Creating a catchy business name for your business
Starting any new business is an exciting time; a chance to establish a professional organisation that matches your ideals and provides services and products which proudly bear your chosen business name.
Of course, deciding what this name should be is a challenge in itself. Being able to differentiate your company from others in your industry is a must. Trying to encapsulate the experience customers should expect is just as important.
Here, we provide you with seven key tips for naming a business. We help you identify the considerations that should form part of your decision and show you how you can make your own company stand out from others.
1. Business name – what is your brand personality?
For many business leaders wondering how to create a company name, one of the most important aspects to consider is what you want your brand personality to be.
By brand personality, we mean the way in which your company will be perceived by others. Would you like to be seen by potential clients as very corporate in your activity, or prefer to be seen as relaxed and fun? Depending on the nature of your business, you should be able to pinpoint the attributes you wish to be associated with and use these to arrive at a name.
These attributes will not only help you to decide on your business name but also the look and feel of promotional material for your company. This will include the logo, the colour palette used across marketing literature and even the manner in which your products or services are sold. You should never overlook the importance of understanding your brand personality when deciding on your business name.
2. What is your target audience?
While your brand personality is integral to who you are, it’s also essential to understand your exact target audience. Senior executives in financial institutions have very different personalities to consumers purchasing products. Correct use of language is therefore crucial, enabling you to target the right people with the right terminology.
By carefully researching your target audience, you can get to know precisely what their wants and likes are – information that subsequently gives you the details you need when it comes to settling on a suitable name for your business.
3. Business name – keep things simple
There’s a lot to be said for keeping company names short and sweet. Think, for example, about some of the biggest businesses in the world – their names are often solitary words: Apple, Breitling, Ford, etc.
If you have too many words or syllables, a name becomes harder to remember.
Aim for your name to be punchy and memorable in order to help potential clients and customers remember it with ease.
What’s more, when it comes to taking your business online, a short and snappy domain name will help people find your website quickly and effectively. Having to type in long email addresses can also be a real chore if you choose a domain name that is long and hard to spell correctly.
4. Research your competitors
Standing out from the crowd is never easy. If your business is going to be in a sector that is particularly competitive, making sure you can be easily distinguished from other businesses is vital.
Conduct thorough research into other companies within your industry to make sure any potential names you have selected for your business are not already taken or too similar to another.
5. Don’t be too specific
Over time, your business is certain to evolve and change its product or service in some way. While you may not necessarily change your core business, you may well introduce new product lines and services. So, while the temptation may be to include exactly what you offer in your business name, this could render your name irrelevant in years to come.
For example, let’s say your business produces dining tables and you decide to call your business ‘Joe’s Dining Tables’. Should you later introduce a new range of products – let’s say television cabinets – the name ‘Joe’s Dining Tables’ is clearly no longer ideal! By avoiding specificity, you create some crucial ‘wiggle room’ to amend what you do without requiring a full rebranding exercise.
6. Seek inspiration elsewhere
Branding a company isn’t an easy task. Even the world’s biggest businesses go through periods of trial and error. If you find yourself struggling to find the perfect solution for your business, why not seek inspiration from outside your company? Branding agencies, copywriters, graphic designers, etc. offer their creative services to help businesses identify the right language and message that needs to be conveyed to any particular audience.
By investing in the services of outside experts, you will oftengain inspiration from experienced professionals who will be able to support you in choosing the very best name for your company.
7. Test the name
The best way to determine whether you have chosen a good name for your business is to ask others for feedback. If it’s too obscure, too niche, too serious (or relaxed), other people will tell you. And it doesn’t just have to be the opinion of those from within the organisation. Test the name with friends and family to gauge their reactions. You’ll soon be able to determine what does and doesn’t work.
If you’re looking for first-class business advice from experienced professionals, the teams at THP Accountants in Cheam, Chelmsford, Saffron Walden and Wanstead will be able to help you. From bookkeeping to tax, business management to full accountancy services, we offer everything you need to take your SME to the next level of success.
About Mark Boulter
Mark Boulter is responsible for the efficient running of the firm’s infrastructure, and ensuring that THP delivers the best client service. Promoting the vision and culture across all branches, people are the key: “I like people who have a fresh approach and I’m happy for them to run with their ideas,” he says.
Communication across departments is crucial and Mark pioneers this. He ensure that people and departments not only talk to each other, but that they share ideas– whether they’re about marketing, finance, sales, strategy or any other topic that can result in us offering a better service. “I think helping to develop the next generation of THP people is essential to our success,” Mark adds. “We’ve a lot of talented people and our way of doing things increasingly attracts ambitious newcomers who are looking for a fresh approach. That’s good for us and even better news for our clients.”