Clients and potential clients come to me constantly asking, “Should I change my business name? I mean I am not even sure if I have the right business name. And how can I tell if the name ‘sticks’?”
Choosing a business name is a serious step in becoming a business owner. Why? Because it will become how you build your online presence as well as how you build your brand. This is not a time to become sentimental and name it after your favorite cousin. This is the time to find a business name, which will connect well with your target market.
A good place to begin is http://www.thomasnet.com. This is the Thomas Registry online, the same one attorneys have been using offline for years. I recommend that you begin here first before going to Google. Why? Because a business owner may hold on to a business name for many years before going public or building a web site.
Look in the local Yellow Pages, on the Internet or even on Amazon for a book about what your business does. You will be surprised as to what ideas may come out or no where.
Don’t forget to ask trusted friends or family members for ideas. Then by all means go to the Thomas Registry online and search in that industry to be certain that there are no companies with that same name. Yes, you can still search Google as an added precautionary.
I have also heard of entrepreneurs and small business owners having online contests to name their businesses. There are plenty of web site owners who would probably help you out as well as using your favorite forums or your Twitter, LinkedIn or Facebook discussion groups for help.
There are four ways to know that you do NOT have a good business name:
- Your target market cannot remember how to spell your business name.
- Your target market constantly (not just once) struggles to pronounce your business name.
- Your target market cannot remember what your business does.
- Your target market continues to confuse your business name with a similar business name.
Sometimes even how much money you can charge will be determined by your business name. For example, if you have the word “economy” or “budget” in your business name, your clients will not expect to pay full price for your products or services.
Now if changing your business name is not an option, consider changing your tag line. A good rule of thumb is the more generic your business name is, the more exact your your tag line needs to be. I had to do this with my own business,
Gemstone Business Solutions. While my company name is generic, my tag line is more exact about what I do: Virtual assistance polished to perfection.
You may also want to split your business into two or three smaller businesses if your business has become too diverse. Again, I had to do this. Gemstone Resume Service grew out of Gemstone Business Solutions. I found it too confusing to try to sell resumes and entrepreneurial services to the same target market.
So, with good research and planning, the right business name will come to your business.
