“What’s in a name?” says Juliet to her “star-crossed” lover in Shakespeare's famous tragic romance.
When it comes to business, quite a lot actually. The name of your start-up business can have many connotations, leading people to subconsciously assume certain things about your company without having used your products or services.
And the more crowded your market is, the more important it is to choose a name that stands out from the rest.
Do you want to include your own name? If you are setting up a solicitors or accountants firm then this is traditionally the way to go.
Beware of letting your ego influence you, however. It’s nice to choose a name that resonates with you on a personal level – but you have to get the balance right between stamping your own personality on the enterprise and conveying the right attributes for your industry.
For example, if you’re working in financial services then the name must have an air of competence, reliability and honesty. The name of a clothes shop for young people, on the other hand, would need to be something contemporary, with connotations of stylishness.
You also need to consider the long-term strategic goals of your start-up. What is your mission statement? Will the name suit the kind of company you are going to be in five, 10 or 15 years time?
Parochial
What international markets are you likely to expand into in the future? Be sure to check that your chosen name does not have an offensive interpretation in the countries you envisage trading in – you don’t want to alienate your customers. And is the name going to be easily pronounceable?
Of course you could change your name down the line. But apart from the expense of replacing stationery, the trust and respect held in your old name has to be transferred to the new name – which means a bigger marketing outlay.
