From The Desk of
Dr. Chudi Onyemeri,
Cocreator, The massive Profits Club,
Lagos, Nigeria.
Dear Noble Friend.
I believe you have been enjoying every of our messages to you. I want you to pay great attention to this article as it may be the most important letter you ever read.
One of the challenges most people make when they start a business is the choice of a business name. Naming a business is a lot like laying the cornerstone of a building. Once it's in place, the entire foundation and structure is aligned to that original stone. No matter how great a business is, an inappropriate or poorly-chosen name can have a negative impact on its success -- especially when first starting out.
On the other hand, a business name that is appealing and memorable can do wonders for a business's bottom line.
Some aspects of selecting a business name are subjective and reflect the personal wishes and preferences of the owner.
There are, however, some mistakes that business owners make in naming their establishments that just don't make good business sense. Avoid these and you'll be on the road to having a business name that will serve as a real asset and hopefully bring many profitable returns.
1. Getting stuck in alphabet soup
A business name that comes at the beginning of the alphabet can be a plus since many business listings are alphabetical; however, some businesses have taken this strategy to absurd levels. Phone book pages produce a staggering number of businesses starting with the letter A, a number of which are somewhat nonsensical: "AAAAA Locksmith" and "AAA Active Appliance." Other than another word that starts with the letter A, what purpose does the word "Active" serve? Using A, B, or C as the first letter of your business name can help get you an A+ in profits, but be sure the name is something that makes sense and is something you can be proud of.
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2. Using names that are too long, or difficult to understand, spell or pronounce
The idea is to get people to remember your business name and to be able to understand it, spell it and pronounce it. It should also be short enough to fit on a business card or display on a sign. I doubt the "Floccinaucinihilipilification Company" name would be easy to pass along by word-of-mouth or found readily in a phone book, directory or on the Net. It actually is a word that means "nonexistence" and that's probably what would happen to any business using it as their name; namely, no longer exist.
3. Picking business names that limit business growth
Choose a business name that is wide-ranging enough to give your business growing room. Never choose a name you will not use tommorow. Guard against making money today and not bee able to sustain it. There is no point in getting a temporary name.It is a sign of inconsistency to change a name in the course of the business progress. Don't mind those ad guys who say you should get into the dumb idea of re-branding.
For example, Ijesha Washing Machine is a limitation. But what happens if your business takes off and you'd like to expand the geographic area you cover or even go national? Unless you're sure you want to stay in one particular location, avoid using geography in your business name. The same goes for naming a business after one product or service: "Al's Refrigerator Repair Service's" name would need to change if Al decides to take on air-conditioner repair. Lastly, stay away from names that describe current fads or trends: When the new "Millennium Diner" opened in 1999, it sounded timely -- six year later, it sounds dated.
4. Letting the grey areas get you discouraged or immobilized
A business name should be one or more of the following: memorable, descriptive, imaginative or distinctive. How to go about this is where the "experts" disagree.
A good way to start is to write down key words that describe what your business is and does, and what you pride yourself on. Use a dictionary and thesaurus to find different words that express these things. Also look for famous expressions that might pertain to your business.
So, let's say "Mary" has a small business selling her delicious fruit tarts, and she considers herself to be the best at what she does. Mary names her business "Queen of Tarts" because: she loves the play on words, it expresses what her business is and does, and the word "queen" is perfect -- she's female and her thesaurus shows that "queen" also means "person of authority."
The following techniques of naming businesses are ones that naming pros both love and hate, depending on which pro you speak to. Review the following "bones of contention." It will be up to you to decide if any of these feel right for you and your business name. Keep in mind your target market, the key elements of your business and mission statement, and -- above all -- trust that feeling in your gut.
Alliteration: The repetition of the same sounds at the beginning of words
An example is our consulting firm RARE Coaching Company. It immediately tells you that you will get a rare coaching service. It does not have to sound too ambigiuos for you to pas the message. Coca-cola is in the cola category, those who gave it the name understood the power of not letting it become too far away from the average person. Coca-cola is a household name majorly because it stams itself in the cola category.
Lagos Business School is one memorable name. it stamps itself as something people can promoune with ease. Most of corporate businesses are in Lagos, what better name would you give it than Lagos Business School.
5. Making it too personal:
You've thought up 15 business names that are in the final running, and you think they're all pretty good. Now is the time to get some feedback. Run those names by some close colleagues, family and friends. You might be surprised at the number of things they bring to your attention that you've overlooked. A little constructive objectivity goes a long way when choosing a business name. The business is not yours alone, you need to involve members of your team if you are going to succeeed with the business, your team must participate or have a sense of ownership from the beginning. It does not mean you have to choose a name that comes from them, but that you will need to carry them along in the process
6. Failing to check if your chosen business names belong to another business
Before settling on a final name, you'll need to ensure that you won't be violating someone else's trademark rights to a particular business name. You want to avoid being forced to change your business name in the future and possibly paying money damages.If it's off, even just a bit, the rest of the building is off, and the misalignment becomes amplified. So if you have that gnawing sense that choosing a name for your new business is vitally important, you're right.
stay Rich and free
From your Billionaire Friend,
Chudi Onyemeri
Dr. Chudi Onyemeri cofounded and created a full-service coaching and consulting firm that shows how you can create a profitable business thatcan work without you in Nigeria. He can be reached at coachchudi@gmail.com
+2348030868300
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