Naming your new company, thinking smart
Hi all,
I have provided a lot of help to another Contractor Talk member to help him design his Business Plan for a new business. The thread can be found here
http://www.contractortalk.com/f16/question-about-business-plan-presentation-61587/
During the business plan review process, we got into the "naming of the new business" and another person just asked me for advice so I figured I would address it here.
Keep in mind that the name of your business will live on for a long time, and it may be one of those things that, if done right, can allow you to grow in many directions as well as being perceived as being a bigger organization.
Also keep in mind that you should also check out the availability of the name on the web so that your name can match, as close as possible, the address you give to others for your website and email.
Let me tell you how my current company almost never got off the ground due to the name, embarrassing but true. We had a vision to create a software product that allows contractors to run their business with estimates, schedules, invoices and collections. We also wanted to give contractors a way to share information with other contractors and homeowners. We came up with ServusXchange playing on three different themes:
1) Service
2) We all serve each other
3) We need to exchange information to serve each other
We incorporated the company, got the website going and even the product into the test market. Everyone would usually (probably becuase they were polite) told us that we had a cool name, etc. IT WAS A DISASTER since the average prospect would go home and always make a mistake when typing in our website address to find us.
We blew around ten thousand dollars on different marketing materials, and worst yet, we waisted a lot of time building the market.
It was driving us crazy that we could not come up with a good name. I was talking to someone next to F150 looking at the silver toolbox connected to the back of the truck and made a comment that our product is a toolbox but is all their paperwork from the office accessed over the Internet. And then came www.MyOnlineToolbox.com . I was suprised the webname was available and immediately changed the product name (but kept the company name the same for other reasons) ... and our business has never slowed down since.
Many contractors are comfortable (or have an ego) using their name such as Joe's Plumbing, Mike's Electrical, etc. I met someone else who complains that his company name doesn't represent everything he does. This is really hurting him. I am not against using a person's name, but I am sure you can see how it may limit the perception of the business being a one man shop (unless it is a family name, and they too split up, etc.)
My point is that you should be careful when naming your company in order to not limit your services, not limit your territory, make it somewhat easy to remember and also give consideration to your Internet presence and email communications since combined they all are a component of your marketing efforts.
Best of luck to all people getting started,
Brian
PS. To anyone starting a business, may I suggest you posting your names here to get opinions ... these guys will be brutally honest before you decide on a name.
I have provided a lot of help to another Contractor Talk member to help him design his Business Plan for a new business. The thread can be found here
http://www.contractortalk.com/f16/question-about-business-plan-presentation-61587/
During the business plan review process, we got into the "naming of the new business" and another person just asked me for advice so I figured I would address it here.
Keep in mind that the name of your business will live on for a long time, and it may be one of those things that, if done right, can allow you to grow in many directions as well as being perceived as being a bigger organization.
Also keep in mind that you should also check out the availability of the name on the web so that your name can match, as close as possible, the address you give to others for your website and email.
Let me tell you how my current company almost never got off the ground due to the name, embarrassing but true. We had a vision to create a software product that allows contractors to run their business with estimates, schedules, invoices and collections. We also wanted to give contractors a way to share information with other contractors and homeowners. We came up with ServusXchange playing on three different themes:
1) Service
2) We all serve each other
3) We need to exchange information to serve each other
We incorporated the company, got the website going and even the product into the test market. Everyone would usually (probably becuase they were polite) told us that we had a cool name, etc. IT WAS A DISASTER since the average prospect would go home and always make a mistake when typing in our website address to find us.
We blew around ten thousand dollars on different marketing materials, and worst yet, we waisted a lot of time building the market.
It was driving us crazy that we could not come up with a good name. I was talking to someone next to F150 looking at the silver toolbox connected to the back of the truck and made a comment that our product is a toolbox but is all their paperwork from the office accessed over the Internet. And then came www.MyOnlineToolbox.com . I was suprised the webname was available and immediately changed the product name (but kept the company name the same for other reasons) ... and our business has never slowed down since.
Many contractors are comfortable (or have an ego) using their name such as Joe's Plumbing, Mike's Electrical, etc. I met someone else who complains that his company name doesn't represent everything he does. This is really hurting him. I am not against using a person's name, but I am sure you can see how it may limit the perception of the business being a one man shop (unless it is a family name, and they too split up, etc.)
My point is that you should be careful when naming your company in order to not limit your services, not limit your territory, make it somewhat easy to remember and also give consideration to your Internet presence and email communications since combined they all are a component of your marketing efforts.
Best of luck to all people getting started,
Brian
PS. To anyone starting a business, may I suggest you posting your names here to get opinions ... these guys will be brutally honest before you decide on a name.
