If you’re about to start a new business from scratch, one of the most important choices you make will not be location – it will be the name. Having the right name can make the difference between running a successful business – and being out of business in just a few short months. Your name should give an impression of what your company was designed to do, as well as sound professional and trustworthy to the people who are going to be purchasing your products or services in the future.
Before you even make a list of which names you would like to choose from, you should make a list of the different thing that your company includes, or that you want to highlight in your name. For instance, you can list your products, your services, your target customers, or anything about your business that may make it different from other businesses out there.
Another thing that you should do before you even start writing a list is to look at the names that other companies with similar products are using. Do their names seem to be working? If they are, then you might want to take some pointers from the types of vocabulary that they’re using.
If you’re trying to choose the right name for your new business, you should also keep a few things in mind that will apply to any type of business. For instance, you should not pick long names, since most customers will not want to bother with a company if the name is too long. You should also steer clear of nondescript names, or names that use too many general terms. General terms are words like “Quality” or “Excellent”. After a while, all of the business names start to blend together.
You should also think really hard before you make the decision to go with a name that is either entirely made up, or that is formed by the combination of several words. The reason for this is that most of these names will not always sound as clever to your potential customers as they did to you. The last thing you want to do is to drive off any clients with your name.
If you do fail in your first attempt to pick a good name for your company, then you should not be afraid to make changes. It is definitely important to recognize your mistakes and change them before they cost you your business.