Starting your own business can be one of the most rewarding things you ever do, but it’s also one of the most challenging after all, it’s not just a name that you need to choose, but an entire brand identity as well! And since starting your own business isn’t exactly cheap (we’re talking startup costs in the thousands), you really want to get this right the first time around. So how do you choose the right name? What are some tips on how to pick the perfect business name? How much does it cost to register a business name?
What is your target market?
Before you start brainstorming business names, it’s important to figure out your target market. A great way to do that is with industry analysis. You can use something like Google Trends, which can help determine how popular certain business niches are based on user search activity. Consider using keywords within your niche as some of your business name ideas!
For example, if you want to open an internet marketing agency then one of your main keywords might be internet marketing agency London; thus, when it comes time for choosing a name you could end up with something like London Internet Marketing Agency or Internet Marketing Experts London. Make sure that people are likely to look for these terms! Make sure that Google will find it!
Do you want words or numbers?
Naming your business can seem scary, but choosing whether you want words or numbers is actually much easier. It might seem less risky to choose a name based on just one word (e.g., Amazon), but that’s often even riskier because it’s so short and memorable. If your company ever goes through some hard times, people won’t be able to remember it easily enough—they may not even remember it at all.
Check out the .uk domain name options
The .uk domain is similar to .com, but it’s important to know that it has special restrictions on its name options. The main rule of thumb is that domain names are required to contain only alphanumeric characters (no spaces), but you can also use hyphens and underscores. However, you cannot use punctuation or symbols.
Get feedback from others!
It might sound odd, but you should ask your friends and family what they think of your business name. In fact, it’s common practice for some businesses to ask their clientele which business name they prefer. It’s not easy getting criticism from loved ones (especially if you’re attached), but asking them will make sure that you’re not missing out on potential problems with your chosen name. London has some of the best Hospitals in London, with many being ranked among the top institutions for healthcare.
If a few people who are close to you have issues with your name, you’ll probably be better off picking another one. Picking an awkward or unusable business name can cost more than just money; it could even put off customers too! To avoid all of these problems, get input from others before finalizing on your chosen business name.
Think about what people will say about you
If people asked you what you do for a living, would your response be I’m a or would it be I run/work at? One of these is better than the other. If people say that your business sounds interesting, would they describe what your company does or how it helps customers? Running an investment bank will sound more interesting than running an accounting firm.
What does your competition do?
If you’re starting a business, it’s important to keep an eye on your competition. There are two reasons for doing so: firstly, you can learn from their successes and mistakes; secondly, you need to know what they do well so that you can create something better. Make sure you research your competition thoroughly before making any decisions about your business plan.
You might be surprised at how many businesses there are out there like yours – if not offering exactly what yours does! Knowing your competition will help you define where your company stands among them and help guide decisions throughout development.
Patents and Trademarks – Are they worth it?
Patents and trademarks aren’t necessary, but it’s a good idea for new businesses to consider them. Patents grant you exclusive rights for an invention or design and can increase your sales. If you come up with something unique, talk with an attorney about patents; otherwise, trademarks may be your best bet since they protect logos and brands.
Use multiple sources for inspiration
Naming your business can be a challenging process, but it doesn’t have to be overwhelming. This is why using multiple sources for inspiration can really pay off. That’s why we recommend brainstorming with friends and/or family, perusing business websites for naming trends or checking out books from your local library on naming businesses.
Also, don’t forget about Google search terms that are related to your company name; you might find some ideas along those lines that didn’t occur to you before. Finally, take some time when choosing your name; you want it to be right, after all!
Keep it simple, clear, and easy to remember
It’s really important to choose a business name that people can remember. A recent survey showed that 83% of Britons find it difficult to recall what company they have purchased from just six months ago – so you need something that sticks in their minds. It’s also important not to choose anything too long or complicated. If your customers can’t remember your name, then you’re probably not going to get any repeat custom!
Be confident in your choice
Yes, choosing a name for your business is one of those tasks that seems easy at first, but when you look more closely at your options it becomes clear that there are many more things to consider than simply coming up with something short and snappy. How do you choose a name that will be effective? By thinking carefully about all of these factors: What are other businesses using?
Who will my clients be? Where am I going to advertise or promote my business? Will my target market recognize my brand name or logo as something they’ve heard before (good or bad)? This list can seem daunting, but remember—you’re not on your own. There are plenty of tools out there (name generators, naming experts) to help you along the way. Types of steel manufacturing businesses: For the market research process, learn more about the different types of steel mills and Strong Steel Manufacturers in the UK.
Conclusion
Choosing a name for your business is an important part of getting it up and running. Think carefully about choosing your business name, as it could end up being used for many years! Get creative with your naming strategy and don’t be afraid to research similar businesses out there. For more information on choosing a business name, check out our post: How to Choose a Business Name in the UK.