One of the most challenging aspects of putting up a business is coming up with a name that fully encapsulates the ideals of your new brand. The idea is simple, yet finding the perfect business name can be quite daunting especially if you look at trademark issues as well as business name availability concerns. Here’s how you can save time and resources finding the perfect name for your new business.
Start with a clear statement of the purpose of your business
Everything starts with a clear idea of what your business wants to achieve. There are different ways in which you can come up with very clear statements of purpose. One good way to start is to list the core benefits of using or availing of the products or services that your business will be providing. In a way, you’ll be defining a concept that will be at the core of your organisation.
Define your ideal customer’s persona
Businesses exist because of customers. And while it is easy to say that you would like to appeal to everyone, a much better approach would be to define who your ideal customer is. You need to look at that segment of the population that you would want the name of your business to appeal to. Think about their age, location, gender, and even perhaps income. Try to define the unique characteristics of your business’ ideal customers and include their desires or wants. An example of a customer characteristic can be “budget-conscious” while a related customer desire will be “wants a more affordable option”.
Validate your initial business name
It’s not enough that you develop a persona of your ideal customer. It is equally important validate the descriptors you’ve written down with the very same people who have these characteristics, wants, and desires. Take note of their reactions to your company name. Most folks will be blunt when they give their comments. Others may be more ‘civil’. Make refinements on your business name taking into consideration the feedback of individuals. You can also try listing all the different benefits that a customer can get with your business.
Watch out for trademark issues
List the different brands that you admire the most and determine what makes them click for you. It is okay to look at model brands for inspiration, but it is never wise to copy the name itself. Even changing a letter of an established brand can land you in court for trademark issues. If you’re not especially sure if your business name doesn’t infringe on the corporate rights of others, then make sure you consult with a trademark lawyer.
Validate your business name
Always validate your business name by running an online poll directed at your target demographics. This will give you an idea whether your business name connects well with your intended customers or not. Having your audience validate the soundness and appropriateness of your business name is just one step away from formalising your business.
It’s not easy coming up with the perfect business name. Nevertheless, with these simple steps, it can be done.