Planning a new business involves a lot of decision-making. For one, you should come up with a good name. Whether you’re up to build a multi-million peso company or just a small time business, a name that creates an impact is a kickstarter.
Assuming you are ready and have enough funds for a capital. You’ve also found the best place for your business. The next thing you worry about is to create a great business name, but how?
The pressure is on for you to come up with a name. Think that whatever you choose will surely reflect what kind of a person you are. Remember it could help you gain positive results too. Now, let us first define what is a business name.
According to the website www.business.gov.ph, a business name shall refer to any name that is different from the true name of an individual which is used or signed in connection with her or his business on any written or printed receipts, including receipts for business taxes, duties and fees and withdrawal or delivery receipts; any written or printed evidence of any agreement or business transaction; and any sign or billboard conspicuously exhibited in plain view in, or at the place of her or his business elsewhere, announcing his or her business.
So let’s go back to the question how? Here is a quick guide to naming your future business.
Let it be unique. Feel free to get name inspirations but it is a no-no to copy an existing business name. Make your own identity. Try to be creative as possible when you think of a name for your company. Don’t be a shadow of any brand.
Easy to recall. Ask yourself if your shortlisted names are friendly to your target market. Is it readable and easy to pronounce? You might want to explore options for simple yet catchy names. Remember that you’re creating a brand that should be attracting customers and clients so consider their preferences.
Tell a story. Have a name that instantly provides information on what your business is all about. In a glimpse, it should tell the services and/or products you offer. This way, you save a lot of time explaining what your company do.
More than one name. A very useful tip: When you go to either Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC) to register your business name, make sure you prepare at least three possible business names. You’ll never know if your top pick will be approved or not so its better to have other options.
Follow a format. In registering, you might be asked to provide dominant name, infix, and business descriptor. The first two requirements would refer to your specialized line of business while the other should state the nature of your business. Take as an example, Juan Watch Repair. To illustrate, Juan is a dominant name; Watch is an infix; and Repair Shop is the business descriptor.
Love your pick. What’s the use of a business name when the owner himself or herself is not convinced that such is the perfect choice. You’ve got to pick a business name you love because you will be using it as long as you are in the business.
With the above-mentioned tips in naming your business, you could now start contemplating on the best name for your future venture. Try to seek the opinion of your family and friends. They might have bright ideas that you’d like to carry over as input for brand concept.