Choosing a Business Identity
17469
Business > Entrepreneurs
Nov 30, 1999
Choosing a Business Identity
A rose by any other name may still be a rose, but what you name your business will affect how the market perceives you. A business name that may seem catchy or cute can often translate into something misleading or ineffective. Because the name of your business is the first interaction a prospective customer has with your business, if they don't understand what you sell, it could lead to lost income. Here are some ideas to keep in mind to help you avoid that first misleading or even unpleasant impression. Don't just make up a name. Creativity in business names is a good thing if not taken too far. Don't butcher the English language to the point where your business name has little or no reflection of what your business does. Sure, companies such as Cingular or Amazon have names that don't match their product or service. But they have the marketing clout to create name recognition. As a small company, unless you are related to Bill Gates in some way, your marketing budget for unique brand recognition will most certainly come up short. Don't make potential customers see your name and ask, "What in the world does that mean?" Don't get cute. Avoid puns or phrases for your business name. This is especially important to avoid if you want to project a highly professional image. "The Shady Lady" may work for a lampshade company but it would definitely draw concern if you were a financial advisor. Also, consider the spelling of your name. Is it easy to spell? Why? It helps when someone is trying to search for your company on the Internet or in the yellow pages. Tricky spellings are hard to look up online or in the phone book. This goes especially for those companies that are looking for top placement in directories. Never put "AAA" or any kind of "A" in your name. We've all seen this at the very front of the phone book. Companies naming themselves "AAA Taxis" is good for top listing, but terrible for customers to remember. One last thing: Keep it short. Name yourself for growth. That unique selling position that you have honed down to a very specific market and product may not make a very good business name. For example, the name "Joe's Music Store" would limit your business. Someday, you might want to add videos and ebooks to your product line. "Joe's Entertainment Outlet" might be a better name to start with. So make sure that your business's name is sufficiently broad enough to encompass whatever direction your business may take. Also, stay away from trendy names. Though tie-dye T-shirts may be making a comeback, it would be better to name your T-shirt store "Al's T-Shirts" than "Al's Groovy Sixties T-shirts." Make sure your name is available. The best place to find out is at your State Corporation Commission. Find the department or agency that handles trade names and do a search on the business name you want to see whether it's available. Also, check the Internet. Do a search on Yahoo or Google using the name you chose and see what search results come up.
Martin Chandra is a full-time investor. He has been researching investment strategies and make his own living.
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