10 secrets to avoid when securing a business name
What’s in a name? A lot, as it turns out – especially when it comes to naming your business.
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1.You Haven’t Considered Branding And Timing
While the business name is important, what matters most is the image you create around that name.Whether a name is perceived well or not mostly depends on perception management in the first six to 12 months.
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2.It’s Too Hard To Say, Hear Or Spell
When you are naming a new business or product, make sure the name is easy to say (If it is difficult to pronounce, nobody will remember it.), easy to hear (for example, remember the letter “s” can sound like the letter “f”) and easy to spell (spelling your name out every time will get old quickly.)
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3.You Failed To Do A Trademark Search
One of the worst things that can happen to a new business is that the owners spend time and money promoting a certain name, only to find out someone else has been using it.
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4.Your Name Is Too Descriptive
Ensure to stay away from a name that’s too descriptive to avoid costly rebranding as your core focus may shift in the future.
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5.Your Name Is Too Generic
How many companies do you know that are ABC Services or XYC Technologies? If you just said the name, would you be able to tell what industry you are in? Being too generic will cause people to overlook you if you sound like every other company out there
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6.You Haven’t Researched Competitor Names
Many businesses don’t realize the power of brand recognition and will have almost the same exact name as another business, especially in the same industry. The name should be creative and strategic, sets you apart from the pack.
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7.You Spell Your Name ‘Creatively’
One of the biggest mistakes business owners make when naming a new company is trying to spell the name “creatively.” This may not only cause confusion but could also cause an issue with potential customers finding your business.
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8. You’re Following A Short Term Trend
Do your best to select a name that will stay relevant for years. Many phrases are catchy, so they get overused and get annoying within a few years. Businesses can influence trends, but they don’t have complete control over them.
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9. Your Name Is Too Cute
If you fall into the trap of spelling words wrong, using odd words to make a rhyme or trying to play off words with different meanings, you are setting yourself up for headaches. Of course, you want to have a business name that is memorable and lends itself to unique branding but getting too “cutesy” with the name can lead to long-term issues.
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10. You’re Overthinking Your Name
Here’s the thing with company names: people always overthink them. Your name does not give your company value. It works the other way around — your company (and people’s perception of it) gives your name value.
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