When setting up a new business, the first thing you need to do is of a name for your company, without which you cannot proceed to get your venture operational. You should not take the responsibility of thinking of a name for your business lightly as it is arguably the most important asset you can own. Some of the most-effective things you can do for choosing a business name:
Say the Name Aloud
Because more than ever, marketing and distribution channels are omnichannel, using media in all its forms, written, audio, visual, and digital. You have to be sure that the name sounds great on all channels because it is not enough for the name to be good in writing or on the screen. The best names roll off the tongue smoothly. It can be helpful to use words that repeat sounds since they are easier to pronounce and more memorable.
Make the Name Relevant to What Your Company Does
Most of the time, customers are multitasking or distracted by various things. When they encounter your company, they need to know immediately what it does; otherwise, they are likely to move on. Names like British Airways, UberEats, etc. are good examples of company names that need no explanation regarding what they do.
Make It SEO-Friendly
Since all companies depend heavily on online marketing, it can be an advantage if the name is SEO-friendly as it can make the company more visible online. You can incorporate target keywords, making them unique, simple, and easy to spell to achieve higher ranks in the search engine results. When the name is easier to pronounce, it also helps users conduct voice searches using digital assistants that are fast becoming popular for internet searches. One word domains tend to work the best for online visibility.
Avoid Putting In the Location in the Name
Unless your company intends to do business only in a particular location or sell products originating from that place, you should avoid inserting the geographical location into the company name. According to Inc., if you do so, it will restrict the reach and make it difficult for you to expand later on. For example, if you name your company FabHomes New York, it can be hard to sell in other places. Changing the company name takes significant time, effort, and money.
Ensure Name Is Not In Use
Even if you come up with a name you think will work well for your company, you should go online and check if anyone else is already using it, especially in the same industry. You must avoid names that clash with the competition because they only serve to confuse customers, and worse, you can get sued for trademark infringement. If the Google search does not turn up anything, you should search the U.S. Patent and Trademark Office website before registering the name.
While deciding on a name for your new company may not be rocket science, you need to consider many factors before finally deciding. After all, the company is unarguably your most valuable asset, and getting it right is vital for success and sustainability.