The name of your business can actually decide your future. Once your company is named right, battle begins with ease. The adage by William Shakespeare “A rose by any other name would smell as sweet” surely makes sense, but when it comes to business, “NAME” is of great significance. It is inevitable that in today’s competitive world, technical soundness reaches out through the name itself.
What does this naming ceremony entail? There is an ongoing belief that an abstract name evokes an intriguing factor within customers. The usual norm being that names should be closely related to the business so that people will instantly know about what is being offered. Names that are coined exclusively for the business also get easily etched in the minds of people. Kodak and Xerox are fine examples of such made-up names.
The most challenging part of starting a new business is always the name. If you think that the field of your business demands a good name, approaching an expert is always a great idea. There are exclusive naming firms that help with creating impressive names through their competent systems. Moreover, they are well aware of the trademark rules and regulations. The experts can also give you valuable feedback for the names you have chosen and help you in finding the best one. The disadvantage of these naming firms is their pricing. A highly reputed naming firm may charge an exorbitant price to coin a name. Naming usually entails graphic designing and other identity work too as part of the package. There are naming firms that charge a nominal price available in the market too. However, it is prudent to spend some more money on a top-notch naming firm so that you can be assured for future too when it comes to a company name.
First and foremost, figure out the aim of your business. What is that one quality about your business that you want to emphasize in the market? Choose a name that reflects the uniqueness and motto of your business. Go through your mission statement to understand the qualities that your name should convey.
If your name is self-explanatory, you do not have to make any extra effort to clarify it before the customers. The wizards of naming believe that actual words or their combinations should be used for naming rather than coined words. Comprehensible words are the most appropriate as company names rather than a series of numbers or initials.
Make sure your name is meaningful and serves a purpose. Geographic names are usually not preferred because they limit the business horizon. Select a name that influences your customers the best and brings a sense of pleasantness to them. A name that emotionally connects with the customers invariably builds up the impression of your company.
The market is teeming with new companies and it is obvious that all the words from the dictionary have been trademarked. As a result, the concept of coined names is becoming a trend. However, it should be kept in mind that the name should not be too complicated for the common man. Compaq is an ideal example of such a name.
Once you have made up your mind and chosen few of the attractive names, it is the time for trademark search. Make sure that you seek help from a trademark attorney or a trademark search firm in order to get assured that no trademark is infringed by your company name. If the name of your business infringes on a trademark, that can get you sued and your business can go bankrupt.
Your final decision depends on the initial requisites that you have set. The name that most effectively meets your objectives deserves to be your company name. Entrepreneurs usually decide the name according to their instinct or sixth sense. Reading out each and every name loudly and seeing how it sounds in advertisements can also help you in zeroing down on the one.
Taking into consideration that professional firms take around six months for figuring out the name, you can surely give few weeks to choose a name. After you are ready with the new name, proceed to build your brand that would grab attention the market’s attention.
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