Name a Business

How to name a business correctly is important in making it easy for potential customers to associate your products and/or services with your name. This is called branding.

Xerox was very successful in branding its product, so much so, that people still stay xerox a copy for me when they also mean make a photocopy.

The business name should be easy to say and easy to remember and be unique as possible. The branding phase will be created with effective marketing.

Your company should create a logo which sticks in consumers minds and readily identified with your products and services. The golden arches off the turnpikes are a welcome sight for hungry motorists who are craving a hamburger and fries.

Branding is a complex process and should be undertaken by trained specialists, assuming your business project has grandiose plans. As mentioned the branding begins with the business name.

Celebrities already have a brand name which can be used to endorse products and services. The risk with this type of marketing is the tarnishing of an image such as the case with Tiger Woods and Accenture who had to terminate their association due to the nature of their consulting business. On the other hand, Nike kept the association believing Woods would still succeed on the golf course. However, Woods golfing skills have not been up to his established standards at the time of writing this review.

How to name a business may not be as vital with a professional services company as most the of the new business is obtained from referrals and direct contact. However, most professional services firms still create a logo to ad a flair of branding. Over time the general public develop a level of trust in the brand name which becomes valuable in a future selling opportunity of the business.

Holding companies do not needs branding as their purpose is to hold investments including the shares of other corporations. The government registration number is used as the name of a lot of the holding companies. E.g. 12345678 Alberta Ltd could very well be a holding company. However, in some cases the legal name of a corporation is not the same as the trading name of the business. For example 12345678 Alberta Ltd could own and operate a boot company known as "Wild Buffalo Boots". The general public would not know the legal name of the business.

It is never too late to create branding for your business, however, the sooner the better.