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What's in a Name? |
Choosing a name for your business is just one of the many important decisions you will make when beginning a new venture.
It seems many small business owners fail to see the potential impact a good name choice can have in the success of their business. It is common to choose a name because it has special meaning (or makes sense) to you, but does it have any relevance to your type of business or your target market?
There are different strategies you may use in picking your business name.You can choose to use your name, a form of it, or something that describes your business. You may also choose to use a name related to your geographic area, or you may have come up with something "catchy" and/or unique. No matter which method what you decide on, it is best to use an objective approach. You must look at it from the consumer's point of view, not just your own.
Hold a brainstorming session. Involve friends, family, and even an outsider (or two) for their input and opinions. Using this technique, you are bound to find the perfect name for your business. Come up with a few names to choose from and ask the following questions about each:
Does it tell the unknowing patron what your business is or does? Including information or wording about what products or services you offer helps identify you to the public. Unless you plan to use an aggressive branding strategy and/or are a franchisor of a popular company, chances are good you will lose potential customers simply because they have no idea what you have to offer.
For instance, let's say your name is Heidi and you want to open a boutique. You choose to name it Heidi's because it is your shop and represents your style. There is nothing wrong with that, but choosing to use Heidi's Boutique may be more effective. The first question that comes to my mind when I hear "Heidi's" is "Heidi's what"-coffee shop, salon, or ??? Your repeat customers will still refer to you as Heidi's, but those who are not familiar with your business will know you are a boutique without having to wonder. Consider this: How will a consumer know whether or not yours is the type of business they wish to visit?
What image does the name bring to mind and does that image represent the business? Many people react to words with a visual image. Think about what image or idea comes to mind when you say your business name? Be sure it reflects the image you want the public to perceive your business to be. It is also important for the name to fit in with any theme or décor you may use. Tropical decor in a bar called Big Mama's will probably not appeal to the clientele you are trying to attract, not to mention have many doing a "double take" and wondering if they walked into the wrong bar.
The right name will help to attract your target market while the wrong one can lose the attention of those you are trying to reach. For example, an investment firm wanting to present an image of stability and trust might use a name such as "Secure Investments" rather than "Honest Abe's Investments". They give very different impressions, don't they? Be sure to consider the impression your name gives to the public.
Is it memorable, uncomplicated, easy to pronounce and spell? If people can't remember, pronounce, or spell your business name, chances are good you will miss out on a lot of potential business. It is difficult for others to recommend your establishment to others effectively (not to mention find you on the internet or in the phone book) if they don't even remember the name or are unable to pronounce it.
Is the name available for use? Business name registration is not mandatory in Arizona, but is never a bad idea to do so. To search if a name is already registered in Arizona and for information about registering your business name, visit www.azsos.gov/buisness .
If you plan to structure your business as an LLC or corporation, you will be required to register with the AZ Corporate Commission and will not be allowed to use a name that is already registered. You can visit their website at www.azcc.gov .
Don't forget to check to check for domain name availability as well. If you plan to have a website, choosing a domain name that corresponds with the business name is always a good idea. It will make you easier to find for search engines and avoid misdirection to your site.
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