According to a recent study, nearly 70 percent of business owners incubated the idea for their venture while working for someone else. Before making the leap into owning a business of your own, you have to make sure your idea is feasible and has the ability to make money.
Most entrepreneurs turn a side business into their main business only after it is has proven itself to be lucrative. When forming a new business, one of the most important things you need to figure out is what to name it.
If you are unsure about what to name your new business venture, check out this list of excellent tips below.
1. Get to Know Your State Guidelines Regarding Naming a Business.
The first thing you need to do when trying to choose your business entity name is check your state guidelines. Most state guidelines will prohibit you from using a business name that is already being used by another company. Some states also prohibit companies from using names that can be construed as deceptively similar to an existing business entity.
If you set your business up as an LLC, your state may require you to put this identified after your name. Generally, you can find this information on the website of the state agency that is in charge of registering business names.
2. Make Sure People Can Spell and Pronounce the Business Name.
Most consumers will have a hard time with business names that are too hard to pronounce or spelled in a weird way. This is why you need to focus on making your new business name as simple as possible. Using memorable words or common phrases as the name of your business is usually a great way to create a high level of brand awareness right away.
3. Think About How Web-Friendly the Name is.
In most cases, a new business will have a website and a Facebook page. Before you decide on a name, you may want to see if the corresponding domain name is available. Keeping your name short and sweet will allow you to create a website URL that is easy to remember. The easier it is for the consumer to remember your website URL, the easier you will find it to increase the amount of traffic you are getting.
4. Your Business Name Needs to Be Consistent With Your Brand.
When trying to choose the right business name, you need to consider what sets your business apart from the competition. Instead of trying to completely copy your competitors, you need to show consumers you are unique. Incorporating your brand into your business name is a great idea.
You want the name of your business to be representative of what you want to be known for. For instance, if you are opening a car wash that focuses on getting customers in and out in a hurry, naming it something like “Speedy Car Wash” is a good idea. While finding the best business name may be a bit time-consuming, it is worth the energy you invest.
With the right business name, you will be able to instantly pique the interest of potential customers. Rushing through this important process may lead to you having regrets later on. Once you have decided on a name for your business, it will be hard to change it later on. This is why covering all of your bases before deciding on a name is so important.