Summary
Steps to naming your first business.
Naming Your Business- Part 4
Are you a new entrepreneur just starting the journey of starting your own business? One of the most crucial decisions you’ll make is naming your first business.
Last week we talked about Tying in With Your Brand and Target Market as well as some Helpful Tips.
As a small business coach, I understand the significance of this decision, so look at some more factors to consider and how to navigate this process effectively. I’ll share some real-life examples of how others chose their name, as well.
Testing Your Name:
- Focus Groups: Organize focus groups or surveys with your target audience to gather feedback on potential business names. This allows you to gauge their reactions, associations, and overall appeal.
- Social Media Polls: Leverage social media platforms to conduct polls or ask for opinions on different name options. Engage with your followers and potential customers to understand which names resonate the most.
- Google AdWords: Use Google AdWords to test the search volume and competitiveness of potential business names as keywords. This can provide insights into the popularity and relevance of each option.
- Prototype Branding: Create mock-ups of logos, business cards, and other branding materials using your chosen name to visualize how it would look in real-world applications. This can help you assess its aesthetic appeal and suitability for your brand.
Yvonne Loera, owner of Shorties Preschool, shared this perspective: “I wrote a list of names that would sound both respectful and that would capture the attention of people. I asked family and friends one question: “If you saw this business name as a preschool, would you send your kids based off the name? After gathering their perspectives, only one name on my list was left.”
Cyndy Hackett, owner of Sugar Free Cupcakery & Treats shared these things that she took into consideration:
- The sound of the business name: is it memorable?
- The longevity of the name: I didn’t want to change in the future or re-brand.
- Does my business name stand out from others on social media?
She did try out several business name generators but didn’t like what they came up with, so she named the business herself.
Timing Considerations:
- Set a Deadline: While it’s essential to take the time needed to choose the right name, setting a deadline can prevent decision paralysis and keep the process moving forward.
- Balance Time and Consideration: Aim for a balance between thorough consideration and timely decision-making. Avoid rushing the process, but also be mindful of not letting it drag on indefinitely.
- Consider Business Milestones: Factor in upcoming milestones such as the launch date or marketing campaigns when setting a timeline for choosing your business name. Having a clear deadline can provide motivation and structure to the decision-making process.
How long should it take for you to settle on your name?
Rachel Richofsky, owner of Grainy Days Kitchen shared this: “My business name was a long time coming. I was agonizing over it for weeks, and I was constantly cycling through options out loud and in my mind. Deciding on my business name was one of the elements in my business progression that was paralyzing me to move forward.” Her advice: “Two weeks is all you should allow yourself to take to decide on a business name.”
www.facebook.com/grainydayskitchen
Ultimately, the length of time it takes to decide on a name will vary depending on factors such as complexity, availability, and personal preferences.
It’s essential to give yourself enough time to explore options, gather feedback, and ensure that the chosen name aligns with your brand vision and goals.
By utilizing testing methods and setting realistic timelines, you can streamline the decision-making process and confidently choose the perfect name for your first business venture.
Let’s wrap this all up: choosing the right name for your business is a significant decision that requires thoughtful consideration and strategic planning.
By understanding your brand, target market, and utilizing appropriate tools, you can select a name that resonates with your audience and sets the stage for success.
Remember, your business name is more than just words; it’s the beginning of your entrepreneurial journey.
Find out more with our Naming Your Business Guide at:
https://rhondaloweconsulting.com/wp-content/uploads/2024/02/Naming-Your-Business-.pdf
If you would like help with the process of choosing your name, please contact us. We are here to help!
