Why choosing the right company name is important when starting your business

What company name will be on the business card for your start-up? It matters what you chose.

What company name will be on the business cards for your start-up? It matters what you chose.

By Ranjit Shah

When starting your own business you have a hundred different things on your to-do list. Coming up with a right business name is one of them. You don’t want the name to be just good, you want it to be sophisticated enough to appeal and attract your potential consumers.

An important question you need to ask yourself while starting your own business is – how will you get early traction and start generating revenue? One good answer to this is by reaching out to as many potential consumers as possible, in the shortest timeframe, and in the right way. A right business name will help you with all these three aspects.

Not convinced… let me share some more reasons why a right business name is so seriously important:

Crowded marketplace

Consumers are bombarded with dozens of new and existing product advertisements in today’s crowded marketplace.

If you have a mediocre name, people just won’t remember it, they won’t talk about it, they won’t establish any connect with your business and ultimately not buy anything from you.

Limited attention span

While starting your own business you need to understand that consumers in today’s crowded marketplace have very limited attention span, so the first impression really matters.

People are unlikely to develop preference for things they did not like at first. If your business does not have a catchy name to capture the attention of consumers, you’re unlikely to go far on the road to success.

Your business needs a special identity

Your business needs to create its own special identity to stand apart from the competitors. The name is the first determinant of differentiating your business from others.

Apart from the initial impression, a right business name will also help promote and build a successful brand. In future, your business name (brand name) might be worth more than the products.

Clear distinction

A clear identification of your business in the marketplace plays a major role in drawing consumers to your products or services. So, the ongoing success of your business is also influenced by the business name.

While starting your own business if clear business identification is not created it will draw fewer consumers that would eventually affect the bottom line.

You need to invest time and efforts in building good reputation with your customers, and having a right business name is one way of doing so.

So when starting your own business, you should come up with a right business name that can distinguish your business in the marketplace.

Overall, the name has a large impact on the success of a business, and it is an important profit-making strategy. Therefore, business naming must be given enough time and consideration before finalization.

Simply put, a right business name will create more opportunity for business success!

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Ranjit Shah is the founder and creative head of Melloname Business Naming. They offer a Do-it-Yourself Business Naming Toolkit that can help you create a catchy, attention-grabbing business name using a simple step-by-step approach. You can learn more at www.melloname.com.

 

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