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So, you’re thinking of starting a business, yay! Good for you. Whether it’s a hobby you want to turn into a money making opportunity or something you’re already doing but want to venture out on your own, first things first, you need a name for your business. As I work with people as they start their businesses, one piece of advice I find myself giving out over and over again: Don’t just choose a name, do your homework first.
For some of you, I would venture to guess that deciding on a name could be the hardest step of becoming a business owner. Just like naming a child, naming a business is very important. Before you decide on a name, I have three things for you to consider:
1. Are you leaving room for growth?
Whether your business is offering products or services, will you ever expand your offerings? When I formed KateOGroup in 2011, I thought my focus would solely be on managing social media for my clients, but, I knew that I enjoyed graphic design and web design. Rather than go with a name like “Social Kate” or “Socially,” I decided on KateOGroup. I had already established an identity online as KateOLynch and I wanted to allow my company room to grow. Being KateOGroup allowed me to not only expand beyond social media but also leave room for the possibility of employees.
2. Do you mind being called that?
Are the initials or abbreviations of your company name okay with you? For example, you might be a photographer wanting your name to be “Camera Action Roll” but that could be abbreviated to CAR. Do you want to be called that?
While this sounds simple you wouldn’t believe the number of business owners who didn’t actually think through this step of their business name. It’s easy to jump on a name without considering the shortened version or a potential nickname of your company. Find a few people who’s opinion you respect and run the name by them to get their feed back; they may see concerns with the name that you don’t.
3. Can you have a consistent name on line?
Can you get the same URL (web address) and social media profiles for your chosen name? Having the same name across all social media channels will make it easy for your customers to find and connect with you. Think about how vital that is to your business.
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