When naming your business, there are several potential strategies that you can employ. The strategy you go for is important as many customers first impression of you (which we know is critical) is your company name.  Whether you crowdsource your company name through a business naming competition or hire a traditional agency or freelancer, here are some tips.

Some Popular Business Naming Strategies

Familial – Many of the world’s pre-eminent businesses started by basing their company name around their family name.  This tactic is great because when a small business is finding its feel, allowing customers’ access to the someone with a core association to the company can often be very attractive.  People like to relate to others and if they now there is a real person behind your business, it can build a lot of trust.   Selecting a familial name needn’t restrict your business growth either as for decades the business can trade on family values and ethics.  Just ask Sam Walton or James Dyson. Just keep in mind that sometimes this can be the exception rather than the rule.  Often times businesses with family names can be seen as “small time” and they can be harder to sell for top dollar because potential buyers worry about owning a business where the named founders are no longer present.

GeographicWhen naming your business, many consider using a geographic term in your business name.  This strategy is often the right choice if your location is a key reason for customers to purchase from you.  Perhaps you are the only business of its type in the neighborhood.  By localizing your business name, you can tap into the community and be seen as an integral part of it.  Such a business can inspire loyalty and the sheer geographic convenience can be a major plus if you market your business the right way.  Think, Downtown Autos or Church Street Office Supplies. The downside with this approach is that many of these names are forgettable, easily confused with others and can be limiting for expansion.  Westside Orlando Optometry might have a hard time expanding to other parts of the city or would create confusion.  Or even if they didn’t, who’s there to stop someone from opening Eastside Orlando Optometry.

Logical – Though it can be obvious, using a logical name can be a very successful way to brand your business.  Selecting a business name such as Next Day Flooring or Speedy Computer repairs has big benefits in that not only does it make clear what line of business you are in but also the type of service you can offer too.    It’s often much easier to use a logical name in your corporate branding whether it be company logos or on your website. Again, this can have the same issues as the names above – easy for customers to forget and confuse, easy for the competition to copy.

ThematicThis is probably the best way to go with your name – especially if you can hire a freelancer or hold a crowdsource naming competitNaming A Business - Crowdsourcing Name Ideasion through a site like NameMyBlank.com.  Professional naming experts can come up with an entire theme for your business rather than just a nam.  A theme is better than just a name as it opens up a whole new experience which you can offer to customers. It more easily lends itself to branding. This tactic is particularly common with restaurants.  Who wouldn’t want to eat at Firehouse Subs versus 14th Street Subs?  Who wouldn’t prefer New Balance shoes over Affordable Quality Footwear, LLC.

Now that you know the basics, it’s time to get your name.  Whther you need a pizza restaurant name, hair salon name or anything else, open up a naming contest on NameMyBlank.com.  It’s affordable, offers tons of options and you’ll have great name ideas in no time!

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