Business Planning: What’s In A Name? Everything!

What’s in a name?  When it comes to business your name is everything.

When you start out the process of picking a name make sure you take into account the type of business you are in.  A techno name is great for an online business, but may not work for an offline service provider.  After working out a set of name options, check with your state filing office to make sure your pick is available and make sure the domain name is available online.  If the name is open, file the appropriate paperwork and purchase the domain ASAP to ensure nobody else holds the rights to your business name.

Here are the latest trends when it comes to naming your business:

Made-up Words – Rather than picking a name from the dictionary, some of the biggest drivers in the online marketplace turned to the world of make believe when it came to selecting their names.  Nobody had heard of the word Skype until the online communication powerhouse took the word mainstream a few years ago.  On the plus side, you should have no problem securing an online presence by snagging your domain names and social media tags with ease.  On the down side, a made-up moniker that is difficult to spell or remember can make is challenging for customers to find you.

Two Word Combos – Facebook is the prime example of two words that combined became a household name.  Make sure that when you are brainstorming two word possibilities that you check to ensure the online domain is available.  It is best to skip a website that involves extra characters including a dash or space which savvy online users will skip over. If you are going with a two word combo, head for some unconventional options like the sandwich chain Which Wich.  It may sound simple, but it gives the company a unique name that isn’t easy to forget.

Misspellings:  Your teachers taught you to make sure to watch your spelling, but a simple misspelled word can be online gold – think Toys R Us or Tumblr.  The simple act of dropping a letter or changing the spelling of a word gives your brand a modern feel.  If you go with a misspelled name, keep it simple so that customers will still be able find your business.

About the author:    The Business Girl is Terri Sullivan Biehn.  I have been a professional business writer and management consultant for more than fifteen years.  As a management consultant, I work with entrepreneurs to develop business plans and other documents.  Through my consulting practice, I coach entrepreneurs and small business owners on their general start-up, marketing, financial, operational and management issues.