Launching a successful business is every entrepreneur’s dream, but it’s not an uncommon one. In 2022, there were approximately 333 million small-medium enterprises (SMEs) across the globe. Moreover, over 417 thousand new business applications were filed in the US during the last quarter of the year. It goes without saying of course that you’ll need far more than capital and a dream to ensure your business recognizes sufficient revenue and profitability over time. You also may want to leverage innovative technology to assist in one of the most basic tasks right at the beginning – deciding on the name of your company.
Here’s how a business name generator can help:
- Good Start to the Business
The first five years can be critical to any SME. In the first year alone, you want to ensure that you’re focusing on developing a good business plan. Investopedia elaborates on the elements of a business plan such as executive summaries, products and services, market analysis, marketing strategy, and revenue projections. Of course, an obvious and essential ingredient of good marketing is a name for the business that is memorable, meaningful, and offers the potential to build brand equity over time. A business name generator is a tool that will come in handy during this process earlier on.
- Helps Avoid Legal Issues
Knowing how to navigate copyrights, trademarks, and state registration is crucial in keeping your business out of trouble. Foregoing these rules can even lead to damages, a tarnished reputation, and even financial loss for your business. An unfortunate “battle over brand” with some other company can also become a huge distraction. By using a business name generator, you can create a business name that enables sufficient uniqueness and steers clear of unfortunate commonality or overlap. You can then apply for a trademark for yourself.
- Adds Color, Uniqueness and Flair
In addition to the previous point, it helps to have a business name that’s unique – but still simple, clever, or elegant enough to encourage brand recall. For example, the business name generator at Namechk works by simply taking the keywords you input and giving you suggestions at the click of a button. If your team is struggling to think of a business name, this is a great way to get your creative juices flowing.
- Raises Discoverability
Your discoverability is directly linked to your business’s external face vis a vis the market. This doesn’t just apply to sales, but also to making various connections in the industry. In our article on “The Value of Angel Investors”, we highlight how most of them have a professional network that enables them to find enterprises with potential. Having a striking, clever, and/or memorable name becomes an asset, perhaps even one that can tip the balance in attracting support from customers, partners, or even investors.
- Avoids Unnecessary Costs
For most new businesses, money is a very limited resource. Keeping costs low is critically important and helps your business survive even with highly adverse changes in economic conditions. Fortunately, there are lots of free tools online that you can utilize for your business needs. Besides business name generators (versus expensive “branding” projects with marketing services firms), there are also free website hosting platforms, app builders, and the like.
- Social Media Benefits
Having a social media presence has become a non-negotiable for most businesses. According to an SME and social media guide by BusinessNewsDaily, platforms like Facebook, Instagram, and TikTok enable businesses to gain customers and engage with them more effectively. That said, having a unique and relevant business name will help establish your overall identity and branding on social media.
- Aligns the Company and the Enterprise
Finally, your business name serves as the initial connection between your company and your market. Therefore, you should make sure that your business name can adequately communicate the company’s values and purpose. Although this can be a bit difficult to accomplish given that a name often consists of a few words, a business name generator can definitely provide helpful insight and may lead to a breakthrough idea.
There is no standard formula for naming a business, which can be quite daunting to any beginner entrepreneur. But as long as it’s an accessible name that reflects your company’s identity and purpose, you’re on the right track.
About Scale Finance
Scale Finance LLC (www.scalefinance.com) provides contract CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, business valuations, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 130 companies throughout the region.