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HOW TO

CHOOSE A

SUCCESSFUL

BUSINESS
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NAME FOR YOUR

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How to Choose a Successful Name for Your Business

OW TO H OSE A CHO SFUL CCES SU AME N YOUR FOR INESS BUS s for a
Ingredient ful Company Name Success

Editeb by Smartylogo.com smarty logo ® .smartylogo. Ionel Paun © 2011 www. How to choose a successful name for your business.

5. 9. 11. Introduction Memorable and Resonant Names The Elements Importance of Name Branding Product Differentiation Good Name = High Sales How to Name Your Business Tips and Tricks Types of Names • Semi-Descriptive • Abstract • Names of People or Locations • Initials Conclusion 6 8 10 14 16 19 22 25 28 32 33 33 33 34 35 . 6. 8. 10. 2. 4. 3. 7.ents Cont 1.

uction Introd apter Ch 6 How to Choose a Successful Name for Your Business smarty logo ® .

In fact. there has been much debated and discussed about the importance of the name of a business.Naming your business may seem like a trivial affair to you. your business name gives your business a separate and distinct identity. In this book. That wouldn’t have any effect on its features and characteristics. It is a representation of the image of your business which you wish to put across to your customers. Even the ‘Bard’ would concur with you on this. Yet. Hence. we will look at various aspects of naming a business and talk about how you can choose a successful name for your business. it is said that naming your business is one of the most important aspects in starting off as an entrepreneur. In this age of brand names. smarty logo ® How to Choose a Successful Name for Your Business 7 . the name you choose for your business can go a long way in determining whether it is successful or not. It doesn’t matter what an entity or item is called.

orable Mem sonant Re ames N & apter Ch 8 How to Choose a Successful Name for Your Business smarty logo ® .

Think for yourself would you be attracted to a business with an old-fashioned name like ‘Brown & Sons Product Ownership Services’ or would you choose ‘All My Stuff Inc!’. You need to exercise a degree of awareness when choosing a name so that you don’t put off your target audience before they have become your customers. what exactly makes a name memorable and resonant? smarty logo ® How to Choose a Successful Name for Your Business 9 . Though the former seems more reliable because it is a family business. This is important for businesses which don’t have a huge marketing budget. showing exactly what the business does. This does not mean that you just think of something wacky and name your business. A memorable and resonant name will go a long way in catching people’s attention.There is an intrinsic quality in names which makes them appealing or repulsive. So. Nowadays. Having a memorable and resonant name ensures that it is catchy and people will be attracted towards it. people pay attention to names which are different and stand out from the crowd. the latter is relevant and to the point.

The ments Ele apter Ch 10 How to Choose a Successful Name for Your Business smarty logo ® .

we will look at three identifiable elements which make a business name memorable and resonant. we are not going to talk about Earth. Choosing an identifiable business name would lend your business credibility and a worthy image in the eyes of your customers. Rather. Identification Your business needs to have a name which can be easily identifiable as a separate entity from your competitors. but in a positive way. Wind and Water. Standing out from the crowd is very important. Fire. they won’t be able to achieve much identification.No. Congruency is extremely important for establishing your own brand identity. Your business name has to be in line with the type of products you are offering. This is the smarty logo ® How to Choose a Successful Name for Your Business 11 . This means that a business name should be such that your business does not get confused with your rivals. Apart from identification. congruency is also important. If all the firms in an industry name their businesses according to their locations.

Apart from the name. Business owners commonly belong to male gender and don’t like to choose names which are feminine in nature. Perhaps the most important part of choosing a name for your busi12 How to Choose a Successful Name for Your Business smarty logo ® . Uniqueness To establish a brand identity. Through the name of your business. The product you offer won’t be unique or something that people have never seen or heard of. your tag line should be relevant and not make tall promises or boast. When it comes to branding. Make sure that you don’t choose a name which is common or traditional. such a name would give you a niche in the market and make your business identifiable. you can establish yourself as different from the rest. you need to plan it from square one. You would have some form of competition. Choosing a unique name ensures that you don’t get mixed up with your business rivals and you don’t face trademark issues. In truth.first step on your way to success. there are certain stereotypes which are often followed.

These are the three key elements which make a business name memorable and resonant. The name ‘Geek Squad’ appeals to a whole different generation. smarty logo ® How to Choose a Successful Name for Your Business 13 . don’t choose a name that is youthful or more geared towards a teenage audience. Therefore. And more importantly. ‘Your Computer Experts’ is a more traditional name but is germane to all generations. You need to incorporate all of these elements when you are selecting a name for your business. it must be copyrighted. your target audience should be the determinant of what name your give to your business. you need to choose a name which is in keeping with your target audience. If you are targeting the middle age group. Then it doesn’t matter if it sounds corny to an outsider because you have achieved your objective.ness is making sure that you choose a unique name that hasn’t already been taken. Audience Finally. Businesses which are able to read the target audience’s expectations are able to choose the perfect name.

rtance Impo Name of hapter C 14 How to Choose a Successful Name for Your Business smarty logo ® .

just to name a few. The dynamics of business competition have taken a quantum shift over the past few decades. When their owners were naming them. Adidas and McDonald’s. If people don’t know you. they wouldn’t have fathomed that the name alone would be worth billions of dollars. Branding has become a prerequisite of being successful. they won’t buy your products. Get my point? A name is important because it makes you recognizable to the people you are trying to sell your products to. smarty logo ® How to Choose a Successful Name for Your Business 15 . Your business name lends an identity to your business which is crucial to survive in the face of cutthroat competition.This is the era of brand names. are commonly known words around the globe. Nike.

anding Br hapter C 16 How to Choose a Successful Name for Your Business smarty logo ® .

Changing it would have a drastic negative effect on the revenue and popularity of the business. How much do you suppose is ‘Star Wars’ worth? For a second. It grows and expands as you have invested a lot of time and money into it. would it have the same value? No! Would people be as attracted to it as they are now? No! This is because Harley Davidson has been in operation for so long and spent truckloads of money building up an image according to the brand name. smarty logo ® How to Choose a Successful Name for Your Business 17 . let’s say KFC or McDonald’s. many years. you would pay more money than you would have to start up a new fast food joint.Just think about it: your business lasts for many. You can get a valuation for your business name as well. This is because those names guarantee a minimum amount of money you would be able to make from being their franchisee. The name also holds intrinsic value for the business. It would have grown in value as well. suppose Harley Davidson changes its name to John’s Motorbikes. If you go and buy a franchise of a well known business.

Even if you are offering the same product that a hundred other businesses are. your brand name alone would be worth billions of dollars. your brand name will give you an edge over them. 18 How to Choose a Successful Name for Your Business smarty logo ® . if you are able to expand your business all over the world.Branding gives you a unique identity in the market. Furthermore.

oduct Pr tiation ifferen D apter Ch smarty logo ® How to Choose a Successful Name for Your Business 19 .

What caused them to take sides? There are various other colas available in the market but they are only differentiated by their brand names. Product differentiation can be done through choosing a name for your business that reflects what you are trying to sell. Else. 20 How to Choose a Successful Name for Your Business smarty logo ® . There are some people who prefer Pepsi while some prefer Coke. You have the Pepsi vs. It does make you wonder what differentiates these products.Go to the market to buy something and you would see the same product being offered by a number of different businesses. Coca Cola example to refer. Yet. owners don’t even want to think 10 minutes about what they are going to name their business. For example. you can drink anyone you want and you would hardly feel any variation. Remember that once people start liking your brand. This is why the importance of a business’ name cannot be ignored. how is Pepsi different from Coca Cola? The difference in taste is negligible but it’s the name that stands out for both of them. more likely than not chances are that they will remain loyal to it.

it’s the name that will help you start out on the right note. staff and other things are essential for the working of a business. location.Though it is true that capital. smarty logo ® How to Choose a Successful Name for Your Business 21 .

Name Good h Sales = Hig hapter C 22 How to Choose a Successful Name for Your Business smarty logo ® .

a good business name can effectively market your business. Not only will it help in marketing your business but it will trigger high sales. This is crucial for businesses which don’t have a huge budget for marketing and advertising. Yet. names which don’t make any sense when we talk about their products. Imagine someone naming a business after his pet poodle. A business which has an effective name like ‘Cheap Liquor’ defines exactly what it does and what people can expect from it. It sounds better and more appealing than other liquor stores. Take the example of Reebok or Nike. However. That is cute but won’t be effective! Some firms can get away with awkward sounding names because they have the money to promote it. How? Let’s take an example here. they are household names known all over the world. This is where they can use the name of their business to help them get people to buy smarty logo ® How to Choose a Successful Name for Your Business 23 .As has been mentioned before. 90% of the businesses don’t have too much money to spend on advertising and promotion in order to generate recognition and sales.

Still stumped? Follow the tips and tricks for choosing a business name which are mentioned in the next section. You don’t expect a Nike product to be substandard. Similarly. It is the effect your name has on people which will ultimately lead to high sales. Remember that your business name should reflect consumer benefit rather than advertising what you are selling. Think of McDonalds and a restaurant pops into your head. the name will act as a symbol of what you offer to the public.their products and boost sales revenue. 24 How to Choose a Successful Name for Your Business smarty logo ® . your business aim should be to bring an image into the people’s minds about your business. People find them reliable and trustworthy. Another thing about well-known business names is that they have a feel-good factor to them. Once your business is established.

o Name How t siness our Bu Y apter Ch smarty logo ® How to Choose a Successful Name for Your Business 25 .

26 How to Choose a Successful Name for Your Business smarty logo ® . Though they are used by entrepreneurs around the world. Otherwise. 1. there are common trends which owners have followed for many years now. Be warned. Coming back to the issue of naming your business. You might be tempted to ignore all the other sections and just read through this. This has been a practice followed for centuries now. you should avoid using them.Now we come to the business end of things. You will also face problems when you want to sell off your business. Geography Only use location names if you are going to operate your business strictly there. Name The owner uses his own name or the family name as his business name. The brand name would be based on ‘you’ rather than your business. use any other name. 2. the information contained in those sections is a gold mine and will help you to improve your business significantly.

Suffix Don’t add Inc. 5. Johnson & Johnson looks much better than Johnson-Johnson. Now that we have looked at common business naming trends you should avoid. smarty logo ® How to Choose a Successful Name for Your Business 27 . Choose a name and then abbreviate it rather than the other way round. Hyphens Avoid using hyphens in your business name because it becomes difficult to remember it that way.3. you would be wondering that how can you name your business otherwise. Now you can argue that KFC is an abbreviation. 4. Don’t use an abbreviation as the name of your business. enterprise or any other suffix to your business name. KFC was started as Kentucky Fried Chicken and the abbreviation became popular later on. Abbreviations You might misinterpret this point. This trend is obsolete and you shouldn’t use it in this day and age.

Tips Tricks & apter Ch 28 How to Choose a Successful Name for Your Business smarty logo ® .

Saskatchewan is a city in Canada. 2. Spelling The most basic but often ignored part of naming a business is spelling.g. Blood Red Ketchup would be a negative way to describe your business. E. Using positive sounding words in your business name creates a favorable image in the minds of your target audience. 1. Looking up such names in the phone book or on the internet would be a chore. Positivity Your business name should reflect positivity rather than having a negative connotation to it. The audience you want to attract would be apprehensive because your business name has a negative connotation. Bottomline: choose a different and unique name but it should spell easy. A name like Saskatchewan’s Best Meat Pies can be hard to find. This is a great way to get more sales through your business name. smarty logo ® How to Choose a Successful Name for Your Business 29 .Here are surefire tips and tricks which you can follow to create a business name that is sure to work for you. Your business name needs to be memorable and people have difficulty remembering anything spelled awkwardly.

Length This is also related to making the name of your business easy to remember for people. Image Our mind has been tuned to make up images when we hear anything. because it doesn’t make any sense. 5. What will Crystalwellyn bring to mind? Nothing! Why. Shorter names work well with advertising tools such as ads and business cards. making a presence on the internet is also crucial.3. Your business name should be such that it brings a certain visual into the mind of the person reading it or listening to it. This applies to choosing a name for your business as well. Don’t go wacky and de30 How to Choose a Successful Name for Your Business smarty logo ® . which is a common practice. Represent Your business name has to represent what you are offering to the customer. Short names are easier to remember than the longer ones. It is name made up by combining the names of two people. In this modern age. 4. Customer is the king and you should make sure that you impart as much information through your business name as possible. A short business name can be easily converted into a domain name as well.

6.duct what you do from the business name. smarty logo ® How to Choose a Successful Name for Your Business 31 . Logo When you are thinking about your business name. choose a name that will look good as a symbol of representation. Hence. otherwise your target audience won’t be able to find you. if you have a hair salon. keep in mind that it will become the logo of your business. include the word salon or hair design in your title. These are killer tips and tricks which will help you to choose a successful name for your business. For example.

Types Names of hapter C 32 How to Choose a Successful Name for Your Business smarty logo ® .

Family businesses which have been running for generations are common examples of this. Abstract Abstract business names are unrelated to the business but through marketing and promotion. More often than not. people who do something creative use their own name as smarty logo ® How to Choose a Successful Name for Your Business 33 . Names of People or Locations These types of names add a personal touch to the business. Examples of such names are Dunkin’ Donuts and Swatch. Abstract business names are suited to businesses which have enough money for huge advertising and marketing campaigns. Nike is the foremost example of this. namely: Semi-Descriptive As suggested by the title itself. a semi-descriptive business name gives a hint to the people about what the company does.The types of names owners give to their businesses can be categorized under four categories. This type of name is ideally suited to small-sized businesses. people are made aware of them.

34 How to Choose a Successful Name for Your Business smarty logo ® . Examples are IBM and LG. Versace. Examples include Armani.the name of their business. using initials is a practice adopted by a minute portion of the total businesses around the world. and Louis Vuitton. Initials Initials are the most difficult names to interpret for the people because they don’t give any clue as to what kind of business is being done. Though there are many businesses which have been successful.

clusion Con hapter C smarty logo ® How to Choose a Successful Name for Your Business 35 .

The aim of this book is to enlighten entrepreneurs about the importance that the name of a business holds. It has been an overlooked part of starting off a business yet very important. From importance of the name for a business to types of names. everything that you need to know about business names has been covered. Naming a business is a huge part of setting up your business and you should give it the importance it deserves. 36 How to Choose a Successful Name for Your Business smarty logo ® . we have looked at the various aspects related to names of businesses. a few tips and tricks to choose a successful name for your business have been included.In this book. Remember. For your benefit. the name of your business can determine whether it will be successful or not.

How to Choose a Successful Name for Your Business .

OW TO H OSE A CHO SFUL CCES SU NAME YOUR FOR INESS BUS s for a Ingredient e essful Company Nam Succ smarty logo ® .