What is the most difficult element of starting your business?
Coming up with the concept, writing a business plan, raising funding? No!!! it’s how to pick the perfect business name. Get it right and people will instantly remember you, get it wrong and you can give yourself a bit of a headache.
The main factors in choosing your business name are, don’t overthink it, just go with these 3 rules:
– Is it easily understood – if you have to explain that little play on words then it’s just not working.
– Can it be clearly pronounced – will people misinterpret what you are trying to say.
– Does it stick in your mind – if someone just gets a glance of the name on a van as it drives down the road, is it memorable?
Once you’ve dealt with those points it’s time to get creative. You could go with an alternative/abstract name, like Xero the accountancy software people (It’s pronounced Zero), this way you are more likely to get the domain name to match without compromising and it’s less likely you have someone else trading under the same name.
Alternatively, there is the informative name, it basically does what it says on the tin. If you are John Smith the Baker, then people know who you are, what you do and it’s easy to remember, but on the other hand, you may not be unique (sorry to break that to you!!).
Then finally we have phrases, they flow naturally, become good branding, become your slogan and are memorable. Without breaking into song, a prime example would be “Go Compare” – it may be annoying as hell, but we all know about it.
If you are really struggling there are tools available online to help and give you that little bit of extra help:
Finally, when you have made a decision, road test it on family, friends, webcheck it on Companies House to make sure it’s not already in use, look for your domain name and once you are comfortable go ahead and get started.