What is in a name?
Naming your business can be a problem especially in the modern era where online discoverability makes all the difference between making profit and loses.
Even if you know how to turn an idea into a profitable business, you can still suffer if that business is invisible to the public or has a name that is not search engine friendly.
There are many examples of entrepreneurs who suffered as a consequence of poorly naming their business and the funny part is not even the name but the perception of the public regarding the name. Here is one example;
In 2016, a bakery in the UK called “Karen’s Cakes” sparked outrage on social media due to the name being associated with entitled and demanding behavior, also known as “Karen” culture.
The owner, who had chosen the name because it was her own name, was forced to change the name of the business after receiving widespread criticism and backlash.
This is just one example of how a poorly chosen business name can lead to negative consequences. It’s important to carefully consider the connotations and associations that a name might have before deciding on a name for a business.
The Important Factors When Naming Your Business
There are many factors to have in mind when choosing a business name. Here are a few important points to consider
- Avoid names that are too similar to existing businesses: Choose a unique name that won’t be confused with other businesses in your industry. This will help you stand out and have a competitive advantage. Also, you can end up in legal problems if you choose a name too similar to an existing business
- Consider your target market: The name you choose should be relevant and appealing to your target audience. In business the market is the one that decides and the decision at time just come down to your actions.
- Make it memorable: Choose a name that is easy to remember and pronounce. Remember most people look up things on the internet and you don’t want your business name to sound like a chemical formula.
- Keep it simple: A simple and straightforward name is easier for customers to remember and recognize. Of course, some unique name like UBER can have branding advantage but the real question is do you have the budget to inform people and make the name a house hold name. the point is don’t complicate it if you do not have to.
- Avoid offensive or controversial connotations: Be mindful of any negative connotations or associations that a name might have. Another example from the Spanish market, is the word “Nova”, which was used by both Chevrolet and Lada, simply translates into “doesn’t work” (“no va”). Such a name for a car? Well, you can tell how that didn’t translate into more sales. Ok I get it, we are talking about naming your business and not your products but you get the point!
- Check for available domain names and social media handles: It’s important to secure a matching domain name and social media handles for your business to ensure a consistent online presence. If you need help with that you can click here to check for domain availability as well as buy one!
- Consider the potential for branding and marketing: A good business name should be able to work well with your branding and marketing efforts
By considering these factors, you can choose a business name that is unique, relevant, memorable, and easy to use for branding and marketing purposes
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