2012
07.24

new-customersChoosing a name for the business is one of the most important tasks confronting a startup entrepreneur. Unfortunately most entrepreneurs don’t put that much time and thought into naming the enterprise or naming a store. They should because a name establishes your brand.

A good well-thought out original name can attract the customers you want. A poor name could drive customers away or worse attract the customers you don’t want. More importantly a good name can establish a brand which the public will identify with you and your products. If you can get people to think of your business when they need the good or service or offering you have a brand.

Having a good brand is even more important these days because most customers search for goods and services online. If you can have a catchy original name they can quickly type into a search engine you will drive business to you. This means you need to put a lot of thought and creativity into naming or renaming company.

Online Naming Contests

Simply going to a business name generator is not good enough anymore so you need to consider other alternatives such as naming contests. In such a contest writers cook up names for your business and you pick the winner.

You have to put some money but you only pay the winning writer. That means you don’t pay unless you’re satisfied with the work. It also means that you can have dozens of writers working for you for the price of one. Such a contest is the most cost effective means of finding names for a product available.

It also saves you time because the creative folks are wracking their brains thinking up the names while you are concentrating on your business. If your expertise is selling books or fixing cars why should you waste your time thinking up a brand? Let the professionals wrack their brains while you concentrate on what you can actually make some money at.

If you’re thinking of marketing a new line of healthcare products such a contest can give you several original new names for each product. You can also use similar contests for chores such as setting up your website and getting ad content written.

If you need a new name for an online business that you are starting a contest can also help you. Smith’s Books might be fine for your store on Main Street but not for your online used bookstore. A contest can give Smith an original name for his website. That way he can make his web-based business separate from his store.

When you have an original name for a start-up, not only will it be easier to find online and in Social Media. You will have a much easier time copyrighting it or creating an LLC for it. That way you will have an added layer of legal protection right out of the gate.

Something else to remember an established brand is always worth money. If you can create an effective brand with a great name it is entirely possible that established entrepreneurs will pay you for it. Everyday billionaires like Warren Buffett and giant corporations like Kraft and Disney shell out millions and billions of dollars for established brands because they know that brands make money. Therefore the $100 you spend on a naming contest can be the best investment you will make.

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