The right business name can serve as a cornerstone for entrepreneurial success, ensuring customers can easily recognize and remember your business. Once you start using a name, it’s not advisable to change it—or you risk losing the brand recognition you’ve already built up. This resource guide explains how to get your business name right the first time.
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.
Today we take a look at some business lessons to take you into 2016. I will be talking to two business giants, Cabrini Schnyder, creator of the Law of F THATT and Leon Henry, Founder of Caribbean Online Training
Today on Beyond The Hustle, I will be taking a look at the top 10 questions nonpreneurs ask when starting their own business ventures.
There are many articles and blog posts out there that take a look into some of the things that every entrepreneur needs to do. While different people have different views as to what entrepreneurs need based on their experiences and expertise, I believe, however, it is important to note some of the things that entrepreneurs do not need when starting a business.
Though this list is not exhaustive, these are some of the things that an entrepreneur does not have to worry about when starting a business. Some of which, such as, having an office or having a business degree or large start-up budget can confuse some entrepreneurs as entrepreneurial requirements but they really are not.
Below is a list of five things that entrepreneurs do not need when starting a business
1. Permission — As kids we were always taught to seek permission before doing things. Failure to do such could result in severe repercussions for us. Even when working in a company we are required to get permission before doing certain things. With entrepreneurship, this rule does not apply. You don’t need permission from anyone to become an entrepreneur. Some persons are pessimist by nature, and so they won’t hesitate to tell you your business will fail but always remember what Ghandi said,” First they ignore you, then they laugh at you, then they fight you then you win”. You don’t need anyone’s permission!
2. An office — Gone are the days when having a fancy office was part of the ingredient for entrepreneurial success. We are living in an age where going into a coffee shop with free wifi can become your office; your garage can become your office. This is not a requirement for entrepreneurship.
3. An investor — Whereas it will be nice to have an investor, an investor is not required to get involved in entrepreneurship. There are many businesses out there that can be started for very little or no money. Having an investor is not en entrepreneurial requirement.
4. A business degree — This does not downplay the importance of training and workshops and some of the other good stuff that can help boost your business. But it’s not a necessity to have a business degree or a degree in entrepreneurship to become and entrepreneur.
5. A huge budget to market your start up — In this day and age with the advent of social media sites and other mediums, it is quite convenient and cost effective to market your start-up venture. Gone are the days where by advertising company is needed to prepare an advertisement for you, nor do you have to pay huge amounts for radio and television spots. Sites like Facebook, Twitter, LinkedIn, Google+ and Pintrest has made it very easy to get the word about your business out there in a very cost effective manner and in some cases free.
Once entrepreneurs can understand some of these things and realize that these are not indispensable for entrepreneurial success, more persons may be more willing to become business people.
Click on this link for Something you DO NEED to start a Business CLICK HERE