Business name numerology7/24/2023 We’ll talk shortly about some rules and guidelines to help you avoid boredom. They can be bland and boring, like “Cedar Rapids Paperclip Manufacturing”, but they don’t have to be. These names explain what the company does. What Kinds of Business Names Should You Consider? It will save you money by making it easier for your audience to get interested based on the name and to successfully remember the name so they can refer to it later and tell friends about it. The difference between a great business name and a poor business name is how hard you need to market it.Ī great business name will save you money in the long run. The goal of a Good Name is to require less marketing. With enough marketing, any name will work. Here’s is a simple and very pragmatic description of what your business name is supposed to do for you: Hand drawing diagram isolated on white background Those things don’t tell us the role of your business name. I will also provide some important rules for separating the Awesome names from the Also-Rans. I’m going to give you 4 different generic types of names you should consider. The role of your business name can be much more modest and you’ll still be successful. At best, a great brand can do it, but there’s much more to a brand than a name. There are very few (if any) business names that evoke that kind of result. Don’t expect folks to buy whatever it is you are selling just on the name. If it is whispered in a crowd, don’t expect thousands to flock to your website. When you’re spending millions, it probably is worth it.īut, your business name doesn’t have to do everything. Think Silicon Valley Venture Capital kind of flush with cash. From some perspectives, it’s darned well worth it, but you’d better be pretty flush with cash to go that route. Costs for good firms start at about $80,000. You can pay a small fortune to have a professional firm come up with a name for your company or product. That’s because in both cases, you’ll be investing in building up a brand. By the way, everything in the article about naming a business applies to naming a product. Names are important, and while choosing a name is not exactly a Science, it’s also not a total Black Art. Over the years, things have only gotten better. That ensured we had time to explain what it meant. This was a time when we marketed via advertising in the magazines of the day. This was long before Google or even its predecessors existed. That was good enough, and we didn’t worry about people figuring out what it meant. It sounded very cutting edge at the time. Yes, I’ve been an entrepreneur for quite a while, LOL! And we did come up with a name that was WAY better–that product was “Farsight.” The deal was we weren’t leaving until we had a name everyone agreed was good. Things went a lot better as we got everyone in the company together and went to a bar at about 4pm in the afternoon. My next naming opportunity came when it was time to pick a name for the product. I think we preferred the abbreviation to avoid explaining over and over again what it meant. That company started out as “Interface Technologies Corporation”, which we quickly abbreviated to ITC. I let my attorney suggest a name, and I didn’t know it at the time, but the name was terrible! We needed a name before we could call on the investors. I was fresh out of college and needed to raise venture capital. I remember the first time I named my business. Changing names is a messy business that’s expensive and fraught with peril. You want to choose a name that will be good forever. They’re right–the business name is important. Naming a new business is something many entrepreneurs obsess over. You’ll need a name as soon as you create a website or blog. Early in the history of any new business comes the naming decision.
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