New Rules for Naming your Startup Company
The right name for the business can help you find the right customers, partners and alliances. The world recognizes your business with your name. People invest in the name eventually. Finding an appropriate name for your startup company can be a tedious task but it is more rewarding than anything else in your startup. The winning or losing over your customer depends upon the naming of your start up. It creates a brand identity, brand recognition, and brand recall; provided you have chosen the right name for your startup company. There is no big and worse failure than going with a wrong name. In contrast to this, a powerful, robust and an impactful name can maximize profits, help earn the customers and win over the competitors. A clear and an apt name can go a long way while you deal with the marketing and advertising of your new venture.
There is no success without a stepping stone. In the startup venture, this stone is none other than the name of your company. Here are some universal, updated and the most accepted rules of naming your startup company:
1. Easy to Spell means easy to Sell
Human behaviour is designed to follow things which are easy to deal with and easy to understand. It is psychologically proven that people choose to remember the easy to spell words and are more often using it in their day to day lives. This increases the probability of your name getting viral. Not only this, people become aware of your name and your startup becomes a brand in the market. With one success rung, the whole ladder gets built up. Hence build the starting rung, that is, the name, in a way that it creates a powerful impression in the minds of the public. Go for a name that is easy to spell and pronounce. This magnifies the chance of word of mouth publicity. Keep it short and simple.
2. Keep in mind the long term vision & ensure a broad horizon
Be flexible and dynamic with your name. It should not be pertaining to a particular niche itself. You have a startup company which means that your business is still growing. You never know what investment comes in and how your business will accelerate in the long run. Thus keep the name that is broad and which speaks about the main motto of your business. It is suggested that you should not name your company after the functioning or the role that it performs. This limits its area of expansion in the market. Hence it is advisable to keep name that doesn’t limit to your location and the role of your startup company. Your startup is started because it is meant to grow and not be limited hence keep the same idea while fixing a name too. Example, names like electronicstore.com or bookshop.com would be eventually regretted in the expansion phase hence amazon.com was a great choice.
3. The perfect Domain name helps You win the Startup game
A suggestion would be to go for a robust and creative domain name. This increases the chance of visibility of your company name on the search engine results. If you have a tech startup, a strong recommendation would be to go with .tech domain. It is a domain which is appropriate to the domain of your company, can speak about your business in a broader, bigger and a better way. If you have a start up in other fields, your preference should be the .com domain. It is a universally accepted domain which the public recognizes and has huge trust in it. This increases the validity and the value of your start up all the more. Other options to discover would be .biz, .store, .online . getting a domain name is a legal task, ensure you comply with the procedures perfectly.
4. Consult the internet and study your industry
Internet is a place of review, recheck, and reconsider recommendations. Get on a search engine to check whether you have a unique name or no. if your surfing turns up to disappoint you by stating that the name is already taken, worry not. There are startup name generators site on the net which will help you modify your name with valuable, trendy and powerful suggestions. To avoid a showstopper, it is advised to check the name on the worldwide used website.
5. Get a trademark registered at the initial stage
Do a proper search and analysis on whether your decided name can get a trademark from the official government community. The advantage of this would be that your startup will be a government recognized and government sanctioned body. Having a service mark for your brand can increase customer’s confidence in your startup.
6. Consult with your attorney early in the game
Ultimately, have clarity on the legalities for your name’s verification. If you want your start up grow into a corporation or a business, make sure that your name stands unique. The verification with the Secretary of State will help you know whether or not your name has some similarity with other established names. If at all some similarity is found out, you won’t be able to register the company name after a long process of brainstorming, feedback, research, and due diligence. Hence it is better and feasible to consult with your corporate lawyer in such cases.
These rules which are short, simple and to the point will be helpful for your startup company in order to generate traction, win over customers and be the starting point of success.
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