What's in a name? A lot, when it comes to small-business success. The right name can make your company the talk of the town. The wrong one can doom it to obscurity and failure. Ideally, your name should convey the expertise, value and uniqueness of the product or service you have developed.
Some experts believe that the best names are abstract, a blank slate upon which to create an image. Others think that names should be informative so customers know immediately what your business is. Some believe that coined names (that come from made-up words) are more memorable than names that use real words. Others think they're forgettable.
In reality, any name can be effective if it's backed by the appropriate marketing strategy. Here's what you'll need to consider in order to give your small business the most appropriate and effective name.
Enlist Expert Help to Start
Coming up with a good business name can be a complicated process. You might consider consulting an expert, especially if you're in a field in which your company name may influence the success of your business. Naming firms have elaborate systems for creating new names and they know their way around the trademark laws. They can advise you against bad name choices and explain why others are good.
The downside is cost. A professional naming firm may charge as much as $80,000 to develop a name. That generally includes other identity work and graphic design as part of the package, according to Laurel Sutton, a principal with Catchword Brand Name Development. Naming services that charge as little as $50 do exist, but spending a reasonable amount of money early for quality expert advice can save you money in the long term.
This article is an edited excerpt from "Start Your Own Business, Fifth Edition", published by Entrepreneur Press.
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Comments:
Good article and points. It is wise for to consult with a professional when selecting a name. There is a process to go through and experience counts. When we work with clients to name companies or products we encourage them to think like their prospective customers. When a company name reflects what the company does it can make a huge difference in growth and success.
I have to agree with your last sentence there... and here's me thinking that you always get what you pay for. When it comes to your brand and image on the Web, leave it to the hands of the experts. I'm sure you'll be glad you did.
Getting a name for your business is the hardest part for startups. It could spell the success or failure for some businesses. I often got stock on the getting the right name for my business idea.
Great Points!! A name is very important. Our name along with our logo reflects what we do along with how we do it.