One of the most difficult parts of the entrepreneurial journey is in naming the business. On many occasions, entrepreneurs are stumped for extended periods while brainstorming to decipher the appropriate name for their businesses. In many cases, some enterprises pay large sums to business naming companies to determine the best name for them. For entrepreneurs whose companies represent a brand, the naming process is easy since the business will simply take the name of the brand. However, in a more general context, the previous situation somewhat demonstrates an outlier, so the naming process it is not always as easy. Thus, many businesses sometimes get it wrong. A company’s name is quite essential since it can be considered as the foundation on which it is built; therefore, everything else will be dependent on its success. Below we take a look at some of the most common mistakes entrepreneurs make when naming their businesses. These should be avoided at all cost.
- Naming Based on Location– Creating a name that is centered on the current location of a business is one of the mistakes that many businesses make especially if the entrepreneur intends to expand in the future. For instance, many businesses name themselves after their country, village, or town such as St John Pizzeria thereby limiting the owner if he/she decides to open another pizzeria outside of St John. Therefore, business owners should always try to make their business name more open in anticipation for future growth.
- Having an Obscure Name– Over the years, I have come across many businesses with names that are difficult to pronounce, challenging to spell, and in some cases, I simply do not know what the name is supposed to mean. This situation should be avoided at all cost. While many entrepreneurs try to be unique with their business’ names, they should ensure that they are not shooting themselves in the leg with a poor naming strategy.
- Choosing a Name and the Domain is Unavailable– Many entrepreneurs go crazy after they select a name for their business, start building the foundation for the business, construct their website then attempt to register their domain name only to realize it is already taken. If such an unfortunate eventuality occurs, they then either have to rethink their business’ name or try to buy the domain from whoever owns it. Therefore, to avoid such a situation, business owners should ensure that as soon as you select a name find out if the domain is available, and once it is unfilled, purchase it immediately. Taking such proactive steps would save considerable amounts of time and unnecessary stress in the future. The same goes for twitter, Facebook, and other social media platforms. Business owners should also ensure that their businesses’ names are available on those platforms since social media can be used as a vital marketing tool.
- Infringing on Someone Else’s Name– When entrepreneurs decide on a name for their business, it is greatly advised that they search in the registry for trademarks in whichever country they reside. Not using a name that is already registered can help avoid costly legal problems in the future. If business owners do not have the time to do a thorough search, it is advised that they get someone to do it for them.
- Choosing Names that do not relate to the Business– While a name is being chosen, entrepreneurs should be mindful that they do not choose a name that has nothing to do with what the company will be engaged in to avoid confusion of their customers. They should ensure that people can relate what the business does through its name.