Ask 500 people already in business how they decided upon
their business name and you will get 500 different
answers. Everyone has a story behind how they chose their
own business name. Even if the business is named after
their own birth name, there’s a reason why this was done.
When you open a business, in a sense, you are causing a
new birth to begin. This new birth was created from an
idea alone by you or your associates. It will have its own
bank account, it’s own federal identification number,
it’s own credit accounts, it’s own income and it’s own
bills. On paper, it is another individual! Just as if you
were choosing a name for your own unborn child, you need
to spend considerable time in deciding upon your business
name.
There are several reasons why a good business name is
vitally important to your business. The first obvious
reason is because it is the initial identification to your
customers. No one would want to do business with someone
if they didn’t have a company name yet. This makes you
look like an amateur who is very unreliable. Even if you
call your company “Kevin’s Lawn Service,” a company name
has been established and you are indeed a company. People
will therefore feel more comfortable dealing with you.
Secondly, a business name normally is an indication as to
the product or service you offer. “Mary’s Typing Service,”
“Karate Club for Men,” “Jim-Dandy Jack-of-all-Trades,”
“Laurie and Steve’s Laundry,” “Misty’s Gift Boutique,” and
“Star 1 Publishers” are all examples of simple business
names that immediately tell the customer what product you
offer.
However, most people will choose the simple approach when
naming their business. They use their name, their spouse’s
name, their children’s names or a combination of these
names when naming a business. The national hamburger-
restaurant chain “Wendy’s” was named after the owner’s
daughter.
However, research has proven that these “cutesy” names are
not the best names to use for a business. Many experts
claim that it makes the business look too “mom-and-pop-
sie.” However, this depends on the business. If you
are selling something that demands this mood or theme to
appeal to your market, it’s best to use this approach.
Personally, I am inclined to name my businesses with
catchy names that stick in people’s heads after we have
initially made contact. Names like, “Sensible Solutions,”
“Direct Defenders,” “Moonlighters Ink,” “Printer’s
Friend,” “Strictly Class,” “Collections and Treasures,”
and “Starlight on Twilight” are all good examples of
catchy names. These types of names relate to your product
or service but serve as a type of slogan for your
business. This is a big help when marketing.
A friend I know owns a business called “Mint and Pepper.”
He grows and sells his own line of raw seasonings to
people in the local area. At a get-together for small
businesses, he passed out his business card. The
card had a peppermint candy glued on the back and the
slogan read: “Your business is worth a mint to us.” This
marketing concept not only got my friend noticed and
remembered, but brought in several large orders for
the business.
When you name a child, you may not decide upon a definite
name until after they are born. You do this because a name
is sometimes associated with a type of personality. When
you name a business you may need to wait until you have a
product or service to sell and then decide upon a
business name before going into the business itself
because your business name should give some clue as to
what product or service you are selling.
A business named “Joe’s Collections” normally wouldn’t
sell car parts and a business named “Charlie Horse” would
not sell knitting supplies.
To generate ideas – begin looking at business signs
everywhere you go. Notice which ones catch your eye and
stick in your mind. Try and figure out “why” they stuck in
your mind. Naturally, the business “Dominos Pizza” sticks
in your mind because it is nationally known. These don’t
count!
Look around and notice the smaller businesses. Take your
time. Within a few days you should be able to come up with
a few potential business names.
Then, when you finally find a few names you really like -
try reciting them to other people and get their opinion.
It won’t be long until your business will have the proper
name that will carry it through it’s life!
Ask 200 people already in business how they decided upon their business name and you will get 200 different answers. You have to realize that when you create a new business venture you are creating life in a sense. It is a part of your family and soon it will be a part of other folks lives. This new member to your family will have its own bank account, it’s own federal identification number, it’s own credit accounts, it’s own income and its own bills. On paper and by the Government its ALIVE! IT’S ALIVE!!
Branding is very important , but just running a business in your name “I’m a Handy Man” Call John 123-456-7890- that doesn’t really give a huge enticement for me to call. Same person Ad’s with alittle bit Branding “I FIX Everything!” Call Handyman Hank, LLC 123-456-7898. Now most people out there don’t know what an LLC, Inc actually are, but they see that and Say “Thats a business” People will therefore feel more comfortable dealing with you.
Secondly, a business name normally is an indication as to the product or service you offer. “Mack’s Typing Service,” ”Karate Club for Men,” “James-Dandy Jack-of-all-Trades,” ”Mary’s Gift Boutique,” and ”5 Star Publishers” are all examples of simple business names that immediately tell the customer what product you offer.
Some folks go after the simple approach, I wouldn’t agree with that unless your name started with an “A” Now where is the logic in that, actually there is. It will usually pull your business name to the top of this when sponsoring events, yellowpages, ect.
Now here is where my logic and coaching is thrown right out the window. The national hamburger-restaurant chain “Wendy’s” was named after the owner’s daughter.
However, research has proven that these “cutesy” names are not the best names to use for a business. Many experts claim that it makes the business look too “mom-and-popish.” However, this depends on the business. If you are selling something that demands this mood or theme to appeal to your market, it’s best to use this approach. Typically if you are in a big city I wouldn’t make a little mom and pop name but if you have a niche (a niche is defined- a distinct segment of market)
Personally, I am inclined to name my businesses with catchy names that stick in people’s heads after we have initially made contact. This is a big help when marketing.
I have a client that had 1 deal that took his landscaping business to a whole new level and his business does 2-5 million in sales a year. His last name starts with an A. He decided to be competitive in his industry he wanted to get into snow removal. Only with his name he put marketing into the “Yellow Pages” Walmart called him for snow removal. He was so pumped up but they told him he had to go through an interview process. He was the only business that showed up with a suit and tie. He was talking with his competition before the interview and found out that the other 4 businesses all started with A! The GM of Wal-Mart was instructed to get a new snow removal company and the GM got into the phone book and pulled the 1st five names in Landscaping and Snow removal. Long story short he nailed the job and not only got that location but got like 5 other surrounding Wal-Marts!
Before you decide your product and business start looking at different signs and businesses and filter yourself of what is good and is not. Whenever I am in another state the first thing I look for and it drives my wife crazy is the phone book. I have about 5 from different states because this is something that I just started doing.
Lastly there is a lot of Network Marketers out there reading this blog. If you are in Network Marketing and do not have a business name and account your operating under your name only, this to me is a crime. If you have chosen a product and a company to work with, go through legal zoom and get incorporated. This will only make it harder for you to quit and more dedicated to your business. Also look at the top in your industry – They are all operating under thier own business name!
I’m not even touching on all the tax benefits you can have with operating under a business name, I’ll leave that to the accountants.
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Twitter: @BigMantacom
Someone once told me that it was Business101 to name your company after the products and services you provide, however, I couldn’t disagree more. I think catchy and brandable has the ability to get you much further than generic and descriptive while allowing you to broaden your products or services if you ever desire to do so.
I couldn’t agree more, if you don’t stick out from the crowd, your just another face!