Is your name bad for business? The answer is, it is part of your business name then more than likely the answer is yes. Still not sure? Ask yourself, is your business under performing; is the revenue is not as high as you would like?
Take a moment to look at a list of businesses in your local area. Eliminate those who spend lots of money on advertising and then see ow many you can easily work out what they do just by looking at their logo. The reality is, you will not go past the name when scanning a list, so if there is no story to draw you in, the micro-second you have to attract a new client is gone before you have even begun.
Using your name for the business
When you are well-known in the community you are targeting, using your name can work as the business name. To be successful, you have to maintain your celebrity status and/or you have to back it up with a lot of advertising. If you are not already an identity and you don’t have a big budget for ads, then using your name can be a hindrance.
Celebrity status by the way, does not mean you have be on a Hollywood star. You can be a celebrity in your local area. That said, the days of the very localised businesses are mostly a thing of the past.
The first thing to be aware of is when you use your name; you are not doing much to tell the story of your business and what you do. For example, ‘Jones’ versus ‘Hats r Us’ - which one do you think is easier to promote? Of course, there is the compromise of ‘Jones Hat Emporium’. Again though, unless it is only ever going to be family or just you in the business, you are restricting your brand, because people will naturally want Jones.
You never know what the future brings for expansion, or if you sell the business. If you buy a business, you are coming from behind if someone else’s name is attached to it. My dad did that, and 25 years later people still called him by the name on the building.
In many senses, the name of a business can be the most difficult thing to change if you have been operating for a while. You may need a transition strategy (so you move slowly within a reasonable timeframe and budget), but getting your brand name right can pay long-term dividends.
It is also worth doing some online checks to make sure you can grab an appropriate domain name to use with your business. I was recently asked to write an article for GoDaddy, detailing the process for choosing a name, which you can check out here.
Don’t underestimate the value in seeking independent experts to assist with developing a brand name and all the elements which go with it, like tag-lines and graphics. You get what you pay for!
Be sure to minimise, if it truly is unavoidable, in committing this error. You'll be able to save your business' face and avoid spending too much time, and resources, for an inefficient branding. Remember to keep your brand name simple, contains the essence of your business and is bound to standout from the crowd. Keep in mind that your aim is to leave a lasting impression. Your aim is to leave a mark that people will remember your business by.
Businesses make mistakes
It is never too late to make a change to your business, particular when it comes to getting the basics right. Don’t rush it though and please seek some professional expertise.
Having the right business name is just one of 10 basic mistakes we have identified over the years. Download the ebook to find our not only what they are, but how to avoid them and in so doing, take your business to another level.