How To Choose A Business Name
When forming a limited corporation the name of the company can be an essential decision. Some individuals may choose the first name that comes to mind and some may decide on a ready made business for speed or because they like a specific name. However, most businesses may favor to determine a company name that either clearly distinguishes it from its competitors or contains something unique or private. Company names can be selected for various reasons.
One of the most well-known ways of deciding a company name is to use something private. A brief look at your local newspaper will possibly introduce you to many personalised business names. Johnson Consulting Limited, T Smith & Son Limited, Stephens & Barley Limited are some fabricated examples of what may be found. This may instantly, make a company discoverable locally, it can be seen as more personal by its customers, and usually works well within geographical areas. However, it does little to tell new customers what your company does.
A popular selection for a small business is to decide on a name that is ‘descriptive’. This tells prospective clients exactly what your company does. Some examples of this may be to call your business The Window Company Limited, City IT Consultants Limited or The Advertising Agency Limited. Whilst this does serve to strengthen your main business it offers little differentiation and may easily be adapted by competitors.
A less personal option is to choose a company name that is ‘associative’. This type of company name helps to create an image or affiliation to your business activity. It is less direct than using a descriptive name but helps to position your company’s name within the market by other peoples knowledge of what words mean. For example a flick through the Yellow Pages will award a lot of examples of this. A hairdresser called Classic Cuts or a printer called Selectaprint Limited are two examples of what may be seen. These names offer some contrast but may not conclusively set your company aside from its competitors.
another option is to choose a company name that is ‘freestanding’. These names are completely abstract and not linked to the companies business activities. A fabricated example may be to call your catering business Zedoc Limited. There are many well-known brand names that demonstrate this point. Consider, Kodak, Gillette, or Mars, these names will most likely be instantly recognizable to you and conjure up a specific product or business. This is a good way of setting your company aside from the competition but it is essential to think of the market that you operate in. Will your prospective clients know what your business is offering?
Choosing a business name may be an easy procedure, but it’s common for people to deliberate over names for quite some time. While company names can, and often are, altered during the life of the company a lot of people like to choose a name that they like from the beginning. For that reason, consider your market, how much you want to be different from your competition and what your company name should say about your agency. Once the decision is made, focus on the important business of making your company a success.
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