Starting a new business comes with so many important decisions. Choosing what to name your business so it represents it, and you, is one of the big ones. That name will be your brand, your stamp and your identity in the world. The name of your new business has a significant impact on your success. It must connect with customers and convey a benefit while reinforcing what your company represents and can offer them.
Feeling unsure? Let’s do a little R&D (you know I love my R&D!) and take a moment to look at what some other companies have done. Back in August I posted a blog about what makes businesses successful. In the post I mention several aspects of what makes this particular car service in the Bahamas so profitable, and one of the main ingredients to that company’s success is their name – Blu Luxury. Now, sight unseen, if you are offered a ride with Blu Luxury vs, say, Island Cab, who are you cruising with? That was an easy one.
Another example: On a recent trip to Toronto I visited Steamwhistle Brewing and got a VIP tour of their operation. I learned that when the three owners were deciding what to name their business, they had a completely different name in mind. They each had been fired from jobs in the past and thought they’d name their brewery Three Fired Guys. While perfect to them since they understood the meaning, it was a possibility not everyone else would, or, frankly, want, a product from three fired dudes. They needed to name their new business something that represented them as well as their product, but also appealed to their new customers, and ta da! Steam Whistle was born. In the 50’s the steam whistle would sound off at the end of the day, signaling that the work day was over and traditionally, the workers would have a beer. Hence, Steam Whistle. It is obvious what they do, and it has a great story and lineage to it.
You get the picture. A few additional tips when deciding what to name your new business: You want a clear, powerful name that sounds good when you say it out loud. It should also be easy to spell. Your name should relate to what your business is about and it should be descriptive. Remember to research it and check domain names and trademarks to make sure you are not replicating any others. You can always use your name, like yours truly. Aside from Profit First I used my own name for my brand and my website. Remember when you first saw my last name and said, “Mik al o wha?”…admit it! This is why I tell folks to go to Mikemotorbike.com vs Mikemichalowicz.com. (Mikemotorbike brings you straight to Mikemichalowicz) Not everyone can spell such a gem of a last name like Michalowicz right off the bat, but Mikemotorbike is a no brainer.
Also, try to think about your new business name holistically. Be specific, at the same time don’t pick a name that constrains you to any one thing. The name of your new business needs to be broad enough to accommodate your growth. As your business grows, you want the name to expand with you and still make sense.
Your name is so important, even more so than your logo. When deciding what to name your new business ask yourself, is it memorable, is it unique, does it speak to what you do? If you stick with these parameters you will be attracting new customers to your new business before you know it!
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
