Every entrepreneur knows the hard truth that most startups fail. Every coach, consultant, and guru out there has a unique (sometimes secret) formula for making startups successful. The number of blogs written on this topic are endless. So let’s not go down that road yet again.
Instead, let’s hone in on one hurdle that every startup must address. A single decision that certainly will not ensure your success—but those who do not do this right take a big step toward being one of the many failed startups.
If choosing a great name for your business seems trivial, you’re not alone. Many entrepreneurs wonder if it’s really that important to have a great name. The answer is yes.
Two Concrete Reasons a Name Matters
Reason One: A name that is evocative will stand out and catch people’s attention. In many circumstances this can have the real result of driving people to your business and away from your competition. Take for example a situation where dozens, if not hundreds, of people search “Location Restaurants.” A great name will catch people’s attention and result in more full tables.
Reason Two: When it comes to a business, the first impression usually comes from the name, the logo, and the tagline. While you can overcome a poor first impression, the truth is that your customers will remember their first experience with you for years to come. It’s much easier (and cheaper) just to do it right in the first place, and this means delivering an on-brand first impression with a great name, tagline, and logo.
For most business owners developing a great name is very difficult. Most entrepreneurs don’t have a process—they don’t know where to start, what steps to follow, and they are anxious about missing something along the way. Probably, the most devastating consequence of a bad name choice is a Cease and Desist Letter. And this can be a showstopper.
A great name has five very important characteristics (it is easy to say, spell, and remember; it is evocative; and contextually relevant), and it passes three critical litmus tests. Learn more in our Free eBook.