Choosing a name for your business
In our last post we discussed partnerships and how to identify winning partnerships before incorporating the company.
This week we look at how to come up with a great business name. We often get requests from clients to assist them to come up with the four proposed names required when incorporating your company. We have seen some really great and crafty names, however we have also seen some one hit wonders that tend to have a shorter lifespan. Choosing a name for your business has far more reaching consequences that one would think. Apart from the philosophy and sentiment behind it, there are financial implications.
Your name translates into many areas such as your branding and marketing strategy:
1. Your chosen website domain name and consequently your company email address formats;
2. Search friendliness and potential client's ability to find your company;
3. Branding costs for signage, printing etc;
4. Costs of rebranding because of limitations caused by the company's name.
Your name should be descriptive without being too long, but should give potential clients an idea of your area of expertise. The more your name communicates to clients your core business, the less effort and marketing collateral you will have to exert and spend to explain it. That said, it's also advisable to avoid adding words that could limit your business' ability to grow and enter new areas and markets by adding geographical locations or singular service descriptions. For example "Renew Nelspruit Renovations" could hinder you from expanding into construction or spreading into other areas.
After all is said and done, it's about more than just the name. A well-thought out name that is backed by an effective marketing strategy, is the first step towards building a successful business.
To learn more contact us on 086 11 11 251 or email us on firstname.lastname@example.org.