You’ve decided to create a startup. Congratulations! You’re about to embark on a journey that bears the potential for vast rewards. One of the first steps is choosing a corporate handle. While making a decision may appear simple, a decent choice requires attention to some critical concerns. Here are a few that deserve mulling over before commissioning signage.
Simplicity
A primary goal for every business owner is earning a chunk of the public’s mindshare. Having a snappy moniker that’s easy to remember facilitates this objective. Refrain from made-up words that are difficult to pronounce. You also want a name that quickly communicates what it is you’re selling. Simple language immediately lets the world know the purpose of an organization. Customers are more likely to forget anything obtuse that bears too many vowels or consonants, so avoid such awkward constructs. Some surnames present a similar pitfall, as they’re occasionally difficult to pronounce and spell.
Originality
To triumph over competitors, you must stand out. The name you pick should be unique from your rivals. Sporting something too similar leaves the impression that you’re no more than a subpar imitator. It can also create confusion in the marketplace. Such a problem could even lead to a lawsuit that triggers the wrong type of publicity.
Scalability
Every small business owner needs to prepare for a rosy future. While it’s possible profits may be slow to develop, the opposite could be true. You might experience an explosion of customers that brings unexpected demands. Meeting new desires could prove rewarding, yet pursuing such a path might further mean the corporate mission you’ve been following has to change. It’s a massive setback to be forced into undertaking a companywide rebrand. Choose something that encompasses a wide array of products and services that fits whichever direction your business model grows.
Availability
Before moving forward, perform an availability check. Another venture may have already trademarked what you want. Once you’ve cleared that legal hurdle, confirm that a fitting online domain is still up for purchase. Domain squatters like to scoop up URLs in hopes of reselling them to the highest bidder. It may be preferable to head in another direction rather than negotiate with opportunists of this nature.
Building a startup is sure to be a thrilling adventure. Despite this, the road that entrepreneurs must follow is full of pitfalls. Setting oneself up for success begins with the perfect name. Keep these concerns in mind when crafting your brand.
