What’s in a name? For a business, it could mean a difference between success or failure. The right name can help you attract more customers. It can also give the business become the market leader in its industry. A lot of times, companies have no other choice but to rename and rebrand their company in order to correct past mistake. If you don’t want to experience this kind of trouble, here are some do’s and don’ts that you want to take into consideration.
- Research for companies that have the same name
It is important to know if the name has been used already or not. Try to see if there are companies both locally and from elsewhere that have used the name. The last thing that you want is a lawsuit. It is a common trend among bands to encounter unknown artists to file a lawsuit against them because of having similar name.
This can also be your protection because anything bad made by the other company that has the same name can reflect on your business.
- Check the availability of the URL and social media names
It is also important that you consider the availability of the social media names that matches your company’s name. This allows your market to be able to follow your brand easily. If you have to make a few additions to your social media name, it shouldn’t be too long.
- Choose a name that is relatable to your market
It is also possible that you choose a name that your market can relate to. Make sure that you study your market first and find the right terms that can definitely catch the attention of your potential market.
- Confusing name
Now, let’s discuss the things that you need to avoid at all times. It is important that you avoid using names that will closely resemble other companies or words that have negative meanings. If you are going to use a name that is also misspelled, this might not be a good idea because it can be confusing when searching for the name.
- Names that only you can relate to
It is a common blunder by a lot of businesses to make use of a name that is only relatable to yourself. Though having a story behind the name works sometimes, this isn’t always a good call.
- Not having enough options
When choosing for a name, it is a good idea that you make several options first. If you don’t come up with at least ten names to choose from, you might end up with the wrong name.
Running your own business starts with the right name. Not having the right name can be detrimental especially if you plan on running the business for a long time. Unfortunately, a lot of good companies don’t become the market leader in their niche mainly due to the fact that they don’t have a catchy name that the market can relate to. By following these do’s and don’ts you will find out which one works for your dream business.