If you have a gnawing sense that choosing a name for your new business is vitally important, you’re right. By tapping into your creativity and avoiding potential pitfalls, you’ll be able to create a name that works for both the short and long term.
Choosing the right name of your business is a daunting task for many new entrepreneurs because there is so much at stake. Like the original cornerstone of a building, it should support upward expansion as your company reaches new heights.
You should ask yourself, does the name stand out to prospects and customers, or get lost in a crowd? Does the new name communicate the right message or does it inadvertently keep prospects from calling?
When deciding a name that will help you to make money with the Internet, it’s a great idea to begin with a brainstorming session. To simplify the process ask yourself the following questions and put your answers down on paper.
Who exactly are my target customers? What problems do I help solve for them? What words or phrases appeal to them? What are the three to five most attractive benefits my business brings to customers? Does the name elicit pride and enthusiasm within me?
Are there word pictures or metaphors that communicate what I do that would be relevant to my customers? What names do my competitors go by? And what kind of name would differentiate me in the marketplace?
The answers to these questions will serve as raw data from which you can begin to formulate a beginning list. Once you have generated your list, then you should narrow it down to the names that possess the most potential.
You are half way there! Next, you need to evaluate the list of names you have chosen by asking the following: Is the name “too cute”? Does the name distinguish me in the market place? Does the name give me room to expand?
Since this is an important decision, it is a good idea to involve only the key decision makers that you trust and the people you feel have the company’s best interest at heart in naming your Internet business.
After you’ve shortened your list to one or two names, you need to find out whether the name is available or has already been taken by any other company. One of the first places to start is the US Patent and Trademark Office.