Choosing the Right Name for Your Business: Why It Matters
Updated October 6, 2023
At present, there are approximately 28.8 million small businesses in the USA, according to the U.S. Small Business Administration. Among these are countless tech start-ups that form the heartbeat of Silicon Valley. With such a vast number of potential competitors in the country, it is of the utmost importance that anyone starting a new business does everything in their power to set themselves apart. One of the simplest yet most effective ways to accomplish this is to choose a business name that is both suitable and memorable. Your company name will also be the very first thing potential clients judge you on, making it vital to make the effort to choose the right name.
Things to consider when choosing a name
When trying to come up with the right name for your tech start-up it is vital to follow a few basic guidelines. One of the most important things to remember is to avoid names that are hard to spell and pronounces at all costs. Not only will a tricky name make it difficult to search for you on the internet, but you might also get tired of correcting people’s pronunciation of it. Although some of the world’s top tech companies (think Huawei and Xiaomi) do not have the easiest names to pronounce, most memorable names do tend to slide off the tongue. Unless you are one hundred percent certain that your business will never expand in any way, make sure that the name is not too limiting as far as product/service or location is concerned.
Don’t forget to do the relevant searches
You can also benefit greatly by choosing a business name that is either meaningful or very catchy and if you want to register your business as a LLC or corporation, do a search of the Secretary of State’s records to make sure that the name is not too similar to one that is already registered. If, after countless hours of brainstorming, you are unable to come up with a company name that ticks all the boxes, is it perhaps time to enlist the help of a naming agency that will be able to provide valuable assistance. Apart from drawing on a wealth of experience, a reputable naming agency will also enjoy added peace-of-mind knowing that the agency has the legal know-how to ensure that your business name meets all the necessary legal requirements.
How can a bad business name impact me?
A bad business name will not only lead to poor customer awareness but can also reduce the chance of repeat business. When thinking of names try to envision how potential investors would perceive your business name. While a trendy, fun name may sound like a great idea, it might leave investors feeling uncomfortable and unwilling to send money your way. While there are many great tech companies around that sport superb names others, like ChubbyBrain, KeePass, and Carta (who manufacturers software) did not fare quite as well in the name-choosing department. Also, avoid taking a direct stab at your competition as it may give potential clients the impression that you are petty an unworthy of their patronage.
Finding the right name for your business is one of the most important things you will have to do as a new business owner. Thankfully, once you find the perfect name, you can be assured that you will not only attract the right attention but keep it as well.