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Your Business Name...Why It Is So Important
So, you have just set up a plan for your new business. One of the first things many small business owners do when starting a company is to find a name. Very often they resort to cuteness, chance, or other irrelevant modes of decision making. Naming your business should not be left to fate or the likes of your best friend. It takes as much procedure and research as any other aspect of your business. People who don't realize this often make terrible mistakes when naming their business, putting themselves on the back foot right from the start. If you want to give your business a name that will survive, avoid some of these common mistakes and you'll be in a much stronger position. First, don't let others decide things for you. Rarely has anything creative or good has ever come out of a group meeting, certainly rare enough to avoid this pitfall. There are sure to be hurt feelings and damaged relationships if you choose to go with one person's idea over that of another. When naming your company, it's best to go it alone. You'll get better results, and no one has to have their feeling hurt in the process. Keep the group meetings for less creative solutions. Next, avoid being the business owner who takes two unrelated words and tries
to combine them to make a new word. This is overdone and should be avoided at all costs. Your business deserves better than to follow this latest trend just because it's fashionable with some celebrity couples. Decide on a name that is unique and relates to what you do and doesn't leave people wondering what just what you are do. The biggest mistake you can make when naming your business is to choose a common word as your name. For one, you are guaranteeing the fact that there are probably at least a hundred other companies across the country with the same name. Also, you make your company almost impossible to find using an internet search engine. With so much of today's business being done on the internet, you can't afford to intentionally lose yourself in the chaos. Even if you don't have a website and won't be making sales over the internet, it's still important for people to be able to find your business with a simple search. If your name is too common, that will be close to impossible. Does your company name mean everything? Of course not. But if you apply these ideas, you should at least come up with a name that does not destroy your business before you even get started. Learn from other peoples mistakes. Sure, you will make your own mistakes. Blaze a new trail in business naming errors if you want to. But as many wise people have pointed out over the ages, to fail to learn from history is to doom yourself to repeating it. |
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