How to Name Your Business: CoLab Market
Markets are a great opportunity for vendors. Whether you are trying out a new idea, or you have an established business and are looking to build on your brand, CoLab Market is for you! Markets are a unique way to engage directly with your customers and let them know about what you offer. You might not make every sale, but by letting someone know about the products and services you offer, you are building your customer base and growing your business.
In order to set yourself up for success, we have put together tips on how you can make the best out of your market experience.
The name of your business is an essential part of your brand. Finding a name, however, can be challenging. It can be overwhelming to feel like you have to sum up the entirety of your business in a one or two words. You’ll want a name that is meaningful to you, while resonating with your target market. Here are a few exercises you can do to help you come up with a name for your business.
Ask yourself a few questions to start off:
What do you want your business name to communicate to your customers?
Are there any key words you want to include (your name, a geographical region, a significant date, etc.)?
What brand names do you personally like and why?
It can be helpful to have some guidelines to follow while coming up with your business name. Here are some tips we hope you find helpful:
You can increase brand recognition by having a name that is easy to spell, say, and remember.
Don’t chose a name that will limit your future business growth. You may want to expand your offerings in the future, so leave the door open for this growth.
The name of your business doesn’t have to convey an obvious meaning but it should resonate with your audience.
Here are a few brainstorming activities you can do to come up with your business name:
Write down these three things: your type of business, a word you want to have in the name, and how you would describe your brand.
Write down a list of words you think of when thinking of your business.
Write down words associated with your product or service. Then, remove the end of the last syllables of the first word and the beginning syllables of the second word. Write it down on paper and scan it once with your eyes. Is your invented word unsightly, or does it have character?
Play around with the spelling of the name and see what you can come up with.
When you’ve come up with a name, try it out:
Use your name in sentences and speak about it with your friends and family. Does it roll off the tongue?
Does it sound good in conversation, for video or audio recordings down the road?
Get honest feedback and suggestions to get further inspiration or rethink your name choice.
You want your business name to be on the tip of everyone’s tongue, so it should be snappy and memorable without requiring an explanation.
While it can be difficult to hear negative opinions, it is important at this stage to be open to honest feedback.
Check to see if the name is available:
Make sure that you can take ownership of your chosen business name and that it’s not already being used by another company.
Do research to check if the business name has already been taken. Complete internet, social media, and google maps searches.
Check to see if the domain is available on registration sites when you’re ready to secure it, especially the .com option. If it is, register your domain name.
Let the idea sit overnight or even for a few weeks before making your business name official.
Remember that changing it later on - in legal documents and branding assets - will be a lot more complex than doing it right now.
Congratulations on taking the important step of coming up with a business name! This is an important and challenging step in creating your brand creation. And it is essential to have a business name before moving onto the next step of how to package and label your products.