Opportunity Report #352
SELECTING THE RIGHT BUSINESS NAME
Copyright 2012 EDEN PRESS, Inc.
ALL RIGHS RESERVED
Ask 500 people already in business how they decided upon their business name
and you will get 500 different answers. Everyone has a story behind how they chose
their own business name. Even if the business is named after their own birth name,
there’s a reason why this was done.
When you open a business, in a sense, you are causing a new birth to begin.
This new birth was created from an idea alone by you or your associates. It will have
its own bank account, its own federal identification number, its own credit accounts, its
own income and its own bills. On paper, it is another individual! Just as if you were
choosing a name for your own unborn child, you need to spend considerable time in
deciding upon your business name.
There are several reasons why a good business name is vitally important to
your business. The first obvious reason is because it is the initial identification to your
customers. No one would want to do business with someone if they didn’t have a
company name yet. This makes you look like an amateur who is very unreliable. Even
if you call your company “Kevin’s Lawn Service”, a company name has been
established and you are indeed a company. People will therefore feel more
comfortable dealing with you.
Secondly, a business name normally is an indication as to the product or
service you offer. “Mary’s Typing Service”, “Karate Club for Men”, “Jim-Dandy Jack-of-
all-Trades”, “Laurie and Steve’s Laundry”, “Misty’s Gift Boutique”, and “Star 1
Publishers” are all examples of simple business names that immediately tell the
customer what product you offer.
However, most people will choose the simple approach when naming their
business. They use their name, their spouse’s name, their children’s names or a
combination of these names when naming a business. The national hamburger-
restaurant chain “Wendy’s” was named after the owner’s daughter. However, research
has proven that these “cutesy” names are not the best names to use for a business.
Many experts claim that it makes the business look too “mom-and-pop-sie” However,
this depends on the business. If you are selling something that demands this mood or
theme to appeal to your market, it’s best to use this approach.
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Personally, I am inclined to name my businesses with catchy names that stick
in people’s heads after we have initially made contact. Names like “Sensible
Solutions”, “Direct Defenders”, “Moonlighters Ink”, “Printer’s Friend”, “Strictly Class”,
“Collections and Treasures”, and “Starlight on Twilight” are all good examples of catchy
names. These types of names relate to your product or service but also serve as a type
of slogan for your business. This is a big help when marketing.
A friend I know owns a business called “Mint and Pepper”. He grows and sells
his own line of raw seasonings to people in the local area. At a get-together for small
businesses, he passed out his business card. The card had a peppermint candy glued
on the back and the slogan read, “Your business is worth a mint to us.” This marketing
concept not only got my friend noticed and remembered, but also brought in several
large orders for the business.
When you name a child you may not decide upon a definite name until after
they are born. You do this because a name is sometimes associated with a type of
personality. When you name a business you may need to wait until you have a product
or service to sell and then decide upon a business name before going into the business
itself because your business name should give some clue as to what product or service
you are selling. A business named “Joe’s Collections” normally wouldn’t sell car parts
and a business named “Charlie Horse” would not sell knitting supplies.
To generate ideas, begin looking at business signs everywhere you go. Notice
which ones catch your eye and stick in your mind. Try and figure out WHY they stuck
in your mind. Naturally, the business “Domino’s Pizza” sticks in your mind because it is
nationally known. These don’t count! Look around and notice the smaller businesses.
Take your time. Within a few days you should be able to come up with a few potential
business names. Another source to research for name ideas is the Yellow Pages of
your local telephone book.
Then, when you finally find a few names you really like, try reciting them to
other people and get their opinions. It won’t be long until your business will have the
proper name that will carry it through its life!
HINT FOR MAIL ORDER BUSINESSES:
Try to avoid very long names so they will fit into small display ads.
“Amalgamated International Enterprises” can easily be presented as “AIE”, much
shorter and easier to spell.
