Tips on how to choose a name for your small business
Businesses generate sales by offering great products and services at affordable prices. Customer engagement is how you keep people coming back for more. As much as the product, customer service, and experience you offer are essential, your business's name, along with all the marketing behind it, ultimately generates interest and helps get customers in the door. Why your business name is important
In business, it is true that first impressions matter a lot. So, it is important to choose the right name, and your target audience should instantly understand what you do, why you exist, and the value you deliver. Pick the wrong name, and your ideal clients may need to take notice to bypass your physical or virtual store front. The importance of your business name is not limited to garnering interest from casual browsers. It also influences your business's reach through word-of-mouth marketing, social media engagement, and general press coverage. Practical aspects of choosing a business name
Assuming you have covered all the bases by picking an available and pronounceable name that describes what you do, reflects your brand, and resonates with your core audience, you're ready to make it official. It is also common for businesses to use shorter, catchier names for marketing and longer ones for legal purposes. It is important to apply for an employer identification number (EIN)at this stage using the IRS online application form. In addition to paying taxes, you will need this EIN for everything from opening a business banking account to securing a merchant account to accepting payments on your POS system. This article explains creating a business name that resonates with your target audience and helps drive traffic. Although there is no official formula for choosing a name for your business, below are some best practices to guide you.
Think about why your business exists
Take some time to brainstorm what problems your business solves – and what type of people might be facing those problems. Whatever name you choose should reflect what your business does. Connect the name to the story Any business has a story to tell – i.e., some unique twist that makes your store different from every competitor. This uniqueness should also be reflected in your name. Use your brand name to channelize what type of consumers you hope to attract, whether your target audience is budget shoppers looking for a great deal or health-conscious pet owners willing to pay a premium for organic food. Keep it simple yet descriptive.
Many people have short attention spans, so only choose a clever name that requires a little thinking. Choose a name that is easy to pronounce and remember
As word-of-mouth marketing is essential for long-term growth, choosing a business name that anyone can easily pronounce, and share is imperative. Since many of your future customers might find you via an internet search, it is also essential that your business name is easy to spell and type. Pick a name that is not already taken Every state has laws preventing two or more companies in the same niche from using the same or similar names. If there is already a hardware shop in your state called "Zenith Supplies," you would not be able to use any variation of this name for your store. How do you know whether a business name is already taken? Keep reading to learn the answer.
Marketplace considerations when picking a business name
The whole point of choosing a name is to distinguish your offerings in a crowded marketplace. Even if having a unique name were nota legal requirement, you would still want to stand out.
Fortunately, free online resources help you quickly check business name availability within each state.The U.S. Patent Office also has a searchable trademark database.
It is recommended not to buy a domain name or set up any social media accounts until you have verified whether your desired name is available. Otherwise, you might spend more time undoing your work if your preferred name is already taken. Hopefully, you have a better understanding of how to come up with a business name. The sooner you officially lock one down, the sooner you can launch your business and attract customers.
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