Starting a business involves a lot of challenges and plenty of hard work. Considering that you already have a business idea and the necessary finances in place, all that is left for you to do is to choose a business name. We have compiled a list of 10 useful tips that business owners should keep in mind on how to choose a business name.
Make it unique but relevant to your business idea
Unless you have an invention of your own, you will be surrounded by extreme competition. Therefore, you would want your business name to stand out while also being relevant to your target audience. Your business name should be able to tell the public what your business is all about. One way to do so is by using a portmanteau, i.e. blending different words that refer to your products and services. Generic words like ‘best’, ‘good’, ‘better’ are better avoided.Look up your business name in the local language
If you plan to conduct business overseas, do intensive research on the meaning of your business name in local and regional languages. You must make sure to stay clear of inappropriate meanings in languages of countries where you may want to expand your business.It should be web-friendly
Your business name impacts your search engine optimisation strategy. An easy to read and spell name has better chances of getting higher rankings on search engines. With Artificial Intelligence (AI) technologies, voice searches are now on the rise. If you want your search rankings to be higher, your name should, therefore, be easily recognisable by the voice interpreting software.Utilise online tools
Online tools are a great way to get started, whether you want a business name or a domain name for your website, which is equally important. One such tool is the online free business name generator where you simply need to feed in certain keywords associated with your venture to get business name ideas.Select company name options that follow legal guidelines
In a business setup, your brand name and company name are usually not the same. The brand name is for the public, and the company name is for accounting and legal entities. While you can have fun with your brand name, the company name must follow all the guidelines mentioned in the Ministry of Corporate Affairs, Companies Act, 2013.Keep the competition in mind
It is extremely important that you stay away from any resemblance to your competitor. If you and your competitor sell the same product or service, the public should know that the two businesses are different. Avoid playing with words or names that sound similar to the competition, especially if the competition is already and established force in the market.
Get a domain as soon as possible
Today, a business’s online presence is extremely important for generating substantial revenue and finding potential customers. Invest a little more and get that ‘.com’ or ‘.in’ domain. It helps your business name to stand out as an established one.Say it out loud
Your business name should sound good on paper and also when it is said out loud. Feedback from your friends and family can go a long way in helping you understand how the chosen name really sounds. For instance, it should not sound like a tongue twister and be easy to pronounce.
Take your time
After you have shortlisted a few business name ideas, take some time to think about them. There is no need to make haste and pick one. Come back with a fresh perspective, and you may feel differently about the names you shortlisted at first.Think about how your business name will age
Once you have a business name in place, remember that it will stick for good. Therefore, do not choose a name that capitalises on a current trend. Think of a name that sounds sturdy, reads well, and will last the years.
Your business name represents not only your business idea but also you. Be creative but relevant. It is crucial that you invest time and resources when choosing a company name so that you get something which is unique and relevant but in line with existing government-mandated guidelines.
As a business owner, it helps to have access to the right financial products that can help you carry out operations seamlessly. HDFC Bank offers a range of financial solutions including Working Capital Loan, Business Loan, Letter of Credit, Credit Lines, and Bank Guarantee through MyBusiness. Reach out to us today for more information.
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*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. HDFC Bank recognises the challenges entrepreneurs face while acquiring capital. Thus, HDFC Bank has created MyBusiness, a one-stop solution that gives you easy access to loans, digital solutions and provides you with the essential knowledge you need to run your business. With HDFC Bank MyBusiness, you can scale up, expand your operations, and nurture your business.