TAX BASICS

How to name your business?

The identity of all business is the name of the organization. If you plan to, just begin with some random name, then you will be able to choose one easily. However, if you consider future growth and the impression expected from your business then choosing a name will be a difficult task.

Your business must have a catchy and attractive name that people must not just feel attracted to but also must remember the name. If your customers can remember your name then that is a massive success for your organization.

Why is a good name important?

For Marketing

Every business at some stage of the life cycle does require to market their business and services. It is very important to have a good name, marketing business without a brandable name is a struggle. Think about it what if amazon was named something else. It was initially named abracadabra which is a nice name without any doubt. The name amazon along with, its logo provides a clear picture to the customers that everything is available. It would have been much more difficult if the name would have been abracadabra or anything else.

To create a lasting impression

If you are a growing business or even if you consider an established business you can see that their business names do create a lasting impression. Earlier we said we need a good name to market but for your name to be marketed you need to make sure your brand name remembers in the minds of people. Apple is a great example of this, the brand does not just have a premium look but most people know the brand. Not just knows the brand but the brand also creates an urge for the consumers to purchase the product.

Word of mouth

 Any business owner would love their business to have good publicity through their existing customers. Word of mouth marketing is a massive plus for any business mainly because you don’t need to spend a penny. If you have a small and catchy name you can expect people to say more about your business. The more people know about your business the chances of your revenue to increase are higher.

Easy to search

Online presence for your business is something that you cannot neglect. Most of us would like to search through the internet before purchasing the product or service, read reviews and learn more about the business. This is how things work nowadays and for your business to stand out, it should be easy to spell, remember, attractive and thus making it easy to search. Getting ranked higher in google through search engine optimization would provide your business with an opportunity to generate more revenue and grow your business.

You have to consider all these very seriously because just put yourself in the customer’s shoes. Everything we discussed does play a crucial role if you are a customer. Your business is something you have dreamed of and worked very hard to get it started, so let’s name it appropriately. Read through our article where we have discussed the different techniques for naming a business.

Sidharth Bharthan Menon
CEO, taxtotal​