Knowing how to come up with a business name is made
simpler if you have your own actual product to sell in your business. There is
a good chance that you can simply name your business after your product that
you are planning on selling. This has a big advantage in branding your business
so that it becomes a household name. Long term, this method of naming a
business will save you many thousands of dollars.
Business
Name Trademarks
If you name your business after your product then I
would strongly suggest that you investigate obtaining a trade mark for your
product. People who wish to buy a product will often feel more secure if you
can show a trade mark logo for your product as this verifies to them that the
product has already been accepted by the regulating authorities and that there
is a demand for your product.
People love the assurance of social acceptance too along
with the potential bragging rights of buying an in-demand product. You will
need to remember with your business marketing plan to include the ego-buyers as
they can be a potentially lucrative targeted buying segment. However, these
types of buyers are a little more complex and worth a whole chapter on the pros
and cons alone.
Looking
for a Name for a small business
Many small business entrepreneurs starting in
business for the first time often have difficulty finding a suitable name for
their new venture. Some will want to name their business with their own name
but this is a really bad idea. Why? Because you can’t sell your name – you would
only be able to sell the goodwill you have built up in your business along with
any assets associated in your business.
Research
Ideas
1. What is the goal of your potential business going
to be? Is it a service based business or are you planning a retail business? The who, what, where, when, how and why will
be a good guideline starting point. Some questions to ask yourself in your SWOT
analysis can often give you the information that you are seeking.
BIG HINT: If your business is going to be unique to
your town/suburb/city then including the name of your town/suburb/city is a
good idea.
2. Google it – this is an amazing and often overlooked
research tool. If you are starting a new business then there is every chance
that you intend to have a website. It is really helpful if you know what people
are already asking for in your intended field of enterprise as this tells you
what they are looking for. It will also help you to gain a first page placement
of your website and will bring in future customers. It will also assist you to
know who your likely competition is and where they are located.
