We know for a fact that choosing a name for your business can be very difficult. It needs careful thinking and consideration because it is a very crucial stage in building your business. However, choosing the right name for your finance company can even be more difficult. The industry can be very formal, thus, one thing to keep in mind is that you come up with a name that fits the formal aura of the business, yet, make sure that it still brings out the personality you want to portray.
How do you choose the finance company name that will attract your target clients? There is no specific way in naming your business that will make it attractive to your target market. There are ways and means to do that, but you have to choose what’s best for you and what’s most comfortable for you to use.
Choose a naming strategy. There are different ways in choosing a business name.
Combination of words
In choosing a name for your finance company, you can combine words which you think best describes your business and what it does. Effective finance company names usually make up 3-4 words. These words can either describe your services, what you do best, your goals and vision. (Examples: Leverage Financial Services and Excellence Finance Management Consulting)
What kind of emotion do you want your clients to experience? Do you want them to feel secure in your services? Do you want them to give their full trust? Example of words you can use are: Trust, Security, Secure, Confidential, and Right. Insert positive word/words in the name you are choosing. In running a finance business, you need to make your clients feel that you are trustworthy of the information that they will be giving to you regarding finances and financial management.
Related or Keywords
You can also opt to choose a name which is related to your business. Find keywords which are most sought for by your potential clients in looking for the services you offer. Examples of these related words are keywords are: Financial, Finance Management, Money, Fund Manager, Funds, and Financial.
In this strategy, you choose any word/words that appeals to you or describes your business. You can play with words and combine them to make one word. (Examples: FinancePro, FundConsult, and MoneyTech)
Loud and Clear
Choose a name which is clear enough that when you say it aloud, it wouldn’t require any extra effort from you to make other people understand what you are saying. The name should be easily pronounced and can be disseminated easily to other people without writing on a piece of paper. Do not forget the basic rule in choosing a business name, it should be memorable.
Things to Avoid
There are trends in naming a financial company which may be effective to existing businesses, but not advisable, especially for thriving startups.
Personal Names or Family Names
Unless you have already established a name or your family name is good to go for 50 years, then there is no problem in using your personal or family name for your finance business. The disadvantage of this strategy is when you welcome partners in your business or capital investors. For example, Richardson Finance Group is awkward for your partner whose family name is Watson.
Using initials may sound professional. RNF, BLG – these may have meanings to associate with each letter. But it is meaningless to many people. You may right away know what it stands for, but for other people, it is simply a group of letters which may mean something – something they don’t initially and right away know. Business names either attract and invite potential clients or they leave these potential clients uninterested. A meaningless name at first hearing wouldn’t be so encouraging to people outside your company, unlike if you use something like, Leverage Finance Management Consulting.
Being specific in your target market is great! But being too specific in your finance company name can be a disadvantage. Let’s say you specialize in managing portfolios and funds, so you would name your company, Advantage Portfolio Management. But what if you offer other services? Or if not currently, what if you are planning to expand on your services by adding other services related to finance? Being too specific is perfect only if you do not have any plans of expansion.
You can look for name ideas by researching on your favorite businesses, especially those related to finance. Find out how they named their business. Look into the history of successful firm names. You never know when you can use the same strategy.