Are you building a business or a job? (part 1) The Name

Synergize Your BusinessIt feels the same when you’re in the start-up phase, but what you choose as your business name could be the difference between building a business or a job for yourself in the long rum. 

You spend lots of time thinking about a name for your business and you ask your friends, relatives and associates what they think.  Most of the people you seek advice from about your name or the concept for your business are not marketing professionals or business advisors, they are people who love and care about you and are just happy that you are so happy about this idea you’re going to launch.

You go to www.godaddy.com and see if you can secure the name as a dot com and if you can’t you might just choose to alter the name slightly to get it as a dot com or you add a suffix to it like va or roanoke or nrv or something so you can.  I’ve talked to countless people over the years that have searched the name, found that it was available, but instead of buying it for the lofty 10 bucks it would take to secure it, decided to think about it for a day or two only to return to the godaddy the following day to see that it was taken and it is now $1500 or more to purchase it.

I’ve worked with companies before that named their business something like Roanoke Car Repair (sorry if this is someone’s actual name of their business – I just pulled it right out of thin air) and then want to expand to another location 5 or 10 years down the road and the name that they’ve branded won’t really work in the new city they want to expand in.

My simple advice.  Begin with the end in mind.  Your business name is something that will cost you dearly to brand in the mind of your consumer and in your marketplace.  It will take you time and sometimes thousands of dollars to get people to remember your name, what you do, and why you are the best people to use for the products and services you sell.  Your business name is the one thing that you’ll keep and won’t change, probably, for the life of your business.  Take your time, get advice from a marketing professional and business consultant that has bought and sold companies and branded businesses.  Picking the right name for your business may seem simple, but it’s certainly not easy.

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