What is a Good Business Name
You are already set up to start a business but are still struggling to name your business. What is a good business name for your venture?
There are formulaic ways how to name a business and there is one simple rule how to make it good.
You planned of setting a business and appropriately you have put an investment in it and done your feasibility study and done also the business plan. Yet there is still something that needs to be done before you sail on the business ocean to reach your goal of financial abundance and success: the name of your business. The good question to ask is: what is a good business name?
If you are now wondering about a good business name, the straightforward answer to the question is there is no good business name in some sense. Yet, in spite of this unclear reality, there are some basic tricks on how you can name your business. It must be understood that a business name most likely will affect the success or failure of your business so naming your business should be taken with lots of seriousness and consideration.
Before we can define a good business name, let us first see how you can name your business:
Naming a Business
There are basically four known types of how you can give your business a name and each one of them can answer for you what is a good business name. First you can name your business using your personal name. Example of this type is LL Bean and McDonalds. Another way of naming a business is through description. Example of this is International Business Machine (IBM), Kentucky Fried Chicken (KFC). The next one is through combined business name. You can mix your name with the descriptive means like Ford Motors Company (Ford being the surname of the owner) and Dell Computer (Dell from Michael Dell). The last type of giving your business a name is through branding. Just pick a word and then make it as your company’s name. A good example of this is Google.
Your Business Name Reflects Your Business
As we have already enumerated the four major types of how to give your business a name, the question of what is a good business name is still tricky. Your business name, as been mentioned earlier, can make or break your business. A good tip is your business name should reflect what kind of business you have. If somebody heard or read your company’s name one should at least have an idea what are you selling.
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