Naming any business can be a tough process. There are a lot of things to consider before you can decide on one, or before coming up with one. Among these things are the following:
- company goals
- mission and vision
- business products or services
- personality or characteristics
- the kind of business you are in
In naming your consulting business, you have to consider the things above. Aside from these things, you should be able to identify what specific area in consultancy are you offering to your clients. Are you offering business consultancy, financial planning, or portfolio management?
Here are 5 Tips in Naming Your Consulting Business:
1) Give your target market an idea.
Oftentimes, business owners choose names which are unique to make it unforgettable. There is nothing wrong with choosing a unique name, however, do not make it too difficult to even remember. If ever you choose a name, it is better that you choose something which gives your target market an idea of what you do and offer as a consulting business. For example, you are in to Portfolio or Fund Management, hence you can name your business with something like, “Funded Solutions”. It will give a message to your potential clients that you are offering consultancy services regarding fund management.
2) Use metaphors.
Most consulting businesses have personal names or family names as its own business name. This is recommended only if your business plans do not include welcoming in new partners or business ventures with some people outside your family. Do you think your partner would be comfortable if he or she will be a co-owner of “Milton Consultancy” even if his or her family name is Edwards? That would definitely feel awkward and strange. Thus, it is more advisable to consider metaphors. What do you want your consultancy company to be known for? If you want to be known as a strong consultancy company which delivers fast solutions, then you can go for a name like, “Iron Swift Solutions” or “Speedrock Consulting Group”.
3) Focus on your strength or your area of expertise.
If you are an expert in financial matters, instead of using the tip in No. 1, you can highlight the fact that you are well-versed in the area of finance. You can use a name like “Money Master Solutions”, or something like “Fund Solver Consulting”. These are only suggestions. Know your expertise or the key attribute in your business and incorporate it in your business name.
4) Keep it short, simple and sensible.
The shorter the name, the easier it is to remember. Avoid too many words. Limit 2-3 words in the name, if possible. If ever you will have a long name, make sure it is simple enough to remember. Preferably, choose a name that has meaning or has a sense. You can consider non-sense words, however, make sure to counter the name’s weakness by your quality service and all the marketing processes you have to go through should be able to send out the right message to potential clients. Choosing names which don’t make sense is too risky.
5) Test your potential clients.
Seek help from other people, especially your potential clients. Test the effect the name has on them. For example, if your target market are people building small businesses, then go to a forum or an online group where small business owners interact. Ask them questions and see how they perceive the name you chose for your consulting business. Consider their comments but learn to be open-minded and accept constructive criticisms. Always remember, you are doing it for your business and not to just boost your ego.