Your company’s business name is probably the most essential building block in establishing your brand. It can serve as a key tool in promoting your business when done right but it can also place you in a negative light if the it wasn’t well thought of enough.
Being the first business decision you will undertake as an entrepreneur, it is important to hit the nail right the first time when choosing a business name. Engaging a professional services firm in generating a name for your business is one of the options. This, however, entails spending a significant amount even before you set up your company. If you choose to take on the task yourself, here are some tips we hope will help you select a suitable name for your business.
Represent the business
Keep in mind that you are selling your company’s product and services. The brand name must not stray too far away from its business nature, mission and vision.
Review your competitors
As the new kid on the block, you have the leverage of reviewing your competitors’ brand names. This process will aid you in generating ideas that will stand out among the competition. A good rule of thumb is to prevent creating a business name that is too similar to your competitors.
Resonate with target audience
Always keep your target audience in mind. Make sure that your consumers and clients will be able to relate to your brand name.
Refrain from complicating your brand name
You don’t want to create a confusing business name – whether it is the pronunciation, spelling or the length. Ensure that the business name is easy to read and spell for smoother transaction purposes.As for the length, keeping it short is usually the way to go to encourage easier brand recall.
Receive feedback
As the cliché says, two brains are better than one.It is always better to have someone else to discuss your ideas with. Additionally, brainstorming will most likely help you come up with great ideas. Once you have a list of brand name choices, seek the opinion of others. Constructive criticism from your potential consumers will be a good gauge for the brand name’s effectiveness.
Once you have decided on a business name, then you are ready for business registration. Please note that if you are an entrepreneur starting a business in Singapore, you must first check the availability of your business name. You may also look for available domain names at the Singapore Network Information Center.
