Naming Your Small Business? Look in the Mirror
By Vincent Scott
You see it all the time. A service professional like a CPA starts his own small company and the first thing he does is give it a pompous-sounding corporate-esque name like “Fidelity Financial and Tax Management Services.” It’s a big mistake. One of the most important steps you can take in starting a small business is to name it after yourself, unless there’s a very good reason to do otherwise.
You Create the Value
But doesn’t a corporate sounding name make prospective customers think you’re bigger than you are? In a word, no. C’mon, you have a 10 x 12 office in a building of executive suites; they don’t think you’re Procter & Gamble. All a ponderous sounding name does is obscure the fact that you’re behind your business. And you, my friend, are the one who creates the value for your customers.
For example, if you’re a financial planner and you decide after years of working for a big firm that you want to be your own boss, you’ve probably got a stable of clients that you’d like to take with you when you leave. But they know you, not a company name. They want to work with you, not “Liberty Financial and Investment Blah Blah.” Plus, in this age, corporate names inspire distrust and the expectation of being treated like a number. People trust people, not companies.
Naming Tips
- If you’re a solo act, name your company after yourself, with a line after your name to tell people what you go. Example: “Bob James Financial Planning.”
- If you and a partner are starting the business, try using your last names, such as, “Smith & Harris Architects.” Flip a coin to see whose name comes first, or just do it alphabetically.
- If you’re in a business where style matters, you can also try the old upside-down name: “Interior Designs by Tina Thomas.”
- Whatever your name turns out to be, make sure you get a quality logo designed. Your logo should be clean, easy to read, and go on your business cards, signage, stationery…everything associated with your business.