TAX BASICS

How to find a name for your business?

It is important to name your business appropriately as it has a huge impact in the long run. A few questions that come to people’s minds are how can I find an appropriate name and what are the important factors while naming. If you are someone who has already commenced a business, you can understand the pain. If you are someone who found the name easily, then I have to say that you are very lucky. Often people face a dilemma while choosing, which is a good thing because it means you value your business. We take a look at some of the common naming techniques that can be used to find a name for your business.

5 ways to name your business.

1. Try to invent a new name

  You know a lot of organizations like this in which Google is the most famous. These words sound like a word but do not have a meaning. These are great ideas if you are creating a category of business or if you want to brand your business uniquely. Brainstorm ideas and words that you can potentially mix together and create a name. Such names are unique and the probability to get the .com domain will be high. However, being unique has its advantages, but also it will be a hard task to market and establish the brand.

2. Search for common words that are easy to read and pronounce

  You do not want to keep a big or a tough name and make it hard for your customers. Keep it simple and make sure that it stays in their mind. If your name creates an enduring impression then that lays the foundation for a long-term valuable customer. An ideal name might not be a million miles away, it might be right in front of us. Therefore, it is always nice to look for something which is very common and something that resonates with your business service or product.

3. Descriptive names

Arguably the most simple method where your name conveys what you perform. It is a very effective naming technique that both the product and service industry businesses use. Such a name makes it easy for your customers to understand what is your business at a single glance.

4. Combining multiple words related to your business

Brainstorm words that convey the message and vision of your business. Then you can try to merge these words and create a brandable word that conveys the meaning to your customers. Facebook is a great example of such a name.

5. Misspellings

A technique that has been widely used over the past few years by numerous successful startups including Lyft. Such names are attractive and also when said convey a similar meaning. A major reason why companies use these tactics is due to the lack of availability of the domain for the original word.

A few important points to remember when choosing a name for your business

1. Keep a name that also provides you with dimensions to grow.

 Initially, when you start a business you might have a particular sector where you might focus to grow your business. But when you grow you will have possibilities to expand. Therefore, you should make sure that when you find a name for your business it does not restrict your growth and scope. It must be left open for the future and must not prevent you from entering different verticals. Any such limitations will mean that you will have to go through the hassle of branding and marketing again.

 2. Try to get the .com name

     Most of the businesses today have an online presence and with the pandemic where everyone has turned digital, this has become a necessity. The .com extension has the best appeal among people and also helps you in gaining a wider reach for the same reason. In case it is not available, you can try for any other top-level domains like .uk. However, it is always best to attain a .com domain.

 3. Always check the ability to market the name of your business

   Before you finalize your name, always ensure that you check your name is brandable. Ask for other people’s opinions and approach with an open mind. You should be flexible and willing to accept other’s opinions. Hence, finalize a name after gathering an initial response from a target group.

4. Give a clue about your business through your name

  Sometimes when people walk down the lane or travel in a car or surf through the net they may see your advertisements or your shop. That would be the only attention span you get from certain customers. Hence, ensure the customers who see your company’s name must at least understand your business sector.

5. Check if your name is compliant with the Companies house rules.

Companies House has defined laws that need to be followed while naming your business. You cannot use a name that suggests a connection with the government. Anything considered offensive or would be considered as breaking the law can’t be used. You can’t use any sensitive words unless you have permission.

6. Get feedback on the name

Entrepreneurs often tend to get attached to a name and holds on. It is always best to get the customer’s opinion. You can check with your family and friends for an honest feedback. Moreover when you find a name for your business choose the appropriate one considering the response and all the other factors.                                                     

Sidharth Bharthan Menon
CEO, taxtotal​