You might not realise it yet, but a business name can impact your retail business positively or negatively. Every customer’s first port of call is the business name, even before contacting the business. The best way a customer can remember a retail business is the name, which can spark an instant connection.
Away from the customer, it would help if you put some thought into researching names for your retail outlet because plagiarism is a serious offence and choosing an already taken name can result in litigation for your business. Asides that, branding is an essential part of every business and your business name is integral for branding.
Understandably, you might find it hard choosing a suitable name for your retail outlet. Considering this, we have compiled actionable insights to help you navigate through the entire name-choosing process and coin the perfect one.
It’s a new business and starting simple is key. Not to worry, this isn’t the time for any complexities. Therefore, choosing your retail business name should be simple. The most important thing is that people need to remember your business name.
Statistically, it takes between five and seven contacts for the average customer to remember your business name. Choosing an intricate name only reduces the chances of people remembering the name of your retail business.
Avoid Names that Sound like Your Competitors
The plan is for your business name to be unique. If it sounds like your competitor’s, it defeats the purpose. Since your business is most likely limited to a particular jurisdiction, it could be confusing and that doesn’t bode well for your retail business.
Choose a Name You’re Likely to Use for Life
Yes, you’re just starting out. You should always think about the future, though. So many complications arise when you’re trying to change names in the future. It would help if you planned now. Avoid limiting your retail business name to a particular niche right now, just in case expansion is on the cards in the future.
Imagine what would have happened to Jeff Bezos if he had chosen a name like “MyWebBookStore” rather than “Amazon.”
Avoid Already-taken Names
The world has gone digital, and so should your business. The name you opt for should be a fresh one because you’d need a domain name soon. Taking a cue from an established retail business will do more harm than good because it means that your website name won’t be unique and easy for people to remember because of the potential additions.
To avoid this situation, you can check social media for your proposed names. Also, there are government agencies in charge of registering business names. For Nigerians, the Corporate Affairs Commission (CAC) oversees registering business names in Nigeria. For a token, you can use the Corporate Affairs Commission public search on its website. Once you find out the proposed name isn’t registered, you are good to go.
Evoke Emotions with Your Name
Have you ever wondered why many business names have nouns or adjectives that have powerful meanings? The idea is to connect with people. For example, it is common to see men’s body spray brands use words like gear, sports, etc.
The general idea is not to be general. The name needs to be more specific and thought-provoking.
Choose a Name that Resonates with Your Business
It’s not enough that your name is unique. How much does it relate to your retail business? It doesn’t matter if you’re going to own small retail outlets. Businesses tend to fare better when their business names resonate with their products offering.
You most likely know what you want your retail outlet known for. Therefore, your name must highlight it as well as quality.
Use Name Resources
Understandably, you might get stuck at some point. If you feel this way, don’t beat yourself over it. Rather, you can seek the help of resources set up just for this course. There are different websites that can help you generate business names. You can generate your business name and check domain availability all at once.
More specifically, you can get your company name based on your choice of theme.
Check with Friends or Branding Experts
You can make better, more informed decisions when you share your retail store name suggestions your friends or branding experts and ask for their honest opinions. Their replies will go a long way to help you make better decisions.