Do you wanna set up your new business without a good name? Don’t you know that what makes your business unique and different from others is the name? To choose a good business name is not just for the sake of it, but it enables clients and customers to identify your products easily.
In this article, I’m going to show you how you can choose a good business name, and also for you to know how good the name you’ve chosen for your business is…
Now, come to think of it…sometimes you wonder why see names in mini-shops, big shops, and companies. You might be thinking, Can’t I just set up this business, be it physical or online? Well, yes, some people do that as we see often in markets.
Some set up businesses without giving them a name. But I can assure you as a new starter, the only thing that’ll set you apart from those people is the name of your business or shop.
To choose a good business name isn’t just something you create for fun, or just for the sake of it. It’s something that communicates you with your customers, enhances that connection between you and them, and as well creates awareness for your business. It gives customers the ability to be able to detect and identify your business, as well as talk about it in the public.
It is an avenue where people can distinguish your business from others because yours is not the only sole business in the market. But with what you offer which is unique and different, your business name is what makes the entire difference. It’s what I call “the bedrock of business.”
Now, I want to share with you an experience I had when I had this business plan a couple of years ago…I had this plan of setting up a jewelry business, you know it takes quite a good fortune of money to do so. It was a good business idea for me because back then, I was living in an area filled with flexing guys and ladies who exhibits the lifestyle of top celebrities. So I gave it a thought that this business will be something that’ll sell well in this locality.
But the major constraint here is the huge capital involved. You know you got to buy top quality chains, necklaces, rings, etc…
kinds of stuff like these are not something you just go into the market and start purchasing. You need good capital to place orders.
So, I came up with the idea of writing the business plan so I can submit it to one of my bosses then. The motive was to see if I can be able to get a grant or loan from him so I can set up that business.
Now, I tagged this business in my application “Chris Jewelry Collections”. Now, to me, this name makes sense, and I can boldly encrypt it on top of my business building (so I thought).
So when I submitted the business plan, what my boss was considering wasn’t the capital involved, cos he knows he was capable of giving me the loan, and monitoring me as I run the business, so I’ll be able to fulfill the promise of returning his capital to him at the appropriate time without any interest.
He looked beyond what I even considered in the business which is the name. He asked how far I’m willing to take this business, whether I want it to be known only in this locality…Now, I didn’t know how to get my words together. Being that he’s a big businessman who deals with both local and foreign products, imports and exports as well, he knows much about business.
He had a point about my customer target. I was so focused on the environment and the people that surround it at the moment not knowing that those that’ll be patronizing me might change the location at any time, cos those guys were hardly available. I was made to realize the importance of digitalization in business.
Even if you’re running a local business, there’s a need to expose it to the world.
I didn’t know what to do cos to achieve this, I need a trademark for the business. And to get a trademark approved for my business, I need a unique name. The name I used “Chris Jewelry Collections” has been in use with over 78 searches on Google. There are lots of people bearing Chris and also dealing with jewelry online. So the name will intercept the trademark.
So I’ll need to go for something unique, but not too unique.
Now, the point I’m trying to prove here is that you need to choose a good business name unless you just want to settle for a physical shop in your locality without taking the business further.
So, therefore, just read the guide I’ve prepared for you below so you can get the information you need on how you can choose a good business name…
Guide on How to Choose a Good Business Name
Make proper research
The first approach you need to take is to search through the internet relating to your kind of business.
This is a vital step you don’t want to skip cos you would not want to use what someone else has already used. That’s why you must make proper research first. Not only searching for business names, but also trademark names. Because you might end up using another business’ similar trademark and be sued for it.
Use simple names or tense
Also, try and make sure that your business name is not difficult to spell for the common person. For instance, someone might tell you that his business name is “Hojlier”.
Now, if I’m to type this, I might use “Houghlier” thereby getting everything all wrong. The fact that you need to be creative doesn’t mean you have to make it difficult for your prospective customers.
Create a business name that people can be able to pronounce, spell or type, and understand, not just known by only people you want them to know.
Use a Name that goes beyond your location
Try not to use a name that limits the growth or popularity of your business. Now, you see a business name like “Axon Lagos Quality Phone Accessories”.
Now, with that Lagos alone, you’re limiting the name of the business. People who search for your business outside Lagos and Nigeria might think that it’s a locally-made product from Lagos when it’s not. So you have to be mindful of that.
Use a popular domain if you’re running an online business
If you’re taking your business online, I’ll advise you to use the popular “.com” domain. People are more familiar with this domain, while others are second to it.
This not only gives your business a good brand name, but it makes it more searchable over the internet.
Read Also: How to Register a Business Name Online in Nigeria
How Do You Know If Your Business Name Is Good?
Now that you’ve been able to choose a good name for your business, I’ll advise that you entertain responses from your new and existing customers.
The feedback they’ll give you is what you need to work with because what they’ll feel about your business name will be what most potential customers will also feel about it.
Different things make a business name unique, but the fact is that your business name can be considered good if it depicts what you’re dealing on. Before you consider making it catchy for customers, you should make sure that it’s in line with what you’re dealing with.
Now, the question is “what are those things necessary details you need to consider to know that your business name is good?” We’re going to take a look at the keynotes below:
If it’s Unique
I’ve said it before while choosing a business name, you need to make sure that it’s classic and entirely different from your major competitors.
Many upcoming business owners normally make the mistake of copying a top brand name. The reason might be because of the brand’s popularity or the cool name of that brand. But I want to let you know that you’ll be getting it wrong if you’re going through that part.
In my case, it didn’t occur to me that there are lots of online competitors that love the name even more than I do. You might be caught out before the fact that the name might have been used by another brand.
So you need to change to something that’ll belong to you. That’s how you get creative enough.
Always go for a very rare name, thereby solidifying your stance as the most popular owner of that business name. Very much possible, let it be a name that’s not been heard of or used before.
With this, you’re not just only giving your business a name, but you’re also building its popularity as the case may be.
If your business name is something that’s easily accessible
A friend of mine opened a new clothing business that was launched earlier this year and had it set up online as well so people can make orders.
I was not close to the locality so I didn’t attend his business launch party. But one thing I had in mind was that it was also launched online, so I can be able to search through and see all the features of the new business. But disappointedly, my search result did not yield any results.
So I wondered whether it wasn’t launched online again after all. When I asked and he said it was online, I realized that maybe I didn’t get the name he pronounced to me right, even when I know exactly what he told me.
But in truth, the business name was kind of difficult for me to type and search on Google. So I wondered that if I cannot be able to get this name right, then what about others?
Now, what I’m I trying to say? You should know that you’re building your business not for yourself, not for those that know you, but you’re building for the rest of the world (unless you want to settle for less).
Go for a business name that can be easy for people to note and search online.
If the business name and logo are something you can trademark without any issue
Just last year, Manchester City (Under the City Football Group CFG) issued a legal warning to a newly-created club in Chile (Santiago City FC) over having a similar badge with them despite not being owned by the group. Man City stated that Santiago City FC’s crest is similar to their crest and they should cease to use it. (Goal.com has the full story >> here)
In my case, it was difficult for me to get a trademark that’ll befit the name I intended to use for my business based on the fact that so many people have already used the name “Chris” and also deal in jewelry.
So the first time I tried, it wasn’t approved, and that got me scratching my head looking for a good name for the business that’ll represent my trademark fully.
Now, what I’m trying to explain here is that copying a brand’s logo can create a problem and it’s not a good way to define your business brand. Your business name should have that utmost protection.
The logo and everything should not be copied or have a close resemblance to a popular brand people know of.
So as long as the trademark is something that depicts only you, owned by only you, something that’s not been seen before, that’s what defines a good business name.
If it’s something that can cover the future innovation of the business
Some people are used to setting up a business name that just works for them at the moment, without looking at the general investment that surrounds the business.
Business is all about innovation, and the more you go, the more you’ll be enthused to go for more.
What do I mean by this? Now, if you deal in clothing and footwear, I believe your business should be something that covers both in general, and not just a clothing name.
At the first event of my business plan, I wanted to start with just expensive wristwatches and necklaces, so as I move on, I’ll add diamond rings, gold chains, and other pieces of jewelry.
Okay, I could have used the name “Chris Wristwatches & Necklaces” for instance, and the trademark would have been approved cos it was rare. But because I had the intention of taking it further so it can cover everything that surrounds jewelry, it made sense to go for the tag “Jewelry”.
You already have future business plans set up for other new injections into your business, so as long as you have something that specifically covers all that you deal with both now and in the future, you should always go for a name that generalizes your business.
You might be dealing with clothing lines for instance, but along the line, you’ll be looking at shoes and bags to add to it. So you can go for “KC’s Fashion” or “Bjorn Designers”. The tags Fashion and Designers are a general name for what you’re dealing with and what you aspire to deal with in the future.
As long as the uniqueness of the name is not difficult for potential customers
Now, we’ve been talking about the key to creating a unique name for a business, but you don’t have to make it too unique that it’ll get people asking what type of business you’re running.
Relax the name a bit, but never make it too obvious and random. What I’m saying is that the name should be professional so you can be able to get quick approval for a trademark, but it shouldn’t be something that’ll make it difficult for people to recognize what you deal on.
For instance, if you’re dealing with a clothing business, you can simply choose the name “Best Fashion Styles”. But this name is too obvious and you might end up not getting trademark approval.
And if you choose something like “Zaxon”, you can easily get trademark approval, but it will get people wondering what the Zaxon Company deals with unless they make a proper search about your business.
Now, you don’t want that. You can create something unique, but let it be a name that best describes your business. With that, you don’t only get trademark approval, but you’re making it easier for people to detect what you deal with.
Conclusion
The success of a business is its profile presence, and that starts with the name of the business.
The global market is digitalized now, and without a profile presence of your business, you’ll struggle to pull through.
You should knock off the mindset of just settling your business within your locality and take it far and wide, while also getting into your mind the benefit of how good your business name should be.
So for you to choose a good business name is a massive plus going further. Once you get it right, you’re already on the right path to solidifying its global digital presence.