How To Choose A Name For Your Business?
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You have amazing skills in your niche, did some market research, took all the necessary steps needed to validate your idea and are now ready to launch your business.
The only problem is that you don’t know what to call it!
When did finding a business name become so complicated?
Looking for a business name is an important process that should be taken seriously to avoid making costly mistakes such as using a registered trademark or a name that’s offensive in some communities, for instance. And it should also be catchy, concise and capture what your business is all about.
But choosing a business name should also be fun.
So, to help you avoid costly hurdles and make the process more enjoyable, here’s our four-step guide to choosing a name for your business.
4 Steps To Naming Your Business
Step 1: Consider Your Audience
Sure, your business name should be memorable, help you to stand out from your competition and grab your audience’s attention. Yet, be careful to ensure it also aligns with the customer profile you’re targeting.
For instance, Poopsie’s is a pizza restaurant that specialises in thin-crust pizzas. Now, we don’t know about you, but the name reminds us of what could happen after eating a pizza there, which isn’t really appealing.
Of course, it could be a great name if you’re targeting younger demographics looking for a fun night out. However, it could significantly hinder your success if you’re looking to market gourmet pizzas to foodies.
Step 2: Brainstorm Business Names
Brainstorming business names is the fun part of the process.
Here are a few steps to make the most out of your brainstorming session:
Write Down All The Names That Come To Mind Without Editing Anything
Free writing is often the best way to come up with catchy business names!
You can also use free name generators such as Shopify’s business name generator or Namelix to help spark inspiration.
Explore Keywords In Your Industry
For instance, if you’re a personal trainer, some keywords you could use include “fitness”, “gym”, “yoga”, “exercising”, “work out”, etc.
Keep Your Name Broad Enough
Having a broad name will allow you to expand in terms of services and locations in the future.
For instance, if you’re planning to provide manicure and pedicure services for now, don’t call your business The Manicure Salon. That’s because if you want to expand your services to massages and waxing down the road, it’ll be hard for you to appeal to potential new customers who will associate your business with nail treatments.
Keep Your Name Simple And User-Friendly
Your business name should be easy to say, spell and type into Google.
Step 3: Legal Considerations
Once you’ve generated a few business name ideas, time to make sure there’s no legal issue with them. For instance, some terms like “building society” or “trust” are restricted. What’s more, your business name could have already been taken, which makes it illegal for you to use.
So, to ensure the business name you want is available, use the ASIC Connect Availability Search Bar. Doing this before you apply for an ABN (Australian Business Number) will help you out a lot and save you some time.
Also, as an additional tip, even though it isn’t illegal for you to choose a business name that’s close to your biggest competitor’s business name, we’d recommend using a more original name. That’s because if your names are too similar, customers might be confused, and you could end up inadvertently sending traffic and valuable business to your competitor!
Step 4: Think Of The Meaning In Other Languages
While you might not plan to expand your business abroad, you should still consider the meaning of your business name in other languages.
After all, almost 30% of the Australian population was born overseas, and over 300 languages are spoken in the country. So, chances are, some of your customers will be speaking other languages in addition to English.
And if you pick a name that has a negative connotation in another language, your sales might be impacted.
For instance, in 1991 Mazda launched a minivan called Laputa. This name translates into “prostitute” in Spanish and had to be dropped after a few South American dealerships reported the issue to the Japanese company!
Other than what we've gone through in this article, it's important to keep in mind that your business name is the foundation of your branding. Not only will it represent your business, but it will also need to grow with your business. A good business name doesn't instantly mean you're going to start raking in sales, as with all things in business, it will take you time and lots of hard work to get your brand to a level where the name is recognisable to your customers. So whatever you decide to pick, always be prepared to put in the time to let it grow.
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