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Start-up Advice

Your New Business Name Should Be Memorable, Spell-able And Available

Follow these five tips to settle on what is one of the most important aspect of a new company – its name.

Nellie Akalp

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During the crazy journey of launching a business, no decision is more agonising than finding the right business name.

In most cases, business owners have a firm grasp of the brand message they want to convey. However, trying to distill that message into a memorable, easy to say and easy to spell name is no easy feat.

On top of branding issues, the name has to be legally available to use – even though it feels like every good name was taken a decade ago.

Throughout the process of helping small businesses get their start and working with incredible small business owners, I have seen many entrepreneurs take thoughtful and effective approaches to naming their business.

Related: Business Name Brainstorming Worksheet

If you are starting a new venture this year, here are a few tips to keep in mind as you start to brainstorm and vet potential names.

1. Know your brand promise

Don’t get too bogged down with what your product does. Instead, ask yourself how you want your customers to feel. It’s those feelings that represent your brand promise and create a deep emotional connection with customers.

You can start by creating a mind map of all the concepts related to your business: descriptive words, emotions and experiences you’ve felt or want your customers to feel.

The founders of Wood Ranch BBQ & Grill restaurants spit-balled ideas by writing concepts down on cocktail napkins over beers.

“We ended up with ‘Wood,’ since we grill our core items over a wood fire, and ‘Ranch’ because we wanted the brand to be all-American, approachable and timeless,” said co-founder and co-CEO Eric Anders.

2. Pick something that’s easy to say, spell and remember

Obviously, new customers will need to be able to remember your business name and type it into their search bar correctly.

If your name is overly complex for example, it incorporates your last name, tricky spellings, abbreviations, numbers, etc. – this can be a problem. GotVMail, a virtual phone solution, changed their name to Grasshopper, to make it easier for potential customers to understand and spell.

“We do radio advertisements, so it’s important that people understand our name right when they hear it,” they wrote.

3. Survey your potential customers

Once you’ve narrowed down potential names to a few options, try them out on your target market. Be sure to get feedback from people other than close family, friends and co-founders who are already familiar with your budding business.

It’s important to learn the impact of a name on people who don’t know anything about your products or service.

Rachael Miller, designer and founder of Go Sports Jewelry, wanted a name that stood out and was easy to remember.

As she was deciding on the right name, she surveyed NFL wives with three different options, asking which name they gravitated towards, which best described her jewelry designs and which name they would remember if they heard it in a loud environment.

Related: How to Name a Business

4. Don’t narrow your focus too much

business-focus

A common naming mistake is to focus on a name that reflects what your business does now, rather than where you plan to go. Avoid picking names with a specific geographic location or product categories that wouldn’t allow you to expand your product line.

When choosing a name for her freezable lunch bag business, PackIt CEO Melissa Kieling wanted something that could scale with the brand. As Kieling explained, “Our product incorporates a proprietary technology, so we were tempted to use freeze or some other word that suggests cooling. But, my vision is much bigger than cooling.”

5. Make sure the name is available and trademarkable

This may be an obvious point, but before settling on a name, you’ll need to make sure it’s legally available to use, offers a suitable URL and can be trademarked. This process involves three basic steps.

First, check the availability of your proposed name in the state(s) where you’ll be operating to make sure there isn’t already another business with the same name registered there.

To do this, you can contact your state’s secretary of state office (some states offer an online searchable database).

You can also have an online legal filing service handle this for you, but many sites will perform this basic search for free.

If the state name search comes up clear, the next step is to check out the Patent and Trademark Office to see if anyone has an approved trademark or pending application for your proposed name in a similar capacity.

Finally, you should conduct a comprehensive name search – either through an online service or a lawyer – to see if anyone is using your proposed name at the state or county level and didn’t register with the state as an LLC or corporation.

Related: Choosing the Best Name for Your Business

If all your name searches come up clear, you’re ready to move ahead and put your branding efforts into full gear.

From a legal perspective, don’t forget to register your name with the state and apply for a trademark. After all, you’ve most likely invested countless hours finding the right name – you’ll want to make sure it’s yours to use for years to come.

This article was originally posted here on Entrepreneur.com.

As CEO of CorpNet.com, a legal-document-preparation filing service, Nellie Akalp helps entrepreneurs incorporate their business, form a limited liability company, set up a sole proprietorship and comply with state filing requirements.

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Start-up Advice

Put On Your Wellies: It’s Time To Wade Into Risk

Entrepreneurs aren’t all leaping into the unknown like lemmings off a cliff, but they do need to consider it…

Chris Ogden

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You’ve had a great idea. You’ve looked into its development. You’ve recognised that it has potential beyond just what Auntie Mabel and Mike From The Grocer think. And you’ve clearly nailed a pain point that can make money. Now it is time to take the risk of running with it.

Every big idea comes with risk. You can’t step out into the world of entrepreneurial thinking and business development without it. Your idea may fail. It will also be time consuming, demanding, hungry for money, and hard work. It is unrealistic to expect that your project will leap out into the world and be an unmitigated success.

It is also unrealistic to assume that it isn’t worth taking this risk.

There are steps that you can follow to ensure that your risk is managed so you aren’t blindly leaping off that cliff…

Step 01: Do your research

No, canvassing your neighbours, friends and family is not doing research. You need to know that your idea will appeal to a broad market and that it will have significant legs. This may sound like daft advice, but you would be surprised how many people think an idea will take off just because Susan in Accounting said so.

Step 02: Understand the costs

Projects are hungry for money and investment. Realistically work out your budgets and how much it will cost to take your project off the ground and then stick to it.

A calculated risk is a far better bet than one that shoots from the hip and hopes for the best. You can also use this as an opportunity to draw a clear line under where you will stop investing and end the project. If it keeps eating money and isn’t getting anywhere with results you need to be able to walk away.

Step 03: Know when to walk away

As mentioned before, this can be defined by a line you’ve drawn in the proverbial sand (and budget) but no matter where you draw this line, you have to stick to it. Often, when time, money and energy have been poured into a project it can be incredibly hard to walk away.

You think ‘but I have put so much into this, just one more’ and then it gets to a point where the ‘just one more’ has taken you so far down the line that walking away feels impossible. Leave. Learn the lessons. Apply them to your next project.

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Start-up Advice

Mind The Gap

The entrepreneur’s guide to finding the gaps and building the right solutions.

Chris Ogden

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Innovation may very well be the key to business success but finding the gap into which your innovative thinking can fit is often a lot harder than people realise. Some may be struck by inspiration in the shower, others by that moment of blinding insight in a meeting, however, for most people finding that big idea isn’t that simple. They want to be an entrepreneur and start their own high-growth business, but they need some ideas on how to find that big idea.

Here are five…

1. Network

It sounds trite but networking is actually an excellent way of picking up on patterns and trends in conversation and business problems. The trick is to note them down and pay attention. Soon, you will find patterns emerging and ideas forming.

2. Look for pain

Just as networking can reveal trends in the market, so can spending time reading. The latter will also help you find common business pain points. These are the touchpoints that frustrate people, annoy business owners, affect productivity, or impact employee engagement.

Be the Panado that fixes these pains.

3. Luck

luck

This is probably the most annoying of the ideas, but it is unfortunately (or fortunately) very true. Luck does play a role in helping you capture that big idea. However, luck isn’t just standing around and random people offering you opportunities. Luck is found at networking events, it is found in research and it is found in conversations with other entrepreneurs.

4. Luck needs courage

You may have found the big idea through your network, a pain point or pure blind luck, but if you don’t have the courage to take it and run with it, you will lose it to someone else.

Being bold in business is highly underrated because most people assume that everyone is bold and prepared to take big leaps into the unknown. However, not all brilliant entrepreneurs were ready to throw their family funds to the wind and leap into an idea – they were courageous enough to figure out a way of harnessing their ideas realistically.

5. Pay attention

This is probably one of the most vital ways of finding a gap in the market. Often, people are so busy that they don’t really pay attention to that niggling issue that always bothers them on a commute, or in a mall, or at a meeting. This niggling issue could very well be the next big business opportunity. Pay attention to it and find out if that issue can be solved with your innovative thinking.

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Start-up Advice

5 Things To Know About Your “Toddler” Business

As you navigate this new toddler phase of your business, here are five things to bear in mind.

Catherine Black

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Ah, toddlers. Those irresistible bundles of joy bring a huge amount of energy, curiosity and fun to any family – but there’s also frustration and worry that comes with their unpredictability, as they grow and start to become more independent. If you own a business and it’s successfully past its “infancy” of the first year or so, it’s likely it will also go through a toddler stage of its lifecycle.

Pete Hammond, founder of luxury safari company SafariScapes, agrees with this. “Our business is now three and a half years old, and we’ve found that we’re not yet big enough to justify employing a large team of people to handle the day-to-day admin tasks, yet we still need to grow the business as well,” he says. “As a result, our main challenge is finding the time to step back and see the bigger picture. Kind of like when you are raising a busy toddler and you spend most of your time running after them!”

As you navigate this new toddler phase of your business, here are five things to bear in mind:

1. This too shall pass

Everything in life is temporary – and that goes for both the good and the bad. It’s as helpful to remember this when you’re facing the might of a toddler temper tantrum, as it is when you’re facing throws of uncertainty in your business. If your new(ish) venture is going through a rough patch in its first few years, it can be easy to think about giving up – but don’t. As long as you have an overall big idea that you believe can add value to your customers, keep pushing through the rough parts until you come out the other side.

2. Appreciate what this phase brings

The toddler years mean that the initial newborn joy is officially behind you. But these small humans also bring their own kinds of joy, as you watch them learn new skills, say funny things, and give affection back to you. While your two-year-old business may not hold the same exhilaration for you as it did during those first few months, there are now different things to appreciate about it: Maybe you’re expanding your product range, or employing new people who can take the workload off you.

3. Establish boundaries

Toddlers thrive on boundary and routine – and your toddler business will too. As it grows into a new phase, try and establish limits in terms of the type of clients you want to work with and the type of work you’ll do. It’s also a good idea to make a decision about the hours you’ll work and when you’ll switch off, which will help you establish a good work-life balance.

4. Take a break

Every parent with a toddler needs a break every now and then, even if that means a walk around the block (on your own!), a dinner out with friends, or even a few days away. The same is true for a demanding small business: every so often, remember to take time out to rest properly, where you switch off your laptop and completely unplug. You’ll return much more inspired and resilient to deal with the everyday uncertainty that it brings.

5. Give it space to make mistakes

While the unpredictability of a young business can be stressful and tiring, it’s also a time for trying new things without the risk of huge consequences if they don’t quite work. After all, it’s much simpler to change your USP if you’re a small business employing a few people, rather than a big company where 50 people are relying on you for their salary, or where you’ve received a huge amount of investment capital. While you may fail in some of the things you try with your business (in fact, this is almost guaranteed), see it as a toddler that’s resilient enough to pick itself up, dust its knees and keep moving forward.

During this phase of business growth it’s also essential to have the right type of medical aid cover. There are medical schemes such as Fedhealth which has a number of medical aid options and value-added benefits to ensure that your health and wellness is taken care of too. After all, the healthier you and your staff are, the more productive your business will be – during the toddler (business) stage and beyond.

While this phase can be frustrating, it’s a sign that your business is growing and adapting, rather than remaining in its infancy, and that can only be a good thing! So embrace the difficulties, learn from them, and watch as your business strides forward confidently into the next exciting phase.

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