Does your business name make sense and cents?
5 tips to developing your business name
When developing the name for our Institute, Keystone Business Institute, we chose a name that had a multidimensional meaning; in business the Keystone term; known as the Keystone Markup is a retail term related to pricing inventory. Biblically the term Keystone is the top part of the arch, the piece that holds the entire structure together; therefore the term Keystone appeals to both sides of our market.
It has to make sense; when developing your business name here are 5 tips you may want to consider:
Ensure that you understand your niche market first; your name should not only appeal you but to your market; remember you’re not buying your services they are. Take some time and choose words that you feel identify your brand; then search through their list of synonyms to see if any words stand out that can be used within the name. Get creative by using a play on words, your name creatively (for personal brands) or symbols that have meaning and that you can easily explain. Get a second and third opinion; from people that are connected to your brand or potential consumers. Enlist the help of your team or your tribe; once you identify a list of names, we suggest at least three to four. Ask your team or tribe which one appeals to them the most. Once you find a name that truly fits your brand; conduct a state and national search to ensure that the name isn’t already being utilized and seek council to legally register your name.
It’s important to take the time to understand your brands identity prior to creating your brands name. An ineffective name can cost you; if your market can’t immediately identify with at least one term with the fabric of your brands name they just may skip right by you. Remember don’t rush the process it takes time , we suggest a minimum of four weeks maximum of six weeks to develop and secure your name.