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3 Common Mistakes to Avoid When Naming Your Business

Picking the right business name is a very important step towards creating a successful company, but not everyone hits the jackpot on the first try.

Often, people first choose names that are too wordy or don’t have a catchy ring. You want a name that grabs the consumer’s attention but doesn’t try to cram in too much information

A good way to think about a name is that it’s the start of a conversation, but not a full encapsulation of what the business is about.

When they realize their company’s name has problems, many entrepreneurs opt for a change. They find that it’s worth it despite the initial headaches and expense. Here’s a look at three entrepreneurs who have changed company names–and the lessons they learned:

3 Common Mistakes to Avoid When Naming Your Business

 1.Do not use a name that has already been used or sounds similar to other names.

It’s a good idea to research the name before using it. You can use a search engine online to determine if your proposed name is already being used.

If a name is being used by a number of other businesses, there’s less probability that one can claim it as its own. If there’s only a few people using a trademark, [companies] are going to have an easier time defending it as theirs. Also, you don’t want a name so common that when people Google it, they go to your competitors instead.

2. Using words so plain they’ll never stand out in a crowd.

Some companies can get away with this one. But once you have competition, it requires differentiation. Imagine if Yahoo! had come out as GeneralInternetDirectory.com? The name would be much more descriptive but hardly memorable.

And with the onslaught of new media and advertising channels, it’s more important than ever to carve out your niche by displaying your uniqueness. Nothing does that better than a well conceived name.

3. Avoid names that don’t clearly relate to your line of business.

They are likely to cause confusion with consumers and probably won’t show up in Internet searches for your type of product or service. Instead, you should pick a name that tells what your business does but isn’t too basic.

In the fever to start your new business or expand a current one, ensure that you take time to think through some of these issues.

By tapping into your creativity and avoiding these potential pitfalls, you’ll be able to create a name that works for both the short and long term.

 Source: www.entrepreneur.com
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