Staring a small business is exciting and a little terrifying. The first step in beginning a new business is having the idea for a service or product. The second step should be choosing a name for your small business. A business name not only identifies your business, but it provides consumers a means by which to identify you and set you apart from the competition. Great consideration should be given when choosing a business name, and rushing the process is not advised. Consider these tips for choosing a business name before you order your business cards, stationary and signage.
1.Look at what the acronym will be for your business name – Even if you do not use the acronym for your business, your clients or competitors might do just that. Therefore, check the acronym to make sure that it does not spell out a world that would be unfavorable for your business. Using the name “Kristy’s Kustom Kakes” may seem a cute play on your name, but it does not create an acronym you would want associated with your cakes.
2. Check the internet – Before choosing a name for your small business, search the name on the internet to see who might be using that name. Check to see if you can purchase the name as a domain name, as customers will remember your website name if it is the same as your business name.
3.Verity state and local laws – Many states have restrictions for business names including not being too similar to an already existing business name. Check with the Secretary of State’s office for your state and any local chamber of commerce for restrictions, guidelines and requirements for naming a business.
4. Consult with an advertising agency – Consider how your business name will be used in advertising materials before choosing a business name. An advertising agency can offer assistance in fine-tuning your business name to make it marketable. Furthermore, they can offer suggestions for modifying a business name to make it more appealing and memorable to customers.
5. Avoid generic business names – Your small business needs a unique name to set it apart for the competition. Stay away from generic names that customers will easily forget. On the other hand, giving your small business a name that is too narrow or literal may lock your business into a narrowly defined niche and limit growth.
6.Keep it short – Do not limit yourself by trying to find a business name that is seven letters or less; however, do keep the name short. Consumers have so many website and business names to remember (work related, children, medical, social, etc.) that long business names tend to be forgotten. Think of a business name that is catchy and short enough to remember.
7. Avoid using numbers – Unless the number is significant in some way to your business and will be easily identified with your business, do not include numbers in the name of your small business. Even those of us who are not dyslexic will forget numbers quicker than we will a solid business name.