So you’re taking the big plunge into the world of entrepreneurship! Or perhaps you are thinking about taking the plunge later and mapping out your steps before you actually begin the legal process. Either way, owning your own business can be very rewarding. It kind of reminds me of having a baby. Your idea goes from a little inkling and grows into a full mature entity. Well, just like a newborn baby, you have to give your new entity a name. Unlike a baby however, the name you give your establishment, if you are successful, could continue on far beyond the average life span. The point of this little prelude is to get you thinking about the importance of your business name. Have you ever met someone that could be the most wonderful person and thought Wow, their mom really must have hated him/her to give him/her a name like that!? Don’t let this faux pas happen to you when naming your business because the damage could be devastating.
Now that you’re even more determined to give your company a great name, let me give you some tips on how you can give your intellectual creation a name that will stand out among the rest.
Tip #1: Meditate & Brainstorm (patiently). This process is going to take you more than a couple of days so give yourself plenty of time. You want the name of your company to represent your dreams. It needs to represent you and who you are, how you work. Give yourself the time you need to think about it. Whenever I need some down time to brainstorm, I go into a nice quiet corner in my house and turn to the Chill Station on Spotify. I will even light some candles and sit with pencil and paper (I like being able to erase). I will write one word on the piece of paper and then let my mind wander. Please take the time and do a brainstorming session. You may even want to do two brainstorming sessions. One could be about who you are as a leader of your new company and words that represent you. The other could be about how you want others to perceive your company. Meditate on where you would like to see yourself in 10 years. Envision walking down the street of a quaint town with cobblestone streets (or whatever environment you prefer). As you are walking down the street, you approach a glass window displaying some wonderful products. They are your products. Now ask yourself what name you see on the window of this shop. Dig deep on this one. You don’t just have to stick to English words either, if you are multilingual or have an affinity for another language, why not look up the word that represents you in the language you love? Try mixing languages together to make your own word like Cirque du Soliel does many times for their programs. Think about companies like Au Bon Pain. Do you really believe they originated in France? Try Boston. Come up with more than one name that you feel comfortable attaching to your existence for as long as you shall live. Yep. Clear your calendar for a while.
Tip #2: Remember that your company name should tie in nicely with your product. People should be able to see the connection between the two. Whenever I think of jeans, I think of Lucky Brand Jeans. There is no doubt in my mind that Lucky Brand sells jeans. Subconsciously, I know that I feel a little special when I buy a pair of jeans from their company. Why? It is because I associate their brand name with great jeans so I feel that I have purchased a quality product. Make the name easy to remember and fun. If the name of your company is synonymous with positive things then it will enable you to also subconsciously reach your customers with your ultimate message and begin building a following. Remember: Shorter company names are easy to recollect. Who can’t remember the company names Apple, Sprint or Nike? Would it be easy to remember, if instead of Apple, Inc., the company was named Appolonia’s High Quality Computer Applications, Laptops, Notebooks and PCs? Who is going to remember all of that? I certainly would not.
Tip #3: Do some research. Once you have some potential company names down that you really feel represent you, then your next step would be to research them. You need to be certain that you will not be stepping on anybody else’s toes when you try to incorporate. If you neglect this important step, it could cost you thousands of dollars. In short, your failure will be epic. It is hard to rebound from that big of a mistake especially when all of your marketing dollars have already been invested in materials using a brand name that is copyrighted or trademarked by someone else. Another good idea would be to create a small focus group of family and friends to discuss your company name options. Ask them how the name makes them feel and how they associate it with your product. Instruct them to be brutally honest. There is no time for sensitivity here. You need to know exactly what is on their mind so that you can send the right message to potential customers. That is of the upmost importance. Be sure to get honest, balanced people. You don’t want anyone that always has a negative attitude because no matter what you put out there they will probably shoot it down. At the same time, you don’t want to get someone overly optimistic because perhaps they would overlook potential pitfalls with the name. Save the overly optimistic people for when you need to network with people. Their positive view on life will attract people and that’s a good thing. I normally reserve the negative people in my life for File 13 but it is up to you what you do with them.
Tip #4: After all the hard work of naming your business is done, treat yourself. Naming your business is a really big step and after you accomplish that, you need to treat yourself. Now I am not saying to book a trip for Breckinridge with a chilled bottle of Veuve Clicquot in the ice bucket awaiting your arrival (although that would be nice). But what I am saying is, that after the naming of your entity, your body would more than likely benefit from a rejuvenating pedicure at your local spa or perhaps that 90 minute hot stone massage treatment that you had been waiting for since December. Giving yourself rewards regularly throughout the process of creating and building your business helps you to maintain a positive attitude, which you will definitely need especially if you need to seek outside financing for your business.
I wish you much success in your business endeavors and if you are looking to showcase your work with a successful company, reach out to us here at Intergalactic Beads and Jewelry Shows. Our website is www.beadshows.com.
Hope to see you soon!