It is quite likely that you already have a name for your new venture and you may have already bought the domain sites and registered the company – if so, then you may want to skip this unit. Or not! Perhaps, check through the material (or at least the 8 common mistakes in naming a company), just to be sure you have not made any “rookie errors”. It may be better to start again then get a long way down the track and then have to change it.
So, what’s in a name?
The answer: a lot, when it comes to small-business success. The right name can make your company the talk of the town. The wrong one can doom it to obscurity and failure. Ideally, your name should convey the expertise, value and uniqueness of the product or service you have developed.
Some experts believe that the best names are abstract, a blank slate upon which to create an image. Others think that names should be informative so customers know immediately what your business is. Some believe that coined names (that come from made-up words) are more memorable than names that use real words. Others think they’re forgettable.
In reality, any name can be effective if it’s backed by the appropriate marketing strategy.
There probably is no silver bullet method to go about naming your venture, but we have pulled together a few articles and videos that will most definitely help you to start the process and avoid the common mistakes. We advise taking half an hour and going through this material and then work with your co-founder to develop a few options and then narrow it down to one.
The article associated with the above video can be found here: “How to name a business”
The article associate with this video can be found at: 8 mistakes to avoid when naming your business
If you click on the image below, you will be taken to a more thorough video which is well worth listening to.
OK – get creative and have some fun!
(NOTE: assignment available to paid users only – but why not signup now if you are not paying? This could be the difference between you launching a successful business or crashing and burning like 70% of all new ventures!).