Big Mistakes Entrepreneurs Must Avoid When Naming Their New Company

If you are planning to start a company and want to make it successful, then choosing the right name is one of the first things you need to do. 

There is no doubt in saying that the name of a company is its foundation, that’s why it is very important to choose it wisely. A company name should resonate with your ideas, so people can connect to your brand. There are many people who don’t give proper attention to naming their company, which causes many problems in the future.

So if you are thinking of a name for your company, this article will be very beneficial for you. In this article, you will get to learn about big mistakes that entrepreneurs should avoid when naming their new company.  

1- Stealing Someone Else Creativity

One of the biggest mistakes that most young entrepreneurs make is that they try to steal someone else’s business name just because they feel it is perfect for their business. 

If you do this, then you are not only putting yourself in potential legal trouble but you are also giving up the chance to become a leader in your industry. For example- once your business starts getting customers and recognition, then the business who used the name first can legally force you to change the name. 

Strive for a unique name that is memorable such as these bakery name ideas; A Bun in the Oven Bakery, Cake my Day and Cookie Monster. 

Apart from this, no matter how big your business becomes, you will always be referred to as the second one, which is not a respectful thing if you are thinking for the long term.

2- Adding Location Names

Many people add their location in their business names to boost search visibility. However, it is good for SEO purposes and you may benefit from it, but if you think from the other angle, then you are limiting your business to a particular location. 

If your business is service-based, then this may put your business at a higher risk of being misunderstood. People would think that you only provide services in that specific location, which will reduce your potential customers.

3- Being Too Fancy Or Too Dull

Know that finding a name is not an easy task. You will have to spend a lot of time and put your mind to it if you want to get a unique name. 

You should not choose trending names for your business because once the trend is gone, it would be difficult to rename your business. 

On the other hand, you should also not be completely random. People should get an idea about your business when they hear your business name. In short, just keep things simple and choose a name that gives a picture of your business without being too fancy.

4- Choosing Your Own Name

Another big mistake that some new entrepreneurs make is that they choose their own name for their company. Though it may feel very logical to build your own brand and identity but if you look at the wider picture, then it can be problematic. 

For example- if you ever decide to sell your business, then it would be very difficult to find a customer that has a similar name to yours.

5- Wrong Spellings

While choosing a name, you must make sure that the spelling is used universally. Though for some businesses, this tactic works, if this is your first business, then you should be very careful with the spelling. Along with this, do not come under the pressure of not getting the desired domain. 

Most people focus too narrowly when it comes to the domain name. Just flow naturally and don’t worry about the perfect domain name. If the domain is not available, then do some modifications to your name because at last, the success of your business depends on the quality of services you provide. Learn about the 6 ways to make your business a success here

So these were some mistakes that every entrepreneur should avoid while naming their business. If you want to get more attention from the customers, then you should name your business properly. Check out these pro tips on how to run a successful business.

The name should portray your thoughts and the objective of your business. Along with this, don’t stress over the domain, just think creatively and try to come up with an attractive name that is easy to remember. Hope this article will solve some of your queries and give you some valuable information.

Marsha Kelly is a serial entrepreneur and consultant for small business owners and those seeking fulfillment through self-employment.  Her experiences in marketing for a large corporation empowered her with business savvy and taught her how limiting that sort of professional life can be.  She departed the corporate grind with an arsenal of business strategies and the resolve to create her own opportunity.  As it happened, she started, grew and sold her first small business for more than $1,000,000. Now with several successful businesses under her belt, she focuses on sharing her business acumen.  As a private consultant and blogger, she helps eager entrepreneurs through her blog:  Marsha’s personal philosophy is that, when properly motivated and informed, a small business owner is the most secure, positive and potentially profitable kind of business person. 

Big Mistakes Entrepreneurs Must Avoid When Naming Their New Company

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