#65 The trick to picking the perfect business name

Transcript:

Have you ever seen a band name and wondered what it means? Or been told about a business and unable to search for it because the spelling is obscure? Have you thought about the impact a name has on a brand?

I’ve spent many hours deliberating this topic over the past 20 years. For every business or joint venture I’ve started the question of the perfect business name comes up initially.

I’ve agonised over my choices, scouring the net for the best way to choose a business name. I’ve still got the pages and pages of my business name ideas too! Sometimes we love the names so much we purchase the domain names. Oh, is that just me? Lol. Okay, yes, I have a few saved for future ventures/ projects.

There is an importance we should place on choosing our business name. And I have over the years boiled it down to 5 things to consider as you go down this path. Remember, everything I am about to share is relevant to new businesses, current businesses, where you have changed your focus dramatically that your current name doesn’t fit anymore or even apply it to events and programs you’re creating for your business. The information is extremely relevant for any of the above.

So let me distil my 5 considerations down for you:

1. Relevance
2. Scalability
3. Uniqueness
4. Availability
5. Memorability

Let’s break each one down a bit more:

Relevance: Your business name should be relevant to your industry and the products or services you offer. This will help customers understand what your business is about and what they can expect from you. You might be thinking, Ameeta, but what about brands such as McDonalds and Myer? There’s no industry relevance with these and yet, they seem to be doing okay. True, fair point, but remember they’re big players. They’ve got decades of experience and market share. You are probably still small and growing. Ambition is important don’t get me wrong, but look at the name ‘oralhealthexperts’ – clear, relevant to their audience as a dental practice. Or ‘Her Business’ you immediately know this is a business most likely tailored for women in business.

Memorability: Your business name should be easy to remember. This is especially important for businesses that rely on word-of-mouth marketing. Short, sharp and sweet is the way I describe this. People want something catchy so they remember it when they are ready to look you up. If they can’t remember you, they’ll move on to one your competitors. I also like to remind my clients that the length is important too when it comes to having your domain name and social media handles. That brings me to my next point:

Availability: Make sure your business name is available. You can check the availability ASIC. But don’t stop there. Check the domain name and social media handles are also available. If so my advice is to act fast and secure them all at the same time. Search engines have a sneaky way of knowing what you’re searching for and if you leave this door open for a few days or weeks, you run the risk of the name being snapped up. That’s been my experience. A client recently loved a business name she had chosen and we did the research and found it was available to register on ASIC, however, the domain name was taken. There wasn’t a live site attached to it but she couldn’t purchase the domain name. So back to the drawing board we went. The alternative was choosing the business name to register, then having a variation of this as the domain, but from a client-facing perspective, when you can make it all the same it’s worth doing that.

Scalability: Choose a business name that can grow with your business. Avoid using specific keywords or phrases that could limit your business in the future.

I was on a regular accountability call with a group of business women recently and one was asking if she could use her name with the word coach at the end. This is great if that’s all she is going to be doing. But if she decided to put under that umbrella another business venture such as selling a physical product or course on how to make candles, then it may not fit to have the word coach. The message can be mixed, causing confusion with your audience and when there is confusion you lose clients. So think big, consider your business vision and base your name around this.

Uniqueness: Your business name should be unique and stand out from your competitors. This will help you create a strong brand identity and make it easier for customers to find you. Competition as you know is stiff. Therefore a name can be one way to make you stand out. For example the brand ‘Earth’s Choice’ which sells household cleaning products, the name ticks the box for relevance, memorability and uniqueness- You immediately associate the brand with being one that is doing some good for the environment. It’s a short name and isn’t specific enough that it doesn’t allow for expansion with the range.

Here are some additional tips for choosing a business name:

Keep it short and simple. A long or complicated business name will be difficult for customers to remember and pronounce.

Avoid using acronyms or abbreviations. These can also be difficult for customers to remember and understand.

Make sure the name is easy to pronounce and spell. You don’t want customers to have to struggle to say your business name.

Avoid using offensive or controversial language. This could alienate potential customers.

Consider your target audience. What kind of name would appeal to them?

Once you have chosen a few potential business names, test them out on friends, family, and potential customers. Get their feedback on which name they find most memorable, unique, and relevant.

Once you have chosen a business name, register it and you can also consider trademarking it if that’s right for you.