I’m surprised at the number of consulting practices and businesses that are named after the founder. This signals that the business was more interested in boosting their own ego than focusing on the needs of their consumers. When naming your business, what you choose reveals a lot more than you think about your personality and the way you wish to handle your clients.
I did not even consider naming my advisory firm after myself, even with the twenty years of experience that it carries with it. I did not set up my business to highlight my merits and background; I set up my firm to help my clients. Thus, I knew that my name had to represent the struggle of the companies that I represent: how to start something great.
Similar to people's names, a business name carries a lot of weight and importance over the life of its existence. Most parents spend at least half their pregnancy coming up with a name for their next of kin that honors their past while harkening on their hopes and dreams for their child. Some parents are even going as far as hiring an agency for thousands of dollars to come up with the perfect name for their baby!
Coming up with a name for your birth (whether it be person, product or business) should not be taken lightly. Your name can potentially affect your personality and what people think of you. Whether noted or not, names conjure biases that either promote or detract from your mission. Word of mouth relies heavily on what your name means to the masses; the easier it is to associate a happy definition with the name, the larger the impact your name can generate.
Here are a few recommendations to come up with a successful name:
- Brainstorm names that contain the essence of your business and means something to your consumer
- Cross out any names that are too similar to the competitive set, are not available with a good URL like .com and is already trademarked
- Ensure that the name is easy to pronounce and spell; this will help increase their ability to search for your website and spread the word of your good deeds
- Review your name with your target consumer and ask about the level of interest it arouses, be it family or your potential clientele
Even if you have had a business name for quite some time, you may need to rebrand. Whether it is unhip or does not define your current offering, it may be time to change your name. There are some key signs that you should alter your moniker. Are you currently embarrassed when you hand out your business card or send consumers to your website? Has a competitor launched a product that is similar and your name no longer signifies your difference? Have you expanded or moved? Is there something that happened that now invokes a negative image? If you have thought of any of these questions over the last year, it’s ripe to rebrand.
Start Something Solutions can help you with your brand identity, naming, and marketing strategy. With a focus on consumer insights, we derive the best plan that aligns your customer needs with your offering, and thus increase your sales. Don’t be fooled by the firms who are named after their founder; instead call us, a firm rooted in not focusing on ourselves, but on doing what’s best for you!