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Choosing a Name for Your Small Business
Naming a small business is not a decision to be taken lightly. Quite simply, it is a matter of money. That doesn't mean that naming a business has an up-front cost -- it only costs money to name a business if you choose a firm -- but there are still financial implications to consider.
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Why Naming Your Small Business is Important
What makes for a bad name? Esthetic considerations aside, a bad business name is one that is already in use within your region or industry. It may sound specific, but this is to your advantage. Sometimes, a great name may be taken, but it isn't always the doom of a business. For instance, if you have a dry cleaning service that you operate in Missouri, and someone else has a dry cleaning service that they operate in Ohio, it is perfectly acceptable to have the same name as the Ohio-based dry cleaning service.
The above example is purely from a legal standpoint. While you can technically get away with a duplicate business name, you should strive for as much uniqueness as humanly possible. Your business name will generally be the first item the potential customer looks at; therefore you want to have a name that will reside with the customer for a long time. Word of mouth is still the best way to attract more customers -- wouldn't you rather have customers that can remember your business long enough to spread the word about it? Having a unique, functional business name that conveys the base mission and message of your business goes a long way in sustaining your small business.
Three Common Pitfalls when Naming Your Small Business
Unfortunately, something that seems so straightforward, like the act of naming a small business, can easily devolve into chaos. Overall, those new to small business ownership tend to commit five very common errors when trying to name a business.
The first is picking a name that fails to convey any meaning about your small business. This error is so critical -- the goal of naming your small business should be to actually convey a message about your small business to potential customers.
Next on the list is picking a name that sounds forced. While high-profile companies have done this, choosing a name that is a combination of common English words or prefixes is just a bad idea. How many AmeriTechs can we honestly have before it just gets stale and repetitive?
After that comes our last item -- querying everyone and their grandmother before actually naming your small business. Who's running the business, you or them? If it's a sole proprietorship, keep it that way -- the only opinion that truly matters at the end of the day is yours, not theirs. We tend to care strongly about our friends and family's opinions, and when it comes to naming a small business, this can hinder rather than help you.
Research Your Way to a Great Name for Your Small Business
Many people do not like to have to research before they name a business - they would rather let outside branding firms do that. Unfortunately, this is such a common method of doing business that ends up costing the small business owner so much money. With just a little bit of research, they could get the desired solution without paying massive amounts of money to outside sources.
The first step that any small business owner should take is to actually check their state and see if there's a business with the same name in your state. This may not squash your dreams of having that name for your business, but it just might. Failure to check beforehand could result in not only having to re-file your Articles of Incorporation with the state, but also having to change domain name listings, along with business cards and flyers. The hassle in doing this is akin to changing your address -- save time by preparing well in advance.
The next step is to actually look on search engines like Google for your business name. These days, the Internet is a major source when it comes to attracting new customers—you can't go without a web presence online. Checking to see if the business name is already in use on search engines helps to see what type of presence is already settling around the name that you've chosen. If you base your business name off of something trendy, you will forever be associated with that trend.
Where to Look Online In Order to Name Your Small Business
Entrepreneur sites like AllBusiness.com and Inc.com are great places to start with when it comes to issues like naming a small business. These two sites are also rich with other information about small business ownership. There's also other sites like About.com, which hold great information on not only how to get started, but to maintain the business you've spent so much time building.
Naming a small business is difficult -- there's no getting around that. In order to get around that, do your homework on the businesses around you, the businesses you want to compete with, and most importantly, the business that you want to end up owning.
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