According to the Oxford Dictionary, perception is “an idea, a belief, or an image you have as a result of how you see or understand something”. Coming up with a business name is the second most important thing you will do, after deciding what product or service your business will offer. However, the name of your business will define the brand before customers or clients even know what your products or services are. And more than that, it will express what you stand for as an owner and company.
We will discuss why your brand name is important, how to choose a business name, and if you can change it. But before we start, remember – don’t get invested in just one name in the beginning, draw up a list of business names you like. Your first choice might already be in use by another company. Besides the internet being a great source to check out name ownership, there are also national, provincial, and territorial databases you must search. If you don’t succeed with your first choice, don’t give up. Keep on until you find the perfect name.
A part of the learning process around how to pick your business name, is understanding why your brand name is so important. As mentioned before, your business name is the first thing potential customers will see. It will be the domain name of your website, the heading on your physical or virtual business card, and the name on top of the invoices your clients get after you deliver a service.
Your brand name is the summary of everything you and your business stand for. Unconsciously, the name will convince potential customers that your service or product is exactly what they need to solve a problem. When you come up with brand name ideas, consider that the final name you choose also establishes your uniqueness in the industry you will be competing in.
When naming a business, get together with your business partners, friends, or family and share ideas. Anything goes, and someone will suggest something funny, it’s the entertaining part of the process. Write all the suggestions on a tablet, white board, or sticky notes. Make a list of the best names. Do a quick internet search to see if any on the list are already taken, then think of the following when choosing the top ten names:
Once the names pass the above questions, research each word for its meaning. Adapt it to reflect the chosen business structure, whether sole proprietorship, partnership, corporation, or joint venture. Then check on all the relevant databases which names are available before you register the business.
Naming your business and establishing it took a lot of commitment, time, and money. But, if there is a very good reason, you can change the name of your business. Companies rebrand because they are now focusing on new markets, changing the products or services on offer, adapting to new consumer tastes, or distancing themselves from associations no longer held. However, it is not a simple or cheap decision to make.
Strand360 is a marketing agency based in Alberta. We can help your business with a range of digital and traditional marketing services and products. Do you need corporate apparel for your next conference? Are you sending small thank you gifts to your loyal clients? Strand360 can help you. If you are starting in business, knock on our door. Let’s work together to pick a business name and define your brand. Contact Strand 360 today.