Naming your business
For any kind of business regardless of your channel, the name of your business is very important for the success of your business and is crucial that you get it right from the start. Here are some things to consider when naming your business:
- Choose something original - it may be obvious but if you are going into a competitive marketplace then you need a name that will make your business stand out from the crowd.
- Make sure your name fits your long term plans - It is great to have a catchy product specific name, however if your long term aim is to penetrate new markets with new products, then ensure your name will fit with this.
- Make it simple and easy to spell - this is crucial as it will not only support your brand strength by being easy to remember by your customers, but also reduces the risk of your business not being found when searching online etc.
- Keep your domain name in mind - if you will be registering your business as a domain name, make sure you check that this is available first before registering your company name. Fighting for ownership of a domain name at a later stage can be expensive and time-consuming, so it is crucial to do this at the beginning to avoid any additional cost and hassle.