Proper Way to Name Your Home Business

Filed in archive business tips on September 29, 2006

One important concern in making your home business a household name (pun intended) is to be wise in giving it a moniker. Say what?

If you are thinking low-cost when deciding what name your home business should bear, you can just think about it yourself. Sometimes it takes a lot of courage to trust your creativity in coming up with a business name but just think of the savings you can make (expert business naming firms could charge up to $35,000) AND fulfillment from making your business boom with the name that you yourself have created!

So what are the factors that should be considered when deciding for a name for your home business?

1. Recall factor

You don't want your name to be oh-so-boring that you almost forget it yourself when you're asked about it.

2. Informative factor

Experts in business naming suggest that your business name should inform clients and potential clients what products or services your biz provides and their benefits. An informative business name saves you the time and effort in explaining your business. To be successful in this endeavor, take note of all the benefits clients can get from your business. Then, play around the benefit that stands out.

What about Xerox and Google? If you have enough funds to glue your products and services to a name that does not have anything to do with them, by all means coin a name as weird or as out-of-this-world as possible! Oftentimes, it's the marketing strategies AND budget that spell the difference between a memorable business name and something that is worth forgetting.

3. Target market factor

If you are setting up shop that caters to kids' needs, it's just logical that you think of something that would ring a bell to both kids and their parents. How do you do that? Research, baby!

Other aspects that should not be taken for granted when giving your business a name is the language conflicts. If you are sticking with the informative factor, this shouldn't be a big problem. But if you think you're cool enough and yes, brave enough to coin a name, know what it means in other lingos. You don't want to stunt the growth of your business just because you've stupidly given it a name that meant something horrendous in Chinese, right?