Choosing a company name might be the most important choice that you will ever make. It can hurt, when you realize that you have been spending all your time and money, on building a company name, only to realize that you have hit the ceiling, and have to start from scratch.
Don’t limit yourself, by being too specific. You need to think of the bigger picture. You might start off, with only selling a specific product, but you will eventually need to grow and scale your company.
If you were starting a car sales business, it might be better, to not use the word “car”, in your company name. As much as this will help you with the selling of cars, this could also restrict you, in the growth of your company.
This is why you will find a lot of car sales company, using the words such as Motors, Auto, Dealership and etc. They are less specific, and the company is able to scale, and venture into more than just car sales.
If you owned a car sales business, you could reach a larger target market, by offering, more of a variety, such as rentals, commercial vehicles, trucks, pickups, or motorcycles. You could even venture into racing, custom-builds, performance or repairs.
For example, pick a name, like “Bolt”. It sounds awesome, right? This could be the name for any company. The name doesn’t say anything about the company. This name could mean, lightning bolt, electricity, mechanics, running, or a pet dog.
If you were starting a car sales company, it might be a nice name to use. The name should impact you in some way. You should feel something. The name should catch your attention, on an emotional, or subconscious level.
If you were looking for a car sales company, the name “Bolt”, just might catch your attention. The logo would need to stand out from your competition. And your tagline should envoke, or provoke the customer, to take action.
Your target market will change over time or could vary, due to a variety of factors, such as the demand, economy, technology, fashion, trends and etc.
At the end of the day, you need to put thought into your company name, unless you are prepared to go through the whole process again, when the time comes to adapt, and change with the times.
The best advice that I ever got in life, is that nothing lasts forever, and to appreciate something while it lasts. Don’t be afraid of change, and embrace it, but think before you tie yourself down.
Think long-term, where do you see yourself, or your company in 5 years from now, or 10 years from now. What the hell, where do you see yourself 50 years from now.
Welcome to the SME Workshop. My name is Wayne McConnell, and I get shit done. I’m not afraid of learning. I am a Multimedia Artist. I specialize in Graphic Design, Web Design, Online – Marketing, Advertising, Motivation, Inspiration, and whatever the future holds for me.
How can I help you?