Friday, April 25, 2008

What is in a name?

When you start your own business, one of the first things that you do is choose a name for your business. Here are a few considerations:
  • Be unique! This will help you be remembered.
  • Even if you are starting out with a single product/service, think about what products/services you want to be selling 10-20 years from now. Make sure your name is inclusive of them.
  • If selling overseas is a possibility down the road, consider the translations.
  • Look into the legal restrictions depending upon what type of legal entity you will be.
  • Is a corresponding domain name available? This is a key component is today's world.
  • Conduct some trademark research to make sure that the name is not already taken.

My last piece of advice is simple: Don't make the business name all about you! Why? First, it makes it difficult if you ever want to sell the business. Second, it ties you to the business. It will create a loyalty to YOU rather than the business, and your customers will always want to personally interact with YOU. Thus, instead of a name like 'Joe's Pizza,' go for 'Pizazz Pizzeria!'

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