How to Choose a Name for your BusinessAbbakin
So you’re thinking about how to choose a name for your business? 🙂 Most successful startup owners and founders also passed through this stage in order to choose the best name for their businesses.
Learning how to name a business is a very important company formation process that initiates all other steps and processes taken towards the development, registration and establishment of a company.
You will also need responsive website designs, social media marketing, corporate branding and search engine optimization strategies to grow your business, increase your online visibility and make more sales.
If you want to form a company, then it’s important to understand a bit about business structures, this will help you decide the best name that would be suitable for your kind of business.
What is a Company?
A company has been defined as: “An association of persons formed for the purpose of an undertaking or business carried on in the name of the association” – L. B. Curzon.
A Company can be structured in different ways, such as: a sole proprietorship business, partnerships, limited liability company, etc. but for purpose of this section, we have two major types of companies: the private companies and the public companies.
Every type of company – be it limited by shares, limited by guarantee, or unlimited may be either a private or a public company. A private company is a company owned by one or more individuals, and it’s not allowed to transfer its shares to the public as its articles of associations restrict this power. The public company in the other hand, can sell its shares, or transfer its right of ownership to the public as a way to raise business funds.
The public company is a more ambitious enterprise and can actually be a structure of great economic power. It raises its capital from the general public and in Law its membership is unlimited. With the concentration of capital and labour in the public company, it can play a far reaching role in the social-economic development of the society… — Prof. I. A. Ayua.
The public company is a more ambitious enterprise and can actually be a structure of great economic power. It raises its capital from the general public and in Law its membership is unlimited.
With the concentration of capital and labour in the public company, it can play a far reaching role in the social-economic development of the society…
— Prof. I. A. Ayua.
Now, let’s face it:
How to Choose a Name for your Business
Experts Review Business Naming Process
Generally speaking, business name is the first step toward building a strong brand identity – one that would last as long as you’re in business. This is a one time key decision to make as a business owner and so should be done correctly. This is because changing a business name is a costly idea and a stressful process for already existing businesses, especially for established companies.
Therefore, as an entrepreneurs or business owners; you need a unique brand name that would appeal to your audience and stand out from other competitors; as most people would not wish to do the business naming process over again.
Changing your company name after some operational times may have a huge impact to your brand. If you are unsure about the best company name ideas or the name to give your business after reading this post, our business development experts can help you come up with the right brand name for your kind of business.
As a leading creative branding and marketing agency in Lagos Nigeria, our Brand Development Services includes corporate identity works, company logo designs, interactive website designs, copywriting, choosing the best internet domain names, social media handles and CAC Company Registrations.
Having said that;
You having a great company name can influence the success of your business. For instant, company name usually has a tremendous impact on how customers, investors and the general public view your business and its products or services. Our creative experts advised against bad business name choice and explained herewith; the features that make a good business name.
While starting out, your business names can come from all kinds of ideas, but most often; it’s not all that roll through your head are going to be the best name for your business. In fact, naming your business from branding and marketing perspectives is everything, and this is a deliberate effort. It is important for a company to build reputation that is powerful, attractive and useful to its customers.
How to Choose a Name for your Business
Best Business Name Ideas and Features
The best business names should be informative, relating to the industry and your product offers- so your customers can easily know what the business is all about. You can use coined names, such as ones that come from made-up words.
The best business name should be descriptive but not too general or vague. You can use a memorable name from real words (e.g. English words): but don’t copy your competitors names. Avoid using your own name to form a business name that would go corporate.
Instead, your new business name should be effective, backed by the right marketing strategies, related domain name and official company name availability. Here are key feature to put in mind.
Features of a Good Business Name:
- While there is nothing wrong with using your own name, this may not present a more professional image.
- A business name should convey the expertise, value and uniqueness of the products or services you have to offer.
- It should be concise, memorable and be able to communicate and reinforce the key elements or philosophy of your business.
- The business name should be broad (not too meaningful) in case the company wants to expand or diversify beyond its original or main product line, location, and industry, in the future.
- Also consider how your name will look on the web, as part of your logo, and/or on the social media networks as these may also affect your brand marketing.
Wrapping Up: How to Choose a Name for your Business
Keep in mind that professional business names, brand names and domain names are in high demand worldwide. So you can start your search for your prospective business names immediately, once the decisions are made.
Make sure the name you choose is available by checking out your preferred names with the Secretary of State and/or the Department of Corporations in your country. Choose a name that hasn’t been claimed by others, online and/or offline. Use website domain search tools to check availability of your business names and social media handles online.
It’s a good idea also to claim your social media name early in the business naming and development process, so you’re getting everything right together at first. We hope the above tips will help you make the right choice to your new business name. Remember to Contact us if you have problems growing your business.