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What's in a name? Simply answered, everything. Unless you have a significant advertising budget, the name you choose can determine your chances for success. Even if you do have a large advertising budget, do you really want to spend a lot of money trying to get people to associate your name with your industry? If you didn't immediately answer that question, let me help you. No, you don't. There are plenty of better places to spend your money.
Your business name has to be memorable and easily associated with your industry. It should inspire confidence and attract new customers. When you have selected a business name, contact us to form your business and we'll check to make sure your name is available. For a limited time only, we are offering free incorporation services. Here are a few tips to consider when choosing a business name:
- Make a list of people you respect and trust - family, friends, business associates, etc. Be sure your focus group is diverse; different perspectives will be vital to this process. Invite them to a meeting. It doesn't have to be formal but should be in a setting that allows for creative thinking and confidential discussions. Make it fun. Serve drinks and have snacks available. You should ask for them to have a couple hours available for this process.
- Start by thanking your group in advance for their assistance. Inform them of the importance of naming your business and let them know that you asked them here because you value their input.
- Come prepared to discuss your business idea, including the products and services you will be offering and your top 5 competitors. Identifying your competition by name is important because your name should distinguish your business from your competition.
- Have notepads and pens available for everyone and be prepared to record every name suggested on a central notepad or chalkboard, even the silly ones. Once everyone is prepared, let the fun begin. Have everyone start throwing out names. This isn't the time to critique the names, save that for later so you don't discourage someone from making a suggestion. Also, try to avoid letting others critique the names suggested. This should be a creative process and should be fun. Combining multiple suggestions increases the volume of names suggested.
- At this point, almost anything goes but there are a few things you should avoid.
" Stay away from generic names like Paul's Plumbing, Mike's Moving, Larry's Lawn Care, Wendy's Wedding Planning, Lisa's Interior Designs, etc.
" Avoid geographically limiting names, especially if you plan on expanding your territory, franchising, or offering your services online. Why let your name limit your business to one city or state when you can be regional, national or global?
" Don't describe your business name so narrowly that it limits the products and services you can offer. Consider the big picture and think about how your business could evolve and ensure your business name will remain relevant over time.
" Try to keep the company name short, easy to pronounce and easy to spell.
- Once you have compiled a list of names, have each person identify the names they like the best on their own notepads. Then give each person an opportunity to discuss their selections. Listen to their input; after all, that's why you invited them. Give everyone an opportunity to discuss each other's point of view.
- Narrow your list down to your favorite potential names. There are a few more things you will need to consider and research before you make your final selection. At this point, thank your team for their time, ask them if they have any final advice or input you should consider and bring the meeting to a close.
- Consider what your corporate identity would be like with each of your favorite names. Your corporate identity is your logo, business cards, letterhead, envelopes, tagline, etc. I'm not suggesting that you design a logo for each name being considered but incorporating a visual element into your business name is vital to how your business will be perceived. Make sure the images your potential business names invoke reflect the image you want to portray.
- At this point, you should have an idea of which name(s) you like best so now it's test time. Discuss your potential business name with your original focus group, friends and family and ask for their input. It's easy to hear the positive feedback but pay special attention to any negative feedback and strongly consider their point of view.
- Once you have made your decision, make sure the name is available online. In today's competitive environment, having an online presence is critical to your success. Chances are, your top competitors have an online presence and so should you. If you are unable to secure "YourCompanyName.com" then you may have to get creative in coming up with a domain name that works with your company name.
- The last step in naming your business is making sure your name is available for registration in your state. This is different from your domain name for online purposes. Once you are ready for this step, contact IncAssist.com and we will conduct a name search for you and complete the necessary forms to register your company name. We offer same day document preparation in all 50 states for both Corporations and LLC's.
Remember, your business name should be unique yet simple and it should be easily associated with your industry but distinguish you from your competition. Your business name should also complement your vision of your corporate identity and inspire confidence with your potential customers. The last thing you would want to do is rush into using a name only to be forced to change it in the future causing you to start all over with branding your company. Choose wisely.
Thank you,
IncAssist, LLC
Experience you can trust, prices you can afford!
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