You may have finalized a lot of the plans for starting a new business such as market research, a business plan, selecting outlets. However, there may be one thing you still can’t decide on – what do you call your new business? A name is more important that you think, and something you should work hard on. The name of your business will be used for many year. Therefore, it must be accurate and correct.

So, before you take the plunge and take out a small business loan, make sure to deeply consider the name of your business. After all, a name could make or break a business.

What to Consider

Choosing a name for your business must be taken seriously. Therefore, put a lot of planning and thought into your choice, including searching for it online. If someone is already using it, then you may want to choose something else to limit confusion down the line.

It’s also important that you like the name as well as you will be saying, writing and using it for a long time to come. Make sure you are not embarrassed about your company, so stick to something that isn’t going to make you blush. Additionally, you don’t want to be too clever about the name either. Although a vague play on words may mean something to you, it won’t for everyone and may cause confusion.

What are you offering?

This might sound obvious, but it helps customers to understand what your company is selling. The first thing they may see is your company name, so you need to let them know what your business is all about. This is especially true when dealing with social media because most people surf through posts and ads quickly, so you won’t have long to make an impact.

Having some reference to your product or service in the name will encourage people to click through if they are interested. As your brand grows, the need for this type of reference may not be necessary, but initially, it will help.

Stand out from the crowd

A boring name may be practical, but you will want to stand out from all the other businesses out there. Don’t be afraid to put a little humor in your title, but keep it light. It needs to have a touch of professionalism otherwise people may not take you seriously.

Companies that use local place names or areas tend to be considered more reputable and well established. Don’t be tempted to use your name, as this doesn’t always work, especially when your business expands.

Stick to it

Once you have chosen your company name, try and stick to it the best you can. You won’t be able to build a brand or a solid reputation if you are always changing the business name. It will also take a lot of work to change your social media details, and it may confuse your pre-existing customers. If you must change your name, make sure to warn customers and other businesses you work with months in advance.