NBK CLEANING while others can say Cleaning Kings, the former defines our brand NBK, the latter speaks positivism and strength; Cleaning Kings. All in all, on branding it somehow become easy regardless of the long name that we chose basing on professional service.
If your target audience can’t easily have some key word(s) in your name they can memorize and pronounce, it could lead to a branding disaster, also there must be some key words that attract attention, or speak positivity or creativity, that makes branding easy with such a name. Before deciding on a name, have a few external people read the name to see how they pronounce it, feel about it and what key words they pick and what they represent! In this digital era, it is very easy since you can share in your social circles to get feedback, however be careful as some can back deal and take it before you.
Competition – Think about it.
Expert Consultant and business mogul, Chahal once said that; imitation is the sincerest form of flattery, and i believe that inspiration from some competition can work. The new kid on the block of beverages, Riham, got inspiration for their drink brands from Coca Cola brands to create great brand names. Sky dew from Mountain dew, Riham Cola from Coca Cola, Funtime from Fanta, etc.
You don’t need to directly copy another business name since that may land you in jail or not get accepted by registration Authority but try to get inside the room of competition and analyse some few things and see if there are any elements that will work for you when tweaked. It gives you leverage over competition and also helps your process quickly inspired for great outcomes. Be creative and rebuild uniquely but avoid over and close copying, just let the competition name act as inspiration for your new creative unique name.
Legal Availability
Everyday at NBK Premier Solutions,we receive lots of questions from budding and upcoming entrepreneurs asking why they should register their businesses. Let’s look at it on this angle, Assume you start a restaurant and you call it Jojo Foods.. that’s the name you want to build on, few months down the road the restaurant is booming but on traveling the next street you find the same restaurant with same name and branding but it’s not yours, what comes to your mind?, some one stole your name, meaning customers even go there thinking of the same brand when its a different person, but if this person rushed and registered this name before you, then it will be his/hers.
To just make it brief, it cannot be your company/business name until it’s legally registered by you. You need to secure a name so that you have security for your brand before you take your enterprise far, remember by law, no two separate businesses should operate under one name.
Nicholas K Quest Insights
Precisely you should register your company name as early as possible. “But what entity should i go for? ” This is another question most people ask..
For now lets focus on Limited Liability company
Limited Liability entities are perfect for the modern day entrepreneur who wants to start a business and grow it into something big. It is suited for all kinds of industries and sizes from agriculture and manufacturing to IT and professional services.
It’s a corporation/company of its own. The term corporation/company in regards to business comes from the Latin word ‘corpus, which means body. A corporation/company is a body–it is a legal person in the eyes of the law. It can bring lawsuits, can buy and sell property, contract, be taxed, and even commit and defend crimes. It’s most notable feature: a corporation protects its owners from personal liability for corporate debts and obligations–within limits.
This is the best way for an entrepreneur to go. Where as, all the above are not typical things to look at but i guess the article gives you an insight into choosing business names and brand that thrive. I want to hear your thoughts from the comment section! Let’s talk. Contact NBK-PREMIER SOLUTIONS on +256 704 597816 for free more consultation! #TakingYouFurther. #BeyondProsper.
About Me
Nicholas K. Quest >> is a Best Selling Transformational Author, Consultant and Serial Entrepreneur. He is passionate about helping others to achieve their greatest dreams and ambitions through his Transformational education & development programs.
Follow my work through our training/Publishing and Consulting firms respectively: Legacy Pearls Africa, NBK-Premier Solutions, DETT Community
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