The Passionate Entrepreneur - The Name of the Game

Rhonda Abrams

I collect cute business names -- All You Knead (a bakery), the Barking Lot (a dog groomer), Shear Ecstasy (a hair salon). A clever business name can be an excellent marketing tool, making your company immediately memorable.

But a cute or memorable name isn't necessarily a requirement or guarantee of success. There's nothing particularly memorable about the names General Electric, Safeway, or the Walt Disney Company, but those companies have certainly been huge successes.

Coming up with a business name can be one of the most creative aspects of starting a business or introducing a new product, but it can also be one of the most frustrating. Big companies spend hundreds of thousands of dollars researching names, and sometimes even they fall flat on their faces.

In a small company you are the brand, and the best name for your company may be your own, perhaps adding a descriptive phrase to clarify what you do. My first business was called Abrams Business Strategies, since I developed business and marketing plans. That said, a name that's too closely identified with one person may limit the growth -- or eventual sale -- of your company.

In the end, one of the most important considerations is whether you like the name and feel comfortable with it. After all, you're going to be seeing it and saying it a lot.

Most important, don't get stuck looking for the perfect name. This will slow down the start of your business or new product. At some point, you just need to make a choice.

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1 comment:

Craig Cherlet said...

True entrepreneurs will keep going when everyone else has left the building. Like the captain of the ship, you are their in the begining and must be there till the end.

"Opportunity is missed by most people because it is dressed in overalls and looks like work."
Thomas A. Edison