For some entrepreneurs, naming their business comes relatively easy. For others, it can be a daunting task. If only there were a big book of names as they have for babies - one where you can pick the first name that tickles your fancy.
But of course, it's not that simple.
Just because you like a name doesn't mean it's the right one to build your business around, or even that it's readily available. Bottom line is that choosing the right moniker takes careful consideration and should not be treated lightly, naming and branding experts say.
"A name is critical," notes Karl Barnhart, managing director of CoreBrand, a brand consulting firm in Manhattan. "It's the first thing that a prospect sees, and it establishes that immediate first impression."
With that in mind, he says, the name needs to be clear and concise, and not keep the consumer guessing.
"Large companies can spend billions of dollars educating the world about what their name means," Barnhart explains. "Small businesses don't have the luxury and time to explain their name."
Plus, experts say, it's better not to stray too far from the norm.
"Consumers are trained by their experience," explains Michael Barr, president of NameLab, a San Francisco-based brand development firm that has created such names as Acura, The Olive Garden and CompUSA.
Think about the names of your competitors, he suggests, and you may find they have similarities. For instance, dry cleaners tend to be named after an owner or defined by an adjective: Super Clean or Quick Clean, for example.
Ideally, you'd want to follow those leads, Barr says, unless you're doing something revolutionary - think Yahoo and Google.
"Yahoo and Google were trying something totally different, and they spent millions of dollars promoting themselves," he explains, but small businesses should avoid names that are "utterly devoid of any meaning."
Still, this doesn't mean you can't get creative. Barr is a big believer in coined names - fusions of two natural words or word fragments, like CompUSA and AutoZones. The consumer can easily identify what each company does, he says.
"Think about what you want to stand for, and think of words and phrases and symbols that might communicate that meaning," he suggests.
That's what entrepreneur Andrew Hazen tries to do when he names one of his businesses, which include Prime Visibility, a search engine optimization and Internet marketing firm, and QuotesDelivered.com, a price quoting service, both based in Bethpage.
"Your name should say what you do," notes Hazen, who likes to bounce his names off an informal focus group made up of family, friends and clients to gauge their reaction. That's always a good idea, notes Marcia Yudkin, president of NamedAtLast.com, a Goshen, Mass.- based naming firm. You want to make sure people understand your name, Yudkin says, so don't pick obscure or cute names that have meaning only to you.
Also, if your business is international, you need to check that the name doesn't translate into something offensive. And she suggests you come up with a couple of dozen names before deciding upon a final one.
After all, you may find that your first choice has already been trademarked by someone else or is not available in a dot-com form.
She advises picking up a phone book or newspaper to see what company names jump out at you, then thinking about what you like about them.
"Think about your own objectives and what image you want to reflect," she adds.
Hauppauge eatery owner John Robertson was looking for the image of being fun and unique when he chose the name The Sexy Salad.
"John's Salad Bar wouldn't conjure up the same image as The Sexy Salad," he says.
Be cautious about naming a company after yourself. If you retire or sell the business, the name may not make sense anymore, Barnhart notes. The same is true for pegging your name to a geographic location, which can be limiting if your business expands beyond its ZIP code.
You have to think about all these facets because in the end, the company name could become one of your greatest assets. At least, that's what real estate agent Jack Muratore hopes for.
He's planning to retire within a few years and has put his trademarked company name, Help- U-Buy AHome, along with its dot-com and logo on the market for $25,000.
"The name says everything," notes Muratore, an associate broker with Coach Realtors in Smithtown.
Can you say the same about yours?
