Choosing a business name is a task that many business owners find really tough. It’s a very critical task in setting up a business.
There are things to consider before you come up with a name that will give your business a chance to stand-out and be successful. It’s kind of a deal breaker for some.
Here are the 2 factors to consider in naming your business?
Below are the two things to ponder to make sure that the name you choose will perfectly match your dream business.
1. What is your business?
First thing is your business type. Are you selling products or services? Some business owners have remained on the safe side by naming their business with a very simple name, like their names. Nothing is wrong with that. If I name my business “Ann”, plain and simple “Ann” I don’t think it will have any appeal to customers. It may work for maybe a bridal shop business or a shoe business with the likes of Manolo Blahnik, Christian Louboutin but it requires huge effort to put your name out there. You have to neither double nor triple your marketing strategy.
Try to be more specific with your business name so that the name itself can speak for the business. Like “Taco Bell”, you already know that this business is selling tacos. If you really want to put your name or any other name as your business name, ensure that it has a tagline that comes along with it. In a way, the tagline will support and highlight what your business name means.
Our business name falls into this category; our business name has a tagline that comes along with it that tells what we are offering.
2. What is your target market?
The target market is another critical factor in naming your business. The name has to appeal to your target demographic. Will you name your business “Hot and Wild Toys” if you want to sell it to children? Perhaps, you want to name your business “Rage and the Machine” but you are selling bags and shoes, the name though most likely to appeal to those who are a big fan of rock or metal music. So the name should always have to complement to your market.
Here are the tips/hacks you can do to test out your long list of possible business name.
1. Make sure there’s a nice ring to it when you or someone says your chosen business name. Say your chosen business name out loud. If you think and convinced that it has a nice ring to it then you may have chosen the perfect name. Not convinced yet? Try to gather around your family or your friends and have them do the same and see what they think of it. If it appealed to them, then surely it will appeal to your potential customers.
2. Make the name that is meaningful. Either you are going to name your business after your own self or someone you love or what inspired you, the name has to be meaningful. Why? Well, it will be your important reminder to keep you pushing your best for your business to succeed. Can you take it to see that the restaurant you named after your dear grandmother is failing? No right? It’s her name out there on your signage.
3. Make your business name or its tagline catchy and not boring. Something that catches people’s attention. Something that will make your customers curious about why you named your business like that. Last time I went back home to visit the Philippines. I have seen catchy and humorous business names that are really catching people’s attention. Below are the snapshots of these establishments. Some of it you may know, some of it may not. One thing is for sure, these witty ideas worked for these business owners.
So what we named our business? We named it Bunny and Monkee 🙂 The story behind it will be posted in my next blog post.
Lots of Love,