Why Your Business Name Can Kill Your Business Before It Starts
Business Name is as important as the business. Your business is what you call it.
I have decided to attend to this separately because, daily I see people making the mistake of giving their businesses unfitting and unprofessional names.
Most of the time, they arrive at these names out of sentiments. Agreed your spouse and children are important to you just as I also agree that your religion is important but so also is money.
You cannot function well in your mosque without money. Therefore, I advise you divest your religion from naming of your businesses.
I am saying this because I have seen Hallelujah primary school, I have seen Rise and shine bread, I have seen ModupeOluwa food canteen.
They all have their reasons for naming them as such but they are all out of context of professional business naming. They are just sentimental village people.
If I were deciding on a school to enroll my child, I would prefer a school named Future Leaders or The Achievers to one named Hallelujah even as I shout Hallelujah everyday as a Christian.
The last does not sound as if the owners know what they are doing. Similarly, I will prefer my wife does her hair at Exquisite Saloon to Iya Bolu beauty saloon.
The woman has named the saloon after her child for sentimental reasons. The Eleganza group belongs to Rasaq Okoya lineage, were their patriarch to name it after his sons he would have changed the name ten times over. It just does not gel, it is not businesslike.
There are basic things you have to bear in mind when naming a business. Some of them are
- It must be easy to remember
- It must be short
- It must reflect the business
- It must reflect the value the customer will get.
I will analyse two business names to make it clearer.
However, before that, you must understand that naming a business is never by accident even as I agree that the heavenly father may talk to you about it in your dream.
Naming a business is always planned. Some companies contract it out with large sum of money.
The Yorubas say, you act according to your name; this is also true in business. Now let us analyse the two business names.
ELEGANZA. Without doubt, this name for the business dynasty of the Okayas meets the four criteria’s.
It is easy to remember, it is short, just a word, it reflects the business, elegant biros and flasks and so on.
It is also saying customers will get elegant product and service. Good corporate name.
MR BIGGS. Another smart one. Short, easy to remember.
You unconsciously have a filling that it is nourishing because you immediately think of the consumer getting bigger even as the name is not Mr Big but Mr Biggs. Look around , you will see more examples.
HOW TO CHOOSE THE NAME.
Get 5 well thought out names as I discussed above and let at least 10 people rate them for you on a scale of 1 to 5.
For example if I like the first name best, I award five marks and one mark to the one I like least. At the end, you add the marks and use the one with the highest mark as your business name.
That is the simplest way to do it. Do not include your family members in your sample. They will naturally want to lean towards you and that will be biased.