how to find your niche

The perfect company name

Finding a name for your company that will satisfy you throughout your whole business career is hard, therefore this article will give you some guidelines on how to end up with the perfect name for your new company.

First we are going to start with a couple of mistakes entrepreneurs make so often when choosing a name:

1. A name needs to be flashy and catchy, use your imagination don’t use words that never stand out they won’t be remembered. Also don’t make the name too long, it will lose it’s catchyness.

2. The name should not be able to outgrow your business. For example using the name “Printers&Co” while selling printers, but eventually you decide to also start selling laptops. You have to change your name because your target market just became broader and therefore you have to start most of your marketing all over again which is literally throwing away your money.

3. Keep in mind that company names don’t always have to say something about the products or services you are selling, some of the most successful business names are fictional ones, think of Skype, Yahoo, Google, Twitter, etc. It should be a name, a brand, and not literally a description of what you sell, for example computer consulting company.

4. Don’t use words that are rarely used within your language (unless you have a fictional name). But for example don’t use complicated Latin words that tell something about your business when you translate them to English. People need to be able to easily remember the name or you lose sales.

5. Don’t add a geographical location to your name unless you only want to target customers from that region, and that region only. As soon as somebody sees a company that’s called New York Heating nobody outside New York will place an order, even though they not necessarily sell heating only in New York.

Now let’s talk about the things that a good company name should have

There are so many good company names already taken, but trust me there are still thousands of good company names out there. But what are the characteristics of a good company name?:

One of the most important things is that the name should be easy to pronounce, easy to remember, and easy to spell. The name should also be catchy, trendy and unique. All together is should be compelling to your target market, because that are your potential customers.

So you finally thought of a good name, at least that’s what you think…

You have to be sure the name you thought of is going to last. Therefore there are couple of guidelines you should follow before you start using the name.

1. You should check if there is a corresponding domain name available.

2. Sleep over it. Does the name still sounds so appealing as yesterday?

3. Ask you friends and family what they think about it, but don’t let them get you off the right track because some people are very good at making up pretty miserable names.

4. Check if the name is not already taken by other companies in your niche. Is it trademarked already?

Mistakes often made by companies that chose the wrong name

Two words: Change it! If you feel you’ve made the wrong decision by choosing a dull company name, change it as fast as you can. Your company name might make people think of other products or services, so they link your name to the wrong objects. It’s best to change the name in an early stadium, because promotion (marketing) is important for a company’s existence and by promoting a name you are not satisfied with won’t make things better. When the name is right your confidence level will boost.

What if I want some good ideas for a good company name?

These days there are a lot of specialized companies that will develop a brand for you, they research your market, write reports, make benchmarks, analyze the competitors in your niche, etc. The disadvantage is that all this costs you a lot of money, it will easily cost you between $1000 – $35,000. For starting entrepreneurs this is a lot of money and you should be crazy to spend this much money before even starting your business.

What if you simply want some professional idea’s for a good company name? Go to http://www.frozenlemons.com

Frozen Lemons is a company that knows all the rules on picking the perfect company name. You send them all relevant information about your company, your email, and your name, and within 24 hours they will send you an email with 2 alternatives for naming your company and this for only €15. This is way less than you pay the naming firms and you are assured of a good company name.

Got your name? Remember sleep over it.

Good luck finding the right name.

Bob Stolk
http://www.frozenlemons.com

STARTING A SMALL BUSINESS? How to Find Your Niche, Part 1


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