Naming Your New Business – 5 Essential Steps
- On January 28, 2021
Naming Your New Business Suggestions
Coming up with a name for your business may seem easy but it takes a lot of preplanning and research. According to Entrepreneur Magazine, there are five essential steps to follow in naming your new business including:
1. Define your story. Define what your brand is, what it promises to do, why it’s essential, and who it’s for.
2. Define your target audience. Who are your customers? Define the demographics of who your primary and secondary audience is. Defining this will help you to find words that are relatable to your market’s age group, lifestyle, hobbies, geographic market.
3. Decide the kind of name you would like. An easily understood name that describes your product, business, or service daily is great as long as it is not too generic. It could also hinder any growth areas you may be considering in the future. It is recommended to choose a descriptive name that highlights the product or business’ uniqueness offered. This shouldn’t be too specific and limiting to your possible future expansion.
4. Make a list of words that you want people to think of when they hear your brand or business name. Come up with names that you want people to associate your product or business with. If you are launching a shoe brand and targeting high-income women who love to travel, the name should project ideas of wonderful travel vacations, adventure, comfort. Perhaps draw names from foreign languages (be careful to check the translation into other languages) or from seasons.
Launching an investment or real estate company, think about words that evoke trust, honesty, and stability. Incorporate colors that evoke similar meanings like blue for stability and reliability.
5. What are some brand names that you really like? List some of the brand names that you like and review why you are drawn to them and what it is about the names that make them memorable. What do these names all have in common? This will help you develop your own list.
With having more clarity and direction, start playing around with combining words and altering the spelling. Google the names to see if they are already in use. Make sure the name is meaningful, easy to remember, and flexible to grow other products or businesses from in the future if you so desire.