There are many things that hopeful entrepreneurs have to think about when they’re first starting up their small businesses, and that obviously includes thinking of a name for their companies. However, experts say that these days, the importance of thinking of a good name is even greater because of how many things will be affected by such a decision.
While it might be tempting for the average person starting up a small business to keep the name as simple as possible – perhaps like their names plus what their company does, such as “Smith Plumbing” – this might not always be the best idea, according to a report from USA Today. Uniqueness is often vital to selecting a name these days for a number of reasons, including the fact that choosing a website and logo is becoming far more important. Many of the common website names – such as, to use the previous example www.smithplumbing.com – are likely to be taken, and owners should try to avoid making their sites’ URLs any longer than they need to be. It’s very common to see small business websites that are 30 characters long, and that’s not ideal for those hoping to make an impression on consumers.
Moreover, owners will need to pick a name that stands out from the crowd of competitors they’ll see in their local markets, the report said. This will be vital for companies when they’re just starting out, especially, because the ability to attract potential customers away from well-established companies in their areas (and beyond) is the best way to get their feet under them. It might also be wise at this time to incorporate the unique and brief business name into a logo and other art that will likewise help them stand out.
Further, it’s important to make sure that there are no other companies with that name, or anything similar, which may result in some sort of legal action, the report said. Avoiding this potential issue when a business is just starting up is obviously important as well.
Owners hoping to get a good jump start for their new companies may want to think about they can keep some necessary costs, such as small business insurance, as low as possible. The added flexibility affordable general liability insurance and the like can provide may go a long way to helping them build a more secure foundation for future success.