Choosing a Great Business Name
A right business name can help you to earn thousands of dollars of money. Shocking isn’t it? However, that is the case. Yes, the right company name, which is not just catchy but also communicates what your business is all about, plays a significant role in the development of the company. There are so many examples where a good company, which provides valuable commodities, could not earn popularity or customers just because of an inappropriate company name. Let us find out how to choose a great business name. Before deciding on a particular name of your company, it is crucial to check whether the name has already been taken or not. You can check for the availability of business names from the ASIC website. The charges for registration and subsequent renewal are only $34 per year.
How to choose a name for your business ?
Before selecting a business name, it is essential to know that the name of the company should be able to imply the purpose and services you offer. Things to consider while choosing a great business name:
1. Descriptive and interesting
The name should be descriptive and exciting. It should not be generic, wage, or boring. For example, ‘RTA Group Limited’ is very vague and boring, whereas if we consider ‘Shopify,’ it is simple, easy to remember, and describes that company is about shopping.
2. Creativity
Your creativity with words should be seen in the name you choose. For example, WROGN is a clothing brand. As you can see, it brings attention to the customer and is difficult to forget.
3. Keep it simple
Along with creativity, it is also noteworthy that the name should be simple, easily understandable, sound pleasant, and familiar. Simple words make a lasting impact. For example ‘Cotton On’ is an Australian clothing brand that is simple and sounds delightful.
4. Don’t copy your competitors
It is better not to copy your competitors, as copying them will bring a negative impact. It will create a bad image among your customers. Your company will appear as unoriginal and emulative. The customer may get confused, which may further affect the rating of your company.
5. Scalable name
Choose a scalable name. It will open doors to further expansion. You can pick a name that can expand your business. If you sell just leather bags, you might one day sell belts, shoes, or coats too. If your service is based on a particular area, there is a possibility to extend to other cities. So, select a full name that can ensure your future growth.
Conclusion
Initially, when you are about to set up a business, it becomes quite challenging to come up with a perfect name. However, in the end, all the efforts are worth it! Remember to get viewpoints and ideas from friends, family, or even potential customers. However, a business name is just your stepping-stone towards building a brand. Although it will give your business an excellent first impression, it is solely up to you to meet the expectations of the customers and bring your business to success.
