One potential challenge in starting a business is choosing a suitable name. A name provides identity. For some, it’s a simple step and an obvious choice for the business owner. For others, it becomes quite a struggle to come up with a name which encompasses the business, its mission and vision.
If you need help picking up the right name for your business, consider the following tips:
Reflect on the essence of your business
Consider your mission statement, business plan, and unique selling proposition. Keep in mind your target audience and the results from your market research. Think through the following questions:
What message do you want to portray through your business name?What are your biggest priorities for your business name? Ease in pronunciation, uniqueness etc.?What do you want people to think and feel when they see or hear your business name?What do you like and dislike about the business names of your competition?Do you prefer a shorter or a longer name for your business?
Conduct a series of brainstorming sessions, some by yourself, some with a creative friend, colleague or partner, to come up with as many business name ideas as possible. As you brainstorm, keep the essence of your business in mind, but don’t let that restrict your flow of ideas. Some of the common ways to brainstorm ideas include brain dumping, list-making and word association.
3. Assess the names
After brainstorming, you need to review and analyze the names you came up with. Go through your list and remove any obvious bad options, fine-tune similar names, and take note of names that immediately resonate with you. How does each your listed names answer the following questions?
Does it set you apart from your competition?Is it easy to remember?Is it easy to pronounce, with the use of voice assistants such as Siri, Alexa, and Google Assistant?Does it fit with your business tone and branding?
4. Check Availability
Before you decide on your business name, check to make sure it’s available. If the name is already in use, trademarked, or a domain name, you should reconsider using it.
5. Register Your Business Name
Protect your business name by registering it with the appropriate authority i.e. the Ghana Revenue Authority. It’s not required, but you may also want to register your business name for a trademark, to protect it from use by someone else.
Choosing a business name can be a lengthy process, but it is worth the time you invest into it. Once you have settled on your business name, not only would you have made a significant step toward officially launching your new business, but you would have also started branding it and carving out your own niche in the world of small businesses.