Lesson 3: Name, Logo, Business Cards, Letterhead, Website
What's in a name?
The name you give your business is one of the most important decisions you'll have to make. Or is it? Let's have a look at some successful corporations:
- IBM, used to be International Business Machines. Not really very catchy but nice and vague which let them switch their business when they needed to. Definitely not the reason for their success but note that they've appropriated the colour blue.
- General Motors, another lack-luster name and a successful company. Like IBM has mostly changed to using initials - GM, probably because the original name is not that great.
- MacDonald's, Scottish, doesn't really say hamburger.
- Esso - Exxon have certainly screwed around with a funny name which says nothing.
- Microsoft, catchy, relevant, appropriate although it doesn't really convey good value.
So companies can be successful despite having quite ordinary, uninspired names. On the other hand, choose a name which is wrong, unpleasant or ridiculous and you might as well close shop. What you need is a good, basic name and you want to err on the side of caution. Unless your catchy name sounds 100% perfect and everyone you talk to agrees, go with something less original but solid.
Now put yourself in your customer's place. What he wants is something easy to remember so that he can look you up in the telephone book or on the Internet if he needs you. He wants something straightforward which includes either your name or what you do.
Do some brainstorming - list all the words you can think of which relate to your business: your name, what you will be doing and why people should buy from you. Combine them in as many ways as possible and try to come up with a whole bunch of possible business names that way.
Put yourself in your customer's place - and I mean imagine yourself living in the house of a typical customer, having his job, driving his car etc. Now imagine that he gets a letter from or sees an ad for a company with one of the names you've come up with. Will his reaction be positive? Review all your names this way and try to narrow it down to six or so possible names which will also be acceptable to you.
Then field test your choices. Ask people you know and trust who are similar to your typical customer what they think of your choices. Try to find a pattern and then make your decision. By the way, this is a perfect opportunity to start publicizing your business - choose an occasion when you won't be rushed and give the people you're asking some details on what you're planning. Tell them you'll let them know when you're ready and would appreciate it if they told their friends about you. You're becoming a small business owner and you have to be able to promote your small business with everyone while learning not to overdo it. More about that in the last lesson.
