What’s In a Name? Why Some Startup Names Can Lead to Failure
Fair or unfair, the name of your company is going to have a big impact on the way people view it, especially if it’s the first time people are hearing about it. A good name is part of making a good first impression, and it’s very hard to come back from a bad first impression.
So where exactly do people go wrong in naming their companies? Here are a few of the most common mistakes made by entrepreneurs when naming their business:
- Trying to be too clever. The temptation is always there to come up with some sort of snappy, hip name, but this is often a mistake. Your name should communicate something to your customers and should have some real sort of meaning or emotion behind it, rather than just being clever for the sake of being clever.
- Limiting your horizons. Many businesses start out as regional or local companies, and that’s fine. But as soon as you begin to conduct business online, you’ve taken a step toward entering the global marketplace. For example, if you put the name of your city or region in the name of your business, or if the name of your business in any way indicates that its products or services are specifically geared toward people of a certain area, you’re majorly limiting your potential to reach out to broad new audiences.
- Choosing names similar to existing companies. If you kick off your company by imitating another company’s name, all you’re doing is painting your new business as a knock-off to a larger competitor in the eyes of potential customers. Originality is your friend, especially when you’re just getting started and you need to find ways to differentiate your business from its competitors.
- Not considering the future. You don’t want to risk dating yourself with the name of your company. Consider how the future of your industry could evolve in the coming years. If there’s any chance that it could make your business name feel outdated at some point, you’ll want to make a change and opt for something that will be timeless.
Make a statement early by choosing a strong name with meaning behind it that sets you apart from your competitors. Contact us at Viral Solutions today for more tips as you prepare to launch.
by Christine Kelly
CEO and Queen Bee | Viral Solutions LLC