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Choosing a company name………….

Does it really matter what you name your company? Does anyone really pay attention to a name?

When a new business is started it needs to differentiate itself. Its growth and survival, to a large degree, is based on being the first in a new category. Initially the name does not play a significant role. But things will change.

As an example, my wife still buys Kleenex tissue. Kleenex differentiated itself with the packaging of the tissue, and the ease of pulling one out of the box. Over the years the packaging technique has been duplicated by other firms, but people still as for a  Kleenex when they need a tissue. The major difference between the original brand and duplicates on the market is the name. Although the differences are gone, my wife still buys the box with the Kleenex name printed on it.

The name becomes your brand. All marketing efforts are nothing more than positioning your name in the minds of consumers. Future selling will be easier if your name is a recognized brand.

There is very little written on how to select a company name. Some firms want their name to start with an “A” so they can be first in the yellow pages, remember those? Others name their businesses after their children and some want their own name used such as “Dave’s plumbing”. A good place to start the name selection process is by reading the yellow pages. There are long names, unpronounceable names and mostly unrecognizable names.

A business name, just like the business product or service, should be unique; it should be short and pronounceable.

Don’t try to tell everything about your company in your business name. Let your marketing efforts “dress” and define what your name stands for.

The only limit to your impact is your imagination and commitment.                      Anthony Robbins

Nick J. Petra CFP                    

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