Good morning all, welcome to another business week, I am sure most of us are aware of the introduction of the Federal Government survival funds to cushion the effect of the Covid-19 Pandemic on our businesses. A part of the fund according to the information is dedicated to individuals planning to register new companies.
Our topic for discussion today is to help these individuals in registering the right company with a sellable name.
I want us to know that choosing a good name for your business is not easy. You want it to reflect your business’s personality and be catchy at the same time. Before you make your final decision, be sure you avoid these business naming mistakes.
Choosing a business name is challenging for many startups. A business name that is appealing and memorable can help build recognition and bring in business. On the other hand, an inappropriate or poorly-chosen name can raise eyebrows and keep customers away, or just make your new venture easily forgettable.
Some aspects of selecting a business name are subjective and reflect the personal wishes, preferences, or even the owner’s existing name recognition.
But in most cases, when you start a business and choose a business name, it pays to avoid these common business naming mistakes.
Picking a business name that limits business growth
Choose a business name that is wide-ranging enough to give your business growing room.
Geographic business names are popular; like you choosing a name like Lagos Housecleaners Limited. But what happens if your business takes off and you will like to expand beyond Lagos or even go national? Unless you’re sure you want to stay in one particular location, avoid using geography in your business name. The same goes for naming a business after one product or service:
Choosing a name that’s too general
While you do not want your business name to limit the future growth or direction of your business, you do not want it to be so general or generic that the name does not give any sense of what you do. To someone who does not know the business, a company named Fast Home Services might be a plumber, roofer, a pest control service, or even a home cleaning service, so be specific on what you do.
Using unusual spellings of common words
If you are one of those people who like to be different, or if you are having trouble choosing a name that is not already in use, you may be tempted to include a sound alike misspelling of a common word in your business name. For instance, you might want to call your Restaurant a name like, Eat-n-Well.
Avoid the temptation unless you have a lot of time and money to build brand (and spelling) recognition, reason being that someone who remembers your business name, but doesn’t remember where you are located is going to go online and search for “Eat and well.” Google will most likely show the person all the restaurants in their vicinity. And, if you have not done a good job optimizing your site for search, that customer may never find you.
Using a business name that’s too long, difficult to understand, or hard to spell or pronounce
Ideally, your new business name should be made up of words that are easy to remember, spell and say. It should also be short enough to fit on a business card or display on a sign and fit neatly in a corner of your website. If you chose the name like “Waledeindesupermillenium Company” few people would remember it to pass along or to find on the web. It actually is a word that means “nonexistence” and that is probably what would happen to any business using it – or anything even half that length – as their name. If your customer cannot remember your name, they will get what they want to buy from someone else.
Getting stuck in alphabet web
In the days when print advertising and printed directories reigned, a business name that came at the beginning of the alphabet could be a plus since many business listings were alphabetical and some businesses still seem to think this way in naming their businesses. If you use printed yellow pages to find a business, you will still see a staggering number of businesses starting with the letter A, and more than a couple that start with the somewhat nonsensical: “AAAAA Consult Nigeria Limited” and “AAA Active Electrical Limited.” Other than another word that starts with the letter A, what purpose does the word “Active” serves? Using A, B, or C as the first letter of your business name can help your name show up first in a printed directory, but getting found in print is not terribly important anymore. Think instead of how your name will show up in a Business listing in Google search.
Being an island
You have thought up 15 business names that are in the final running, and you think they are all pretty good. Now is the time to get some feedback. Run those names by some close colleagues, family and friends. You might be surprised at the number of things they bring to your attention that you have overlooked. A little constructive objectivity goes a long way when choosing a business name.
Failing to check if your chosen business names or its acronyms belong to another business
Before settling on a final name, you will need to ensure that you won’t be violating someone else’s trademark rights to a particular business name. Ensure the name or its acronym is quite different from others to avoid conflicts.
Coming up with a business name is not particularly easy, but if you avoid these common mistakes — and invest some time and thoughtful effort — a great business name should be well within your grasp.
Thank you.
