How to Select the Perfect Name for Your New Business

How to Select the Perfect Name for Your New Business
How to Select the Perfect Name for Your New Business. Image source: Supplied

Though it may appear superficial, choosing the right name for your business can work wonders.  A great name may reflect your company ethos and personality, thus helping draw the right customers to you.  Along with your other branding efforts, your name works in tandem to communicate your business’ fundamental essence.

  • Go Simple: We recommend that you do not select a name that’s hard to spell or pronounce.  Keep it short and sweet. Your business name will appear everywhere – your website URL, social media, ads, product tags, invoices, and so much more.   It’s essential, therefore, to ensure it’s uncomplicated.

Make it easy for your potential customers to Google you and to share your name with their friends.  Our word of thumb is to make sure it simply rolls right off the tongue

  • Consider Your Specificity Level: When selecting your ideal name, it may be best to not be overly specific.  For example, if you call your new business Lulu’s Scooter Company, the general public will assume you sell – you guessed it – scooters!  That’s a wonderful thing if you only plan to sell scooters for the lifespan of your business, yet it may not work well if you hope to expand or diversify in the future.

Highly specific names limit your choices.  That’s not always a bad thing, it simply depends upon your personal business goals for now and into the future.  On the other side of the coin, however, generic names or those with no specificity could cause you to get lost in the crowd.

  • Avoid Initials: There are some big name companies out there with names consisting of initials, but they are the exceptions.  Names made up of initials communicate zilch to the greater public, especially for new companies unknown to their customer base.

Initials say nothing about who you are or what you’re about.  Pass!

  • Make Sure Your Can Trademark It: Before you settle on a name, search for it first with the United States Patent and Trademark Office (USPTO).  You don’t want to end up with a name you aren’t able to legally protect.

Once you’ve selected your name, make sure to file your trademark application right away, with or without the help of an attorney.

  • Remember Your Branding:  Last but certainly not least, consider your name from a branding perspective.  Does it communicate the right message? Does it say something about who you are or, better yet, who your customers are?  What is the emotional tone of the name you’re considering?

Ensure your name is attractive to your customer base and you’re good to go.

Choosing the right name for your business from the start  is fundamental to your company’s future success. But your name isn’t all that matters.  Select the right payment system as well. Check out Agile Payments’ ACH API system if you wish to process both debit and credit bank accounts with ease.