What’s one thing every business has that already makes you feel a certain way about it before you even learn what the business does?
It can be the most powerful tool in a business’ arsenal, or it can be the poison that dooms the business before it ever really starts.
Today I want to show you two things: what is arguably the most important part of any business, and how to get yours perfectly right.
The simple fact that you’re a member of The Midas Legacy means that you likely have at least some small aspiration to start your own business (if you haven’t already).
And before you actually start your business, you need to focus intensely on the most important part of that business: the name.
That’s right- every business needs a name, and that name can do 1 of 3 things when we simplify it:
1. It can boost the business in some way to make it better.
2. It can basically have no affect on the business (which is still a negative in my book).
3. It can hinder the business, even to the point of total failure.
I want you to pick out the perfect name for your business, which is why I’m going to give you the 4 steps to getting it right…
1. Go for marketing
Marketing will make or break a lot of businesses, and the name of your business is the first shot at moving toward success in the marketing arena. For instance, if you’re planning on being listed in the Yellow Pages as a priority, perhaps naming the businesses something that starts with A, B, or C would earn you more exposure.
Think about where you will be marketing, and figure out how to best name your business accordingly. Obviously you’ll need to make sure you’re painting your business in a positive light.
2. Check out the competition
Researching what your potential competitors chose as names can be exceptionally enlightening. Firstly, you don’t want your name to be too close to another business’.
Secondly, you can look at what sort of names the successful companies in your field picked and compare them to the less-successful companies.
Finally, at the very least, looking at the names of other business will give you a few ideas by extrapolating on what those companies were going for.
3. Get creative
Once you have an idea of what you want your business’ name to convey, it’s time to get creative. Do what you need to do to get in the creative mood. Do you need silence? Do you need a certain type of music? Do you need to be in a certain place?
Do whatever it takes to get into that mode.
Then think hard about how you can be clever without being too clever, imaginative without being over the top, and concise without being boring.
The best advice I can give you in this regard is to not be too cute.
4. Cover your back
You definitely don’t want to receive a cease and desist order after finding the perfect name and starting your business with it. Make sure you check out whether or not the name you just picked out is available or trademarked.
Also make sure your new name doesn’t have any hidden negative connotations.
Your incredibly clever name may turn some people off just because they take it the wrong way, or something like that.
Just make sure you research each word in the name you choose, and ask tons of friends what they honestly think about the name.
