What's in a name for a new business? Well, plenty actually. The name for the new business will reflect a lot about the nature of the business and the work of the company.
Coming up with a name for a new business is not very easy. While there are several books that can help you come up with a name for a baby there is no such ready reckoner when it comes to naming the new business.
If you have a partner for the new business then the both of you need to brainstorm about a name for the business. Some business entrepreneurs' say that it took them as much time in coming up with a name for the new business as it did in developing the business plan for it.
Ideally, the name for the new business should be unique and convey expertise and value. Some business analysts say that the best names for the new businesses are abstract. Others believe that a name that conveys something about the company or its product works the best. Some others believe that coined names or phrases work best for new businesses.
A name for the new business can lead the business to fame or slink it into oblivion. Entrepreneurs' of big business houses sometimes take the help of advertising agencies and naming firms for the naming the new business. Smaller, business owners on the other hand come up with a name by searching on the Internet.
An entrepreneur trying to come up with a name for the new business should first think about what the name should communicate. Should the name give potential customers some inkling about the product and services or should it popularize the family name that is going into business. Some business analysts conclude that a name that reinforces the key elements of the business works best for a new business.
Should the name of the new business be meaningful? Most experts say yes. The more the name of the business communicates to its consumers, the less effort that owners need to exert to explain it.
Local names attached to the name of the new business work well only if the owner is certain that the business is not going to expand beyond a given geographical territory. For example, not many people may hire the services of San Diego plumbers in Chicago.
Business owners who plan to operate in several territories as well as overseas should ensure that the name of the new business does not have a negative connotation in any other language.
Choosing a name for the new business is a very personal and individual choice. Business owners should choose a name that is unique and lends itself to easy recognition and recall.
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