One of the most important aspects of starting a business is giving it the right name. Remember when technology company Apple (it’s all in the name) released the iPhone a couple of years ago? How loud were those collective “that’s catchy” mutterings that reverberated across all corners of the globe? Deafening! Since that nifty gadget came into the market, many businesses and products have popped up bearing similar names.
South Africa has not missed the boat either and we’ve seen quite a number of budding entrepreneurs following in the gold-plated heels of the technology giant, on Den Dragons’ Den. iWipe, anyone? Sounds funny, but it does grab your attention.
Here are seven things to consider when determining a name for your business, as seen on Entrepreneur.com:
1. The name needs to sound good when it’s said aloud. Alliteration is key. You will never go wrong using words that start with the same consonant, Coca-Cola or Jimmy John’s. Just make sure to say it aloud – a lot – and make sure this isn’t a “she sells seashells on the seashore” situation. People need to say the name on the radio, a video or in conversation.
2. Use a name that has meaning to it and conveys a benefit. Also make sure the name isn’t too generic. Most importantly, don’t try to be everything to everybody with your name.
3. Avoid Web 2.0-ish syndrome. Do you spell Flickr with an “er” or not? Think about it. This sort of mildly dyslexic spelling is definitely last decade. Potential customers for your new venture of “Computer4You” should be able to easily look up the name, and they shouldn’t be asking whether a “you” is a “u.”
4. Beware initials. They are so boring. Yes, IBM and 3M have gotten away with initials, but these are multibillion-dollar corporations that have been around for decades. You can do the same when you’ve brought in billions over a hundred years. Until then, rely on a name that is interesting.
5. Make sure you can trademark the name. Depending on how big you want to build the brand, this is an important consideration.
6. If you really want to get advanced, try to come up with a name that could be eventually used as a verb, or lends itself to the creation of your own “language.” People who go to TED, the conference for Tech, Education and Design, now call themselves “TEDsters.” Think it through, and your name will be a multiplier in your favor.
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