tself. How much are the names: Harley Davidson, Star Wars, or McDonalds worth? If McDonalds decided to change its name to Fred's Burgers, it is obvious that the company would be worth far less than it is now. Why? Because, McDonalds spent a lot of time and money branding their business name on the public?s mind. Further, just opening up a McDonalds restaurant guarantees the company a minimum amount of revenue because of its name.
What You Should Look For In a Name
So, what should you look for when choosing your business name? Ask yourself the following 10 questions about your business name:
1.) Is it easy to remember?
2.) Does it tell people what your business does?
3.) Is the meaning confusing?
4.) Is it unique?
5.) Will your business or your market outgrow the business name?
6.) Can it be branded?
7.) Is anyone else using this name?
8.) Is it trademarked?
9.) Can you trademark it?
10.) Can you protect it in other ways?
Let?s look at each point individually:
Easy to Remember
Probably one of the most important requirements of a good name is that it is easy to remember. It shouldn't be complicated or very long. Just imagine someday your secretary answering the phones, "Good morning, Zvestsky, Commolowskivich, Bankoslovich, Karageorgadis & Associates." As much as you may want a particular proper noun in your business name, it may not be the best thing for your business.
Also, don?t try to get cute with the spelling of the name. For instance, if you want to be known as ?Elite Property Management Company?, don?t opt for ?Elit Property Management Company? because the domain name elit.com is available. This is confusing to most people who can spell and most your customers will probably spell your name, ?Elite? anyway. Remember, if your business name is not easy to remember and your competitor's name is, you will probably loose business to your competitor.
Describes What Your Business Does