If you are establishing your business, the second thing that you need to do, after deciding the product or service of your company, is decide on a company name. It is one of the most important tasks that you have to do and it is a part of a business plan.
Deciding a company name is no easy task; for coming up with a catchy company name, many companies take help of different service providers, who help in giving the best and relevant names to the business firms.
However, if you are planning to decide on a name all by yourself, following are the top five things that you need to remember:
- The Name Should Be Easy– NEVER go for a tough name for your business; it is something that the people need to remember all their lives, or till the time your business stays in the market. Therefore, go for a name that’s easy to pronounce and remember.
- Don’t Use Your Name To Name The Company– Unless you have a ‘royal’ and easy name, you mustn’t use your name to represent the company. It’s simple – your name can’t remind people about the product you are selling in the market.
- Use A Relevant And Beautiful Name– The name of your company should completely be related to the product or service that you are offering to the customers. If the name is irrelevant, several issues are bound to take place at the time of marketing the product. A perfect and relevant name makes it easier for the marketers to market the product or service of the company.
- Let The Name Be Something That Can Represent Your Future Products As Well– If you are planning to have different products in future (product diversification), it is necessary for you to have a common name that would represent all the products. Thus, take your own sweet time before deciding on the name.
- Your Company Name Should Be Related To The Logo– If you have designed the logo already, it is essential for you to have a catchy name that is related to the logo. Unless your logo complements the name of your company, there is possibly no use to have either of these for your business.
It is surely a difficult task to choose a name for your company; keep patience and make a list to get the perfect catchy word!