Struggling to find that perfect title for your venture?
Jun 25 2012, 15:57 | By SME Mentor
Convey the nature of your business
The first step in naming one's start up is to create an image in your mind about the kind of product or services that you are about to sell. The name should convey the nature of the business that you are in. The idea is to provide clarity on what exactly you are offering through the name and make it appealing to your potential customers. The more descriptive the name is about the nature of the business the better it is. This will ensure that you have to put in the least amount of effort on your part to explain the nature of your venture. You can also be creative with the name as long as you think it will have an appeal with your target audience.
Short name with a universal appeal
In an attempt to be descriptive or creative, it is not a very good idea to choose a very long name. A long name is confusing and does not strike a chord with a potential customer. It is also important to come up with a name that has universal appeal and not just a localised recall. Pushpendra Mehta, CEO of entrepreneurial venture VCherish.com a publishing website that is targeted at young authors, says "The internet does not recognise any geographical boundaries. A business owner thus has to come up with a name that has a global appeal." For instance while naming his own publishing platform, Mehta wanted to target young writers and convey to them that here was a publisher that cared. Hence he came up with the word "cherish" that had a positive attribute, and made it relevant to the youth by adding "v" that had instant recall with youth the world over.
Help at hand
If you are at a loss yourself and cannot come up with an appropriate name for your business, ask for help! Bounce the idea of friends and acquaintances, and make use of the social networking websites. Chances are there are a lot of creative people in and around you who can help you come up with a name that is relevant. You may also want to take the opinion of some of your potential customers, whose inputs you are likely to value. This will help you to come up with a name that will go down well with your target audience.
If that does not sound like a good idea to you, you can also seek professional help. Advertising agencies are your best bet then. Unless you are flush with funds, do not seek the help of the biggest names in advertising. The smaller ones will serve you fine and give you at least 10 to 15 choices for a good name for your entrepreunial venture. What's more? It will not cost you the moon! "For all of a fee of anything that ranges between Rs 10,000 to Rs 20,000 you are likely to land up with some great names." Says Mehta. Out of these you can shortlist two to three names that pass all your criteria. To arrive at a final decision, spell out these names aloud and re-think whether it meets all the objectives that had been chalked out. Go with your gut feel on this one, and you won't go wrong!
Check for availability
Once you have decided upon an appropriate name you have to go the website of the ministry of corporate affairs (www.mca.gov.in) and check whether the name you have chosen is available for use. Once you get a green signal, you are good to go! Once you name is decided upon, charge ahead with all your enthusiasm to build a brand around the name. The naming of your company is the first step you will take as an entrepreneur, so feel proud about it!
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Jun 19 2013, 22:20
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