Although it seems simple enough, choosing a business name can actually be quite complex. Whether you’re brimming with ideas or not, it’s important to select one that will convey the right message, draw in your ideal customer, and allow you to expand as your business grows. Not to mention, you need to make sure your name isn’t already taken so that you can avoid any legal issues.
That’s easier said than done! As overwhelming as it may be, rest assured that millions of other business owners have made it through this step, and so can you. With the helpful hints below, you can name your business and move on to the next phase of creating your dream business in no time.
Is a Business Name Really So Important?
While it isn’t the end-all-be-all, your business name certainly has an influence on your overall success. It’s your first chance to make an impression on customers. It tells them what you do and what you’re about. It can instill trust and excitement.
A bad business name could leave the wrong impression or be entirely forgettable. It can mean the difference between making a sale or losing out to a competitor. Plus, you’ll have to live with your business name for a long time - ideally, throughout a lengthy, successful career! So it’s important that you like the name, too.
8 Tips for Naming Your Business
1. Consider Your Brand and Market
The first things to consider when choosing a business name are your brand and the market you’re selling in. Customers should be able to connect your name to the products or services you sell and what your brand stands for.
For example, the brand name Thrive Cosmetics clearly signifies a connection to makeup. It even has a subtle nod to the concept of clean beauty via the word “thrive.” You can research your given market to better understand this concept. Analyze any services or products similar to your own. How are they marketed?
Now, imagine your business name through the eyes of the customer. Does your brand name clearly show what you do? Does it draw in people from your target market?
2. Make It Memorable and Searchable
Companies bombard people with advertisements all day, every day. So, it’s important to make your brand memorable and searchable. Customers may file your brand name away in their minds with the intention of searching for it later, so it can’t be anything too complex.
Google the name you have in mind and see what comes up. Check that the social media handles are free. Do some research on what kind of SEO opportunities you could capitalize on if you chose this name.
3. Check That It’s Brandable
While you already made sure your business name was on-brand in step one, you also need to make sure it suits your overall aesthetic. Your business name will guide all of your decisions later on – from logos to packaging to slogans. Can you imagine creating an entire marketing vision around this business name?
It’s also worth considering whether your name speaks to your target market. Does it signify who you’re serving and the quality of what you do?
For example, let’s say you name your copywriting agency Glossy Print. This conveys that your company creates copy while also showcasing that the quality of your work will be lavish. Perhaps, it even signifies that you only work with luxury brands. You could easily choose fonts, colors, and designs that suit that same high-brow style.
4. Make It Easy to Spell and Pronounce
Although you might want to have fun and create entirely new words to describe your business, this is ill-advised. Remember that other people from all types of backgrounds will need to be able to find your business. You want to make it as easy as possible for them to do so.
Think of the last time you read a new word or a name you’d never seen before. The brain naturally glosses over these words because you don’t know them yet. Not very memorable, right? Instead, be sure to choose a business name anyone can spell and say.
5. Avoid Being Too Specific
While it is important that your brand name clearly implies what your business does, you don’t want to limit yourself by being super specific. As you grow and expand, that business name could end up holding you back.
For example, let’s say you have a line of blush. If you choose to name it Rosy Cheeks Blush, you aren’t going to be able to expand into other types of makeup, like lipstick or eye shadow, without confusing your customer or rebranding. So, choose a name that applies to your niche, but keep things a bit more general.
6. Be Meaningful
People buy products because of the transformation they promise. You buy a new car because you want to get places in style and appear successful. You purchase a healthy snack because you want to eat food but also lose weight.
Your name should give your customers an insight into the transformation your products provide. For example, think of all the companies that capitalize on the health industry. NutriBullet offers a blender that you can use to make nutritious smoothies. SlimFast provides meal replacement shakes that can help you lose weight. Their names clearly indicate the change that the customer can expect by using the products.
7. Do Your Research
Once you have a list of possible ideas, it’s time to check that your business names are actually available. Using the same business name as an existing company could get you into legal trouble. Plus it can be confusing to customers and may cause you to lose out on business.
Some states have laws against using a business name that is deceptively similar to another company’s name, so you need to make sure your business name is truly unique. Most states allow you to search the Secretary of State’s database to ensure you don’t inadvertently copy a registered business name.
8. Get Feedback
Sometimes getting another opinion (or five) can help you make a tough decision. Ask your trusted colleagues and friends for their opinion on your list of names.
Getting a fresh pair of eyes on your business name can also help you see things you didn’t notice on your own. For example, someone else might draw a negative conclusion from your business name that you wouldn’t have thought of.
Your New Business Can Easily Accept Payments
Once you have a business name figured out, choosing a payment service provider is one of the first steps you should take to start your business. After all, you’re in business to earn money, so you need to give your customers a way to pay you.
Luckily, it’s easy to set up a payment system with Pay.com. The approval process is fast and you can set up your Pay Dashboard with just a few clicks. From there, you can add payment methods and a customized checkout page to your website. You can even request payments without a website by sending Pay Links to your customers via email or text.
Plus, you can choose to take payments over the phone by manually entering your customers’ credit card details. And, once the sale is complete, feel free to track payments and review analytics on the Pay Dashboard. With Pay.com, you have everything you need to start earning money right away.
The Bottom Line: What's In a Name?
The name you choose for your company will impact your business decisions and your success for years to come. While it isn’t the most essential aspect of your business, it isn’t something that you should take lightly. Take your time, think it through, and ask for feedback.
Once you’ve landed on a business name, be sure to set up a payment system. Pay.com makes it easy to accept payments online. With a few clicks, Pay.com gets you set up with a merchant account, payment processing, and payment gateway – everything you need to get started! Click here to create your account.