Research studies and surveys have found that if your SME has an appealing, unique, easy-to-recall and easy-to-pronounce name then it is effortless for your customers, investors and other stakeholders to remember your business entity. This can positively and significantly contribute to its consistent and long-term success. As such, the name of your business enterprise is vitally important and it definitely matters. However, finding the right business name may not be an easy task. So, let us now discuss how you can select the perfect name for your startup. First of all, you should always avoid choosing a name for your company that is already in use by some other business entity. Meanwhile, always try to keep the name of your SME short, simple and easy-to-spell.
Furthermore, the name you choose should never be limiting when your business expands, grows, diversifies or forays into new markets. For instance, if Amazon founder and CEO Jeff Bezos had selected OnlineBooks instead of Amazon as the name when he first launched his online bookstore, he would have found the said business name limiting when he later on expanded its product portfolio and started offering a broad spectrum of merchandise. Hence, you should always find an appropriate name that is scalable and can encompass future growth.
Moreover, since the name of your SME is going to be the first step towards creating a brand, you should always make sure that you select a name that resonates with your customers, investors and other stakeholders. The name of your business venture should also convey something that is meaningful and has positive relevance to your business operations, range of products or the services you offer. Doing so will not only ensure a good first impression for your business venture but also enable prospective customers and potential investors as well as other stakeholders to instantly understand what your business is all about.