Name games…get a grip! Start from the start – with an end in mind.

By Jill Kline, WSBDC Regional Director
WyomingEntrepreneur.Biz, Wyoming Small Business Development Center

There are a varying opinions and strategies on how to select an appropriate name; I’ll provide some resources for you to consider. Choosing a name should not be taken lightly.  The right name is your first step in developing a brand for your business, which is how your customers see you and what they will come to expect and value as far as your product or service is concerned.

The Entrepreneur.com web site has a vast list of resource articles outlining strategies to help you name your business. Steve Nubie, author of a May 2000 article titled “Why A Good Business Plan Can Help You Name Your Company” offered a concise approach that should help you get started.

Nubie suggests that your written business plan can be the blueprint for determining your name. A good plan clearly defines your product or service, your customers, your competition and your industry. Your plan outlines your goals and strategies to achieve those goals. Your plan forms a framework for your brand strategy and leads you to critical issues to think about when determining your name.

Nubie provides four considerations: First, visualize your customers. What do they look like? What are their ages, genders, lifestyles and locations? If you target a specific demographic or type of customer, your business name should be customer-driven. A good example of this is the high-end clothing store, La Petite Femme, which specializes in smaller women’s sizes.

Next, think about what makes your company distinctive. What is your company's emphasis? This uniqueness or competitive edge describes the primary nature of your business. Identify the words that define the nature of your business and highlight that attribute in your name.

Third, understand your business category. Are you highly specialized or are you selling a commodity? For instance, Meals-on-Wheels, the catering company, has a specialized product and market; Melissa's Catering, has a broader market yet it clearly identifies the business and adds an element covered in the next consideration.

Finally, are you or another individual essential to the company's day-to-day activities and functions? This is often the case for service type businesses and best exemplified when you see a name or a list of last names for lawyers, doctors or insurance agents. 

According to Dave Batt, president of Everest Communications Inc. in Genea, Illinois, "In time, the name will be less important than what you make of it through hard work, dedication and customer satisfaction. It's at that point that you’ll know you've not only successfully named your company, but also given birth to a brand.”

See other topic related articles on the Entrepreneur.com web site.