What’s in a name?

That which we call a rose 
by any other name would smell as sweet.
~William Shakespeare, Romeo and Juliet

12:4:2012But would it? Every business needs a name. For my fictional business that I am creating I need to come up with a name. There are a few things to consider when deciding what to name a business.

  1. Be careful about being clever. Not everyone can be google™
  2. While it’s true that 34% of business no longer exist after two years, think big, think successful. With that in mind think about what you want to do long term. My payroll services business is just going to be payroll services. It isn’t going to do anything else, so something Payroll Services will work for me.
  3. Using the name of the street your business is located on often employed, but what happens when you move from 12th Street to Main Street?
  4. Your name? Not a bad idea but two things to consider: when you sell the business you sell the name too and what if the business goes bad? Your name is on it even if you have nothing to do with it. Using your name, however, can be an advantage. It says you are willing to put your name on the line.

I am going to call my business by what it will do, payroll services. I don’t plan to go global but you never know. Nonetheless, with these factors in mind I decided to call my payroll company Parker Payroll Services. It is a generic name and Parker Payroll is rolls off the tongue and will be easy to remember. I will not have my company go by PPS. Parker Payroll it is. I could have made up a name or followed Apple™ by using a noun or a made up word like Pepsi™. My new company has a name. It has a business plan. It has an office. It now needs a logo, branding, and collateral.

Advertisements

One response to “What’s in a name?

  1. Hi Lisa, I’m closely following this process as I am helping out a friend who is starting up a business. I’m finding your posts very valuable.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s