5 Rules for Choosing a Business Name

February 23, 2018 | Written by: Sohail Afzal

Tax Accounting Services Toronto

When starting a business, one of the most critical steps is choosing the right name. When you have a strong business name, it’s easier for you to draw attention to the brand without too much effort. It’s always a great idea to ask for people like your family and friends/colleagues to give opinions on some of the names you come up with. All in all, we’ll look at 5 important areas of consideration when choosing a business name.

1. Choose a Name That People Can Remember

Think about this, you want your brand to become something that your customers and potential clients can easily remember. Forget about names which are so hard to spell. Remember, you need to find something that your clients can find online easily by spelling it correctly. Stay away from difficult spellings even if you really want to choose a unique name.

2. What do People Visualize When They Read The Name?

When choosing a business name, consider the visual element that is attached to it. For instance, what is it that people think of or visualize when they read out the name? Just reading the word should conjure the image of something that is somewhat related to what the business does. Avoid choosing names that have a very strong visual element attached to them. This will avoid any preconceptions when people hear the name of the business even prior to interacting with it.

3. Look for Names with a Positive Emotional Meaning

People make certain emotional associations when they hear certain words. Make sure the name you choose has a positive connotation to it. This means that if someone hears the name, positive things come into their mind. You want to ensure the words that your business name describes are things people are comfortable with in your business/industry. For instance, if you want to start a transport company, look for words that convey strength and reliability.

4. Provide Some Information on What the Business Does

Most businesses do not instantly transform into an international brand from inception. Therefore, the name of the business needs to give customers or potential clients an idea of what it is they actually do. For instance, if you do hairstyling then the word salon can go along with your business name. It won’t be hard for your potential customers to figure out what you do if you include these keywords that are popular in your industry. Choosing a business name with certain keywords that describe what the business does can also make it easier for clients to find it on directories both online and offline.

5. Keep it Short and Precise

No one ever remembers long business names. Shorter names are also the easiest to promote. For instance, the name will fit beautifully on your business cards, display ads or signs. It’s also going to be easier for you to find a good domain name for your business website if you choose something short. Additionally, the colors you choose for your business should have proper emotional associations.

Sohail Afzal CPA Toronto

Sohail Afzal, CPA, CMA, MBA

Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.

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