Starting a company Part three: Choosing the right company name

This is one of the most enjoyable and fun parts of planning your company. Your name is the image that your company projects and the first point of call for a customer. Good or bad, it’ll be what draws customers to you or turn them away to competitors.

Follow these five tips to naming your company:

  1. Make it brief
  2. Create a positive image
  3. Create visual appeal
  4. Be consistent
  5. Be unique

Draw up a list of preferred choices and test them out on others, your name should tell people what you sell.

Name as part of your branding strategy

Your name should be distinct and so should your company identity, people purchase based on perception and what they think of the brand. What customers perceive your product/service to be affects their buying decision more than the actual value. Therefore it should represent your company’s personality and the values your brand stands for.

When people first encounter your brand in the initial stages of the buying process, you only have a limited amount of time to capture their attention. If you succeed you’ll escalate to the next stage of their decision, failure to do this means losing a customer to competitors.

Consumer purchase flowchart

Creating a company website

According to the Office of National Statistics £6.6billion is spent online by UK shoppers every week. Despite this, 40-50 per cent of UK’s SME’s don’t have a website. The world is your oyster after you get your company online; you’re no longer restricted by your location or opening hours.

There are lots of benefits of getting your company online especially with the increasing amount of DIY websites making it easier and cheaper than ever to create your own website. Even if you’re not selling online, customers will be able to pull you up in a search and research your company to create interest whilst deciding whether to buy from you.

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