Six Top Tips For Choosing A Business Name

Inspiration has hit and you want to branch out, you want to begin a new company and make money on your own. However, one of the keys to success is a unique business name – how do you choose that successful business name? Here is some advice to get you started.

Top tip #1: Don’t limit your options

Having an eye-catching and memorable name is of ultimate importance in today’s fast-paced and highly competitive world; however, you must consider the longevity of the brand. For example, you may wish to enter new sectors of your chosen market and re-launching may be difficult if your company name is too descriptive of the sector you are in. A consumer is less likely to associate a computer software brand name with mobile phones.

Top tip #2: Consider various markets

The power of the internet has brought with it a vast amount of globalization, which means that you must take into consideration the fact that you could sell at an international level. Just as it is important to identify a suitable name that has longevity, you must also determine whether or not the name can be translated correctly. There have been incidences where companies find themselves facing consumers who are expecting different services because the name was translated to mean something entirely different to what is actually on offer.

Top tip #3: Stick to the lawmarketing42

This is rarely known by beginners, but there are certain laws that apply to which names can be used and which names cannot be used when setting up a company. It is vital that you are aware of and stick to these regulations, especially if you are opening a limited company. Never make claims you are not able to keep and always avoid sounding like an already existing business. Check with the national registrar of companies to ascertain what restrictions exist in your country of activity.

Top tip #4: Branding

Branding is a vital aspect of running a successful online business, so it is important that your name is both relevant and simple and that all domains are similar for consumer convenience. Nowadays it is recommended that (e.g.) your .com and domains are similar (preferably the same), and that they match your social media handles, in order to better promote branding and online presence.

Top tip #5: Spelling

Spelling is as important in the workplace as it was back in your school days. When opening a company and choosing a business name, it is imperative that you consider whether or not your company name can be easily misspelled. If it can, then it will be and it is more than likely that it will be missed in searches. Furthermore, many people may discover your company via word of mouth, so even if your SEO is appropriate a misspelling could lead to a loss of business.

Top tip #6: Keep it simple

While you may think that a long-winded name is more attractive, it generally isn’t. Apple, Google, Dell, Samsung – these one-word big hitters are more successful because they are short, sharp and easy to remember. You should also consider that this is the age of social media sharing and shorter business names make for easier sharing opportunities – a name such as Apple is far more preferable when sending a Twitter tweet as it uses less of the 140 character limit and is far more re-tweetable.

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