By nothingbutnet, Jun 7 2019 02:46AM
What’s in a business name?
Well, there are many companies out there with a wide variety of names, many of the stranger names have become quite established over time. It’s highly likely that if a new business was to use one of these stranger names in the modern setting, they’d have a hard time building a recognisable brand name.
Let's explore this concept I’m putting to you now..
Look at Jim’s mowing for example, how many “Name/Service” businesses do you see popping up everywhere around you, now? This is a perfect example in fact, as it’s seen many copycat businesses, trying their hand at getting big through such a simple idea. However, for something so personal (At least to the owner), it’s very hard to establish your brand name. Especially without a solid marketing knowledge, which is the BIGGEST aspect in any business being recognised. Jim’s was in no way the first, but, you’ve gotta give it to him, he’s built a huge national brand, that works well, even though he’s overly saturated all his franchisees against each other.
McDonalds is another great example, can you imagine if that was created in the modern day setting? I can almost guarantee without a proper marketing budget behind it, that it would 100% flop! The only reason it has any pull, is because it’s been around and popular, longer than its most loyal customers have been alive. If it was an entrepreneur bringing out a systemized fast food chain now… it would not stand out in any way.
I mean, it’s not exactly gourmet and most definitely nutritionally dead junk food (with the exception of a preserved pickle), it’s by no means something good for you, in any way. Which is truly a testament to how they have positioned themselves within the market. The inventors of a systematic approach to fast food, which is going to be appealing to any hungry folks.
Despite not being a fan at all, I wholeheartedly respect Apple for their name and how they’ve positioned themselves as a world leading company. Back before having a good simple brand name was cool, they rocked it, and they fought like hell to rock it!
If they were to start up what they do in this modern time, nothing would be different, and with their name alone, it’s highly likely they’d rise in a similar way to where they already have, assuming they were to bring out leading tech, in the way they have in the past.
If still don’t you get the gist of what I mean, I’ll break it down now.
When you name your small business, you have to think of many many things. Firstly, where do you want the business to go? Is it to be a world wide brand, or is it to be your local fix it guy?
If you want to build a business up to sell, as an example, you should not use your surname (unless your surname is extremely awesome - in everybody else's eyes!) As it straight up limits your options. If you have a specific service and don’t foresee any expansion on the service, then sure, use the service as part of your name. But if you plan on keeping it open to further development in the future, keep it open.
For example, let's look at some up and coming small businesses, I scouted out on the web..
The Handyman Co, is a trade related business, that doesn’t focus on any specific niche, it’s name suggests that it could easily be successful in any geographical location doing all kinds of trade work. Handyman is a very open ended trade and is used by many for all kinds of specific trade jobs, from deckings to bathrooms, so in the modern day setting, this can work very well.
Another naming example is “Melbourne’s Cheapest Cars”. They’ve used a location, detail and their service as their whole name. This creates some kind of challenge with the business marketing, as each location you start at, will need to build up it’s own name when it grows. Sure, the systems and network all link in together, which is great, but from a marketing viewpoint, it’s kind of a kick in the balls. They no doubt are doing very well, but the question I ask is, could choosing a more appropriate name have been more beneficial? Or maybe choosing the location based name was the best option.
In conclusion, don’t just jump on the first name that pops into your head, think about where your business is to go, and name accordingly. If you want to be the best, your name has to reflect the best, whether in the name or in the presentation.