Whats In A Name? When It Comes To Your Business, Plenty!

Q: How important is the name of a business? Should the name of a business reflect what the business does or is it better to come up with something catchy and easy to remember?-- Randy P.

A: What's in a name? When it comes to your business, Randy, a lot more than you might think. In fact, deciding on a business name is one of the most important decisions you will ever make. The right business name can help you rise above the crowd while the wrong business name can leave you trampled in the rush.

With the economy in a slump and competition on the rise, now more than ever it is important that you put considerable thought into coming up with the perfect name for your business.

Unfortunately, this is a task that is easier said than done. It seems like all the good business names are either married or? no wait, that's a different subject, but the analogy holds true.

We live in an age when a business called "The Body Shop" might repair wrecked cars or sell skintight jeans to teenagers, so before you send your letterhead to the printer, consider the following points to help you select the business name that's right for you.

The first thing you should do is conduct a little research to determine if the name is already in use by someone else. You would be surprised at how many entrepreneurs forget to research this point and open a business with a name that is already in use. Check with the county clerk and the secretary of state to make sure the name isn't already licensed for use or incorporated with the state. Also check with the U.S. Patent and Trademark office to see if the name is already trademarked, i.e., owned, by someone else. Using another company's trademarked name exposes you to legal action by the trademark owner. Even if your name is just similar to the trademarked name, you may find yourself in court defending your right to use the name. And odds are it's a battle you will lose.

If the name you choose is not in use, you should immediately reserve the name with the secretary of state (if you plan on incorporating) and apply for a trademark to ensure your legal ownership. If you do not trademark the name someone can come along later and attempt to steal the name out from under you. Imagine spending years building up your business only to have some upstart trademark the name and engage you in a legal battle over rightful ownership. This is one fight you don't need, especially when the hassle could have been easily avoided with a few bucks and a few forms.

Another important thing to consider is the domain name for your business. The domain name is the website address a customer will use to find you on the Web. Is the domain name for your business name available? If not, is there a domain similar to the business name you're considering?

You will undoubtedly discover that securing a suitable domain name is actually harder than choosing a business name. Most logical domain names are already reserved, but you might get lucky. Keep in mind that domain names should be short and descriptive, and preferably have the .com or .net extension. You can use other extensions (I've even used the ".to" extension on occasion) if necessary, just keep in mind that you will need to put forth a little extra marketing effort to promote the website address as people typically assume a .com extension as the norm. Whatever you do, don't use a domain name that is a confusing amalgam of letters and numbers that is hard to remember and even harder for your customer to type in.

One good way to approach the task of naming a business is to do so from your customer's point of view. Your business name should clearly define your offering and communicate your message to customers. Put yourself in your customer's shoes for a moment. If you were looking for a business that provides your product or service, what would you expect that business to be called? If you were in the market for computer parts, for example, wouldn't you look for a business that has "computer parts" reflected in the business name? Jim's Computer Parts may not sound as snazzy as Jim's Electronics Emporium, but snazzy doesn't pay the bills. Happy customers who quickly identify you as the source of their purchase do.

The name of your business can also spark subconscious reactions in a customer that may drive them to you or drive them away. Words like quality, complete, executive, best, low-cost, and on time often spark positive reactions in the mind of the consumer. Words like cheap, discount, and used tend to create negative emotions. You'll notice that no one claims to sell used cars anymore, but the dealer lots are loaded with vehicles that are "previously owned."

Finally, let's talk about things to avoid. Experts agree that you should avoid using generic terms like enterprise, corporation, partners, and unlimited as part of your everyday business name. These terms are fine for the legal business entity name, but are often too unclear for everyday use. Can you tell me what any of these companies do: ABC Corporation, Big Dog Enterprises, M&B Partners, and Discounts Unlimited sell? I didn't think so.

Also avoid abstract names like Yahoo, Google, Monster and Flip Dog (I am not going to list the names of the numerous local high tech firms that have bucked this rule :o). Abstract names will require a subtitle to explain what the business does or an expensive marketing campaign that brands the name into the minds of consumers. Unless you have deep pockets, I suggest you go with a name that describes your business at first glance and leave abstraction to the likes of Cher.

Finally, you should avoid hokey names, unless of course, you are starting a hokey business. Crazy Dave's Stereo Shop is a great name if the business is really run by Crazy Dave and his personality is exploited in the marketing of the business.

However, if you want to be taken serious, then give your business a serious name.

Would you go to Crazy Dave's House of Dentistry?

Neither would I.

Here's to your success.

Tim Knox

Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim serves as the president and CEO of three successful technology companies and is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.

Related Links:
http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Branding Information:

Related Articles

Brand Image - Brand Identity - Brand Strategy - Brand Identity Guru
Consumers perceive and accept many brands within a certain trade group in different ways. By personifying a brand (How would you describe brand X if it were a person?) we can find out, that for instance consumers perceive brand A as a young, impulsive, lively, attractive, energetic woman full of ideas.
The Top 10 Strategies for the Positioning of Success
Many businesses of today are often driven to compete striclty on price, quality, and features of their products and services. Companies who prosper over the long term don't simply offer the best deals, the best quality, or the most impressive bells and whistles.
Hawaiian Heirloom Jewelry
Back to the era of the Hawaiian monarchy, the origin of Hawaiian heirloom jewelry can be found. The Hawaiian kingdom had long enjoyed a favorable relationship with England.
Brand Love, Part 2
Last issue, I talked about increasing your Brand Love-- meaning to increase the affection that prospects and customers feel toward your business.Why?Because increasing "affection" will build relationships.
Brand Name Identity in the Oil Business
I submit to you that Brand Name Identity in the Oil Business is just a important today as it was when Mobil Oil and McDonalds were building their brands. Perhaps in the future it may even be more so.
Eye On The Pie: Branding From an Investors P.O.V.
When building a business as a brand it's important to avoid a myopic view and consider another important aspect of the business game as well-- investing. After any amount of toil and hard work to create a valuable product, service or company the big game is when you go public-- when money-minded people want more, they want a piece of your brand pie.
Introduction to A Branded World: Adventures in Public Relations and the Creation Of Superbrands
You'd have to labor to shield yourself from the power of Branding; it's hard to avoid it in today's business and social climate. Even in the backwoods of very, very small-town America, you couldn't emancipate yourself from the in-your-face concepts of Branding messages from all over the world.
Adventures in Advertising and the Affect on the Brand Name
Studying various target-marketing techniques and here is a thought. We have been reviewing companies who cross over into many sectors to identify with their potential customers.
Brand Awareness - Brand Identity
About once a month a few of us at the office get together during lunch for what has become known as a SWAP meeting. We share thoughts, stories and sometimes play Pictionary.
Internet Branding
Having been in the franchising business all my life and understanding how hard it is to build a brand, I have probably read every other popular book on the subject. Some are good and most are excellent, as each one helps give you ideas on setting the stage for your brand marketing objectives.
Its Time For Some Steak
Recently, I was reviewing our website statistics. One of the sites that had a link to mine caught me by surprise.
How To Create A Brand That Sticks
Most people, when they hear the word branding, think logos - but in fact, branding is really much more than that. A brand involves blending the image, purpose, and focus of your business, with your core marketing message, and coming up with something which will stick in the minds of people who encounter it.
Play Your Position! - The Only Way to Win in Business
Have you ever watched 5-year-olds play soccer? It should be called "Follow the Ball," because that is what happens the entire game. The beginning of the game starts with players in assigned positions.
Brand Lo-o-o-o-o-ve...
So..
Corporate Logo Design - 6 Keys to Success
A corporate logo design should be highly instrumental in building your corporate identity and should successfully exude the company's attitude. The viewers must have some idea about the disposition, character, or fundamental values of your company through your logo.
The Secrets of Starting Business Successfully
Starting Business Secrets will help you to start your own business successfully. The American Dream is, and always will be, to come up with an idea, start a business and become rich from your own efforts.
Brilliant Branding Builds Business
Branding is more than product recognition or a simple logo. It is the overall intellectual and emotional impression people have when they think of your company and its product.
Branding Your Products Is Important
I was chatting with a couple of friends, all of us are either copy writers or graphic designers?or both?.in the advertising industry, so, naturally, our conversations leaned towards the topic.
Franchising is Virtually Fraud Free
The number of complaints to the Federal Trade Commission on Franchising do not indicate ramped fraud in the franchising sector. The FTC before Congress gave a report showing that the number of complaints was fewer than one tenth of one percent, lower than any other industry.
Entrepreneur Speaks on Brand Extension in the Franchise Cleaning Business
On question I have been asked over and over again from prospective franchisees of our companies has been one in which I am very adamant about it; do we require prior experience? No, like many franchise companies we actually frown upon it and think it is such a detriment that we usually disqualify the franchise candidate if they do have prior experience. And we always ask the prospective franchise buyer what sort of experience they have in our industry.