The Psychology Behind a Good Business Name

THE PSYCHOLOGY OF NAMING YOUR BUSINESS OF AMERICANS DREAM OF 65% STARTING A BUSINESS CHOOSING A GREAT NAME IS A CRITICAL FIRST STEP A poorly chosen name can force companies to rebrand 1968 2002 2006 2018 PETE'S SUPER THE WORLD TWTTR WEIGHT SUBMARINES WRESTLING WATCHERS The brand opoted for simplicity rather than the vowel-dropping trend, so they changed to Twitter FOUNDATION The name was often misheard as pizza submarine", so they changed to Subway Wanted to reflect a trend toward body positivity and personal wellness, so they changed to WW The World Wildlife Fund sued for violating their WWF trademark, so they changed to WWE SUBWAY W A POOR BUSINESS NAME CAN SIGNAL THAT THE COMPANY LACKS SELF-AWARENESS They assumed they made a strong choice rather than gathering feedback ATTENTION TO DETAIL They rushed through the naming process without care for every step needed DUE DILIGENCE They were not motivated or skilled enough to navigate the rigorous naming process The cost of legally changing a business name includes AB ATTORNEY FEES Filing with the IRS, state and local governments A REBRANDING COSTS Updating other legal documents and contracts Changing trademarks, patents, and copyrights SMALL BUSINESSES SPEND UP TO $180,000 AND 8 MONTHS New advertising and promotional materials An updated website, company logo, and more www ON REBRANDING A GOOD BUSINESS NAME IS THE FIRST STEP TOWARDS ATTRACTING CLIENTS AND GROWING BRAND AWARENESS THE CHARACTERISTICS OF GOOD & BAD BUSINESS NAMES Simple and memorable Difficult to spell or pronounce Creates a strong impression Generic or doesn't stand out Differentiates from competitors Similar to competitors' names Serves as a foundation for branding Too long for social handles Links to a core principle or idea Riding on a short-term trend Clearly defines the business Limits business scope and expansion A STRONG BUSINESS NAME IS ONLY FIVE EASY STEPS AWAY! LIST RELATED KEYWORDS AND PHRASES Think about how you do business and who you do business for ABC 123 Include keyword synonyms, like "affordable" and "budget-friendly" Research names and slogans used by competitors for inspiration CREATE A LONG LIST OF NAME IDEAS Don't commit to a particular word or phrase immediately Ask friends and family for suggestions and feedback Stick to words that make sense, rather than make people laugh AVOID NAMES AND TRADEMARKS ALREADY IN USE Search the Trademark Electronic Search System (TESS) and state databases Do internet search for businesses with the same or similar names Consider hiring a trademark attorney for help trademarking a business name CONSIDER HOW YOU WILL BRAND YOUR BUSINESS NAME How does the business name fit within your overall brand? Does it align with your other businesses? How will it be represented in a logo design and brand colors? CHECK WEBSITE AND SOCIAL MEDIA AVAILABILITY Consider what domain extension best fits your business www Do a simple internet search to check domain availability Search major social media sites for name availability WHAT'S IN A NAME? FOR A NEW BUSINESS, IT'S EVERYTHING. Sources: ignytebrands.com/cost-of-rebranding/ Presented by: wpbeginner rewindandcapture.com/why-is-it-called-twitter/ wpbeginner.com/tools/business-name-generator/ thebalancesmb.com/how-do-i-change-my-business-name-398664 smallbusiness.chron.com/importance-business-names-75779.html uspto.gov/trademarks-application-process/search-trademark-database thenextweb.com/entrepreneur/2017/10/26/before-naming-your-startup-read-this/ usatoday.com/story/money/2020/01/12/companies-forced-to-change-their-names/40963349/ forbes.com/sites/forbesagencycouncil/2017/06/08/15-mistakes-to-avoid-when-naming-your-business/?sh=722592802433 globenewswire.com/news-release/2019/05/06/1817222/0/en/Half-of-Americans-Prefer-Opening-a-Small-Business-to-Retirement-According-to-The-UPS-Store-Survey.html ilub