- Over 30 million small businesses operated in the U.S in 2020.
- The U.S. has more unicorn startups than any other country
- TRUiC released a suite of free AI-powered startup tools
When you think of companies like Google, Amazon, and Facebook, what comes to mind? For one, they are all companies with business names that consumers will seldom forget in a hurry (due to their relatively small nature), and they also generally relate well to the products or services that those companies are offering.
According to The Really Useful Information Company (TRUiC), the barrier to competition is coming down, especially in the area of business ideation – even though just about every .com domain has been taken. Through it’s business name generator that is closely tied in with business ideas, domain name and LLC name availability, it is disrupting the game for startups in quite a positive way.
Of course, Google’s or Amazon’s name is by no means the only reason for their success, and the role of successful marketing and a comprehensive corporate strategy has indubitably played a crucial role in their success. Nevertheless, the importance of choosing the right business name for your company is widely acknowledged.
This is particularly the case when considering the fact that most businesses nowadays need to maintain a very robust online presence (due to the increasing importance of e-commerce following the COVID-19 pandemic). After finding your desired name, you will need to ensure that it is available as a domain.
With the business name generator being one of the most popular tools leveraged by TRUiC, Godaddy, Shopify and Wix, let’s try to understand why picking the best tool for name ideation is so important. Below we will discuss the numerous reasons that make choosing a business name an essential part of starting a company.
Reason #1: It Sums Up Everything Your Company Is About
Indubitably, your ‘’perfect’’ business name should encompass the several different elements of your business, and should briefly convey exactly what your company is about- both in relation to your services and your corporate ethos.
Think of it as an extremely small preamble that summarizes what your company is about. As your company will likely be multifaceted, describing it so briefly may be quite hard.
Nevertheless, it remains an essential step, as not doing so can very easily handicap your potential growth in the long run (particularly if it doesn’t account for future products and services that you may decide to offer).
Reason #2: It Is The First Thing That Consumers See
Science tells us that human relationships can be entirely dictated by first impressions. Humans (generally) make these within 3 or 4 seconds of meeting an individual.
Similarly in a business setting, your business name can either serve as a powerful mechanism through which you attract consumers, or it can directly bottleneck your future growth and expansion.
Aspiring business owners should think of their business’s name as an introductory handshake- it can both: a) leave a long-lasting impression, and b) indirectly delineate a lot about an individual.
Overall, a small, unique, and eye-catching name can help consumers remember your business more easily, and it can also ensure that they do not forget how to correctly spell it if they wish to look you up at a later date.
This is also why the popularity of Artificial Intelligence-powered tools (such as business name generators) has propelled in the last couple of years. For example, the TRUiC business name generator (which is deemed the current world’s best), automatically handles all required ‘’brainstorming’’ and provides consumers with a plethora of SEO-friendly business names within a few seconds.
Reason #3: It’s Your Unique Take On An Industry
Given the prolific number of companies in most industries, your name can act as another form of ‘’competition’’.
A catchy and easy-to-remember name can (in pragmatic terms) translate to a higher percentage of customers picking your business over a closely matched competitor’s, which can then significantly cement your position in your chosen industry.
Simply put, your business name should not be thought of as ‘’just a name’’; in practice, it is the entire identity of your company’s brand and, consequently, a sufficient degree of attention and time should be allocated towards its creation.
The business name of your company can undoubtedly play a vital role in your business’s success. As briefly touched on above, it can allow you to structure your future marketing services and products accordingly, and proliferate your popularity within a certain industry.
Having said that, the importance of other business elements should not be dismissed. A robust business name is, in itself, no guarantee of success or profitability. Now you can embrace AI-powered tools to create a name in no time.