What’s in a Business Name?

February 6, 2017

Have you ever heard a business name and thought "WOW! What a great name for a business" and wished you had thought of it first.
 
Some trading names are perfectly matched to the services they provide. For example; Spectacles Plus, Sports Locker, Hospitality Supplies, Fridge and Washer City or The BAS Agency, just to name a few. Accurately describing what your business does in your trading name can be a very useful marketing tool.  When looking to purchase a specific product or service, the consumer generally knows what to expect when visiting your business and can be more likely to discover you through online search engines.
 
Other business names may have evolved from a catchy phrase or term. Although this his does run the risk of your business name becoming outdated it has the potential to appeal to a larger mainstream market (if only for a short time). These types of businesses take advantage of the 15 minutes of fame experienced by someone who is part of Big Brother/any other reality TV show, fad, gimmick or TV character that we enjoy for a short period of time. As the craze wears off, so too does the impact of the business name. For a short time however, the business may experience maximum interest and attention….along with the profits to match.
 
Finally we have the businesses named after the owners or a combination of the owners' names; WK Witt, Johnson & Johnson, Barclays, Baskin-Robbins, Harvey Norman and Fisher Price, fit into this category. Unfortunately, for this group of businesses, if we hadn’t already been subjected to their intensive, long term and expensive marketing campaigns, we would find it very hard to know what these businesses were about, what they sell and who their target market is. It is a very popular trend for people to name a business after themselves, but unless you are a consultant or well-known professional, be aware that you will need to engage in a great deal of marketing to get your name out in the stratosphere.
 
How do I choose a business name?
 
According to the Business Insider with their article: “10 Ways To Come Up With A Killer Name For Your Company” the following tips will assist you when choosing the right name for your business:
 

  1. Choose something Unique and Unforgettable

  2. Avoid unusual spellings

  3. Ensure it is easy to pronounce and remember

  4. Keep it simple

  5. Make some sense

  6. Give a clue

  7. Make sure the name is available

  8. Favour common suffixes

  9. Don’t box yourself in

  10. Sample potential customers

 
If you haven't yet decided on a business name, the link below may serve as some inspiration.

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(08) 9243 0681