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Picking up a name that defines your core value or portrays the image you want to put forth is a good move.
A good brand name should have following characteristics:
Starting a new business takes energy, passion and courage. You’ve written your business plan, or at least the one page version of the Business Canvas, you’ve talked to some potential clients and other small business owners in a similar field and you’re ready to go for it. The only thing missing? A name.
We're going to give you some ideas on how to name your small business by looking at some of the most well-known brands from around the world.
Try using the first letter of every word in a phrase or parts of words or names. Some real world examples are AOL (America Online), BBC (British Broadcasting Corporation) and BENQ (Bringing Enjoyment and Quality to life).
If you think of your business, what is the one word, or pair of words that could describe what the business does best? Now write all your options on a piece of paper and visualize your new logo or a banner with your new name on it. An example of a brand using this technique is the supermarket chain 7-Eleven, where the name tells you straight away what’s special about this business: it’s open from seven in the morning to eleven at the night, every day.
A good business name can make your customers remember you easily, it could mean free publicity or it could help you and your future employees to remember why you’re doing what you’re doing. There are specialized naming companies that charge thousands of dollars for finding a name that’s new, trendy, industry-wise, memorable and isn’t trademarked. However, if you are starting a small business, you might have other priorities and a budget that doesn’t allow you to spend that money on a name.