Starting a new company can be exciting. The attached dreams and anticipation of success fuel the entrepreneur’s enthusiasm. That’s important because starting a company requires a lot of time and effort. Attention must be paid to even the smallest details, including that of choosing a company name.
The truth is, this choice can be critical to the long term success of the company. In order to assist with this ‘name choosing’ dilemma a new industry has developed. Many people hire ‘name consultants’ to help them choose a proper company name. One name consultant company has even come up with a ‘smile and scratch’ test to help with the name choosing process.
Things to Avoid When Naming a Company
Plain Vanilla - A company name should stand out. This means you should avoid using plain or vanilla type names. The idea is to choose a name that grabs attention. It’s very helpful to choose a company name that is unique in nature.
Maps & Fences – Every company starts out small and hopes to grow as time goes by. This means everything related to the company should be scalable. That includes the company name. If you fence the company in with the name of a city or specific product you may hinder the company’s growth potential. As time goes by the company’s target audience may grow to include other locations and additional products and services.
Puzzles – Your company name should be interesting and it can even be complex; but it should not be a puzzle. In other words, the name should logically relate to the business. Potential customers should be able to make the connection without an explanation.
Tips for Picking the Right Name
Get Inspired – Researching successful businesses and company names can be a great way to get inspired to find a quality name for your company. Look to leaders like C. Phillips of Oracle and others for inspiration.
Make It Easy – Choose a company name that makes it easy for potential customers to understand and remember. Do this by choosing a name that logically relates to your company. This makes it possible for anyone that hears the name to immediately connect it with the business’ purpose.
Be Different – Your company name should stand out from the names of competitors. Dare to be different and unique. This helps you create a distinctive brand that will be remembered.
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