Struggling to find a business name for your new venture? Well, you’re not alone. Many entrepreneurs have the ideas, skills and possibly even the money to get their company off the ground.
But sometimes the big stumbling block is often the name for their new business.
A catchy name could rocket you into worldwide exposure, a poor choice of name could make life difficult if customers can’t remember it or pronounce it.
There is an argument that it doesn’t really matter what your name is! As long as you’re doing what you say you’re going to do then it’l keep the customers happy. But there is no doubt that something that is memorable or easy to spell (for search engine purposes) is the difference between opportunity and obscurity.
As a sole trader you don’t need to registerer or trademark the name, but if you’re a limited company you must register at Companies House. We explain more about that in another blog. You can also check to make sure that your chosen name isn’t already registered.
Either way, there’s lots to think about when it comes to a name, so here are some of our top tips.
Don’t limit yourself
Imagine that you are a car salesman and you choose ‘Wakefield Motors’. It all sounds good, but you’re limiting yourself hugely. Firstly, what if you want to expand into London? What if other branches pop up?
And what if you want to diversify your trade? Maybe you’ll go into vans and motorhomes one day, so where’s the room for that? Imagine if Jeff Bezos had picked the name ‘Online Books’ instead of Amazon. He’d be a few pounds poorer! Don’t just think big with your new name, but think broad.
Think web
In today’s world, you can’t exist without a decent website, so firstly check if your domain is available. If you can’t get .com, at least try and bag .co.uk as this will give you some credibility. Also, do a thorough Internet search to see if there’s anyone else out there with the same or a similar name. If there is, it might be best to avoid it and save confusion.
Find meaning
We don’t want to get too deep on this blog, but your name should have meaning. It’s ideal if someone can pick up exactly what you’re trying to convey just by seeing your name; it can become your best marketing tool.
Catchy names like Yahoo don’t really mean that much, yet they are big because they’re catchy. If you’re going to go down the catchy route, give it some serious thought because these kinds of names can also fail.
Can you spell?
Of course YOU can spell your business name, but can everyone else? Some businesses think too hard and then their name is constantly being misspelt. You will be spending the next decade correcting people! Make sure your name is easy to understand and easy to spell.
Ask around
You are not a customer of your own business, so ask friends whether they like your name. Your good friends will be brutally honest with you, and that’s what you need if you’re going to choose the perfect name. You could even ask for feedback on social media to see what others think and eventually find the perfect name for you.
If you are thinking of setting up your own business, why not ask us about our PEAT Project. Those eligible can access free business support to help you get your business off the ground and fuel its growth.
