Questions To Answer When Picking a Company Name

If you are thinking about starting a small business, then you know that there are a lot of hurdles that you will need to tackle. Therefore, it is important that you get yourself off to a great start by selecting a great name for your small business. At the same time, there are a lot of options when it comes to naming your business. How can you make sure that you select the right name for your company? If you are wondering how to choose a name for your small business, there are a few important questions that you need to answer. 

What Does Your Business Do?

Of course, everyone wants their business to make money; however, you need to think about how your business is going to get there. What is the ultimate essence of your business? What does it do? You need to think about your business plan, your mission statement, and what your business does that no other company can provide. Furthermore, consider conducting some target market research as well. That might help you figure out what your business does.

Then, you need to select a name for your small business that is properly aligned with what your company does on a daily basis. Consider the biggest priorities for your business name, the message you want to portray through your business name, and what you want customers to feel when they read the name of your company. This will guide you in the right direction as you are trying to figure out a name for your business.

What Is the Availability of Your Business Name?

Once you have an idea for the name of your business, you need to check the availability of that name. Make sure that someone else has not already taken that name. If the name you want to go with is already in use, particularly if it has been trademarked, then you need to reconsider the name of your business. If you decide to use a business name that has already been trademarked by someone else, then you open the door to a potential lawsuit. That can sink your small business before it even gets off the ground. There is a convenient federal database at the US Patent and Trademark Office that you can use to check the availability of company names.

Did You Test Your Business Name with Other People?

Before you make a final decision, you want to make sure that you test a potential name for your business with other people. For example, see what your family members and friends have to say about your potential business name. What did they think? Do they have any ideas? Is there anything they would like to change? While you do not necessarily have to follow every suggestion, you do have to think about what the majority of the people you test have to say about your business. Remember that your family members and friends could be potential customers. You want to listen to what they have to say, as this could be a reflection of what your potential customers might think about the company name as well.

Is Your Company Name Easy To Remember?

You do not get a second chance to make a first impression. Therefore, you need to make sure this first impression counts. Select a company name that is relatively easy to remember. If potential customers are not able to remember the name of your company, this is going to lead to serious problems. You want to make sure that your business is easy to find. In the virtual world, this means selecting a business name that is easy to remember. That way, you can generate as much traffic as possible, growing your company. 

Will Your Company Name Scale with Your Business?

You probably plan on having your business grow in the near future. Therefore, you need to make sure that your business name is going to scale as the company grows. If you select a name for your company that is too specific or narrow, then you might end up having to change your business name down the road if you expand your offerings beyond what your name suggests. Changing your business name is a big process and you could miss out on the brand recognition you worked so hard to garner. To avoid this problem, make sure that you select a business name that will scale with your company. 

Select the Right Name for Your Small Business

These are just a few of the most important questions that you need to answer if you are wondering how to select a name for your small business. In many situations, the name of your company is going to be responsible for the first impression you make on potential customers. You need to make sure this first impression counts by selecting a business name that is easy to remember and adequately communicate what your company does on a daily basis.

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