How to Name a Company
Whether it’s a small business or a new firm, a name can say it all about your company. The name you give to your company or business means just as much to a client as the products you sell or the services you offer. If you’re putting up a new company, here are some tips to give it the perfect name.
Name = Brand
A company name is more than just for the sake of formality. The name of your company can help build your image to attract prospective customers, and establish your reputation in the industry that your company specializes in or is pursuing.
A company name is part of impression management. Today’s companies rely on impressions to establish their reputation in their chosen industry. To land that good impression that can make or break your company, follow these tips:
Use an impressionable name. While an impressive name sounds good, people will expect that you should deliver at the same level as established companies. For start-up businesses, an impressive-sounding name can be more of a liability than an asset. Use a short, concise name that is impressionable; the name of your company should tell potential clients and customers what your company does, and what you have to offer.
Live up to your name’s impressions. A name says a lot about your business enterprise. If you have a very professional-sounding name but you cannot back it up with good products and services, your name will mean nothing. You’ll also end up with a really bad impression that may spell the downfall of your business. Remember that while a name is very important, it should still tie in with the other aspects of your business.
Keep the name simple. Unless you specifically want your company to reflect a very long name (like for a law firm or accounting partnership), you should try to stick with simple names that your clients and customers can remember.
Try acronyms. The trick to a good name is recall; customers associate a product or a service with a company. Many successful companies use acronyms to establish their reputation in the industry, and also to help customers remember their names easier. You can also make the acronym of your company part of your company’s mission and vision statements.
Once you have settled on the name of your company, it’s important to have it registered so that you have full rights of ownership to it. Remember that a company name is only part of the formula for success; you should also focus on the other important aspects of your business that will help build up and establish its name.