Starting an online business is challenging. There are so many things to think about: the product, team, marketing, finances, and plenty of other things.
But one of the most important decisions you’ll make, according to Gilad Krein, is what to call your business.
Your business name is your first chance to make a good impression, and choosing something that will stand out in a crowded market is important.
So how do you go about choosing a business name?
This blog post will outline Gilad Krein’s tips for choosing a business name and some mistakes to avoid.
So, let’s get started!
Gilad Krein’s Tips For Picking A Name For Your Online Business
Gilad Krein is an internet entrepreneur and an online business consultant with a huge following. He is also a digital nomad who loves sharing his business wisdom through blogs. Below are some tips from Gilad Krein on how to pick a name for your business:
- Making A Favorable Impression
Gilad Krein says that the first thing you want your name to do is to make a good impression.
You want it to be easy to remember and pronounce and something that will leave a positive association in people’s minds. This will help you create a unique & memorable brand identity in the future.
- Pay Attention To The Spelling And Pronunciation
Gilad Krein says that you want your name to be easy to spell and pronounce so that people can find and remember your business. Avoid anything that could be easily mispronounced or misspelled.
With that said, also consider how your name will sound. Does it resemble any similar business name? Is it easy to say it out loud?
Plus, consider how it would look when it’s written on a flyer or billboard. Is it easy to read and understand?
- It Clearly Explains What You Do
Your business name should make it clear what you do.
You want to avoid anything too abstract or vague. People should be able to look at your name and have a pretty good idea of what your business is all about.
- Think About The Future
When choosing a name for your business, think about the future as well.
You want to choose a name that can grow with you as your business expands. Avoid anything that could limit your ability to evolve in the future.
- Consider Potential Challenges Abroad
If you’re planning on doing business in other countries, it’s essential to consider their language.
You want to avoid anything that could be interpreted as offensive or that might have a different meaning in another culture. Share it with your foreign friends and see what they say about it.
Who knows, maybe they can share some business name ideas too.
So, these are Gilad Krein’s tips to keep in mind when choosing a name for your business.
Now let’s look at what constitutes a good brand or business name.
Gilad Krein’s Characteristics of a Good Business Name
Gilad Krein says that a good business name should have the following attributes:
Suggestive: It Evokes Something About Your Brand
Your business name should suggest something about your brand. It should be evocative and give people a sense of your business’s products or services.
For example, the brand names Twitter and Buffer create a certain association or analogy about what these brands are about.
Memorable: It Is Rooted In The Familiar
Try to choose a name that is rooted in the familiar. This could be related to your business’s location, history, or mission.
Or, you could even leverage wordplay to increase memorability. This could make your business name sound clever but memorable. Some great examples are:
- Krispy Kreme
- The Cheese Cake Factory
- Dunkin’ Donuts
- American Airlines
Imagery: It Is Visually Evocative To Aid In Memory
Your business name should be visually evocative and easy to remember.
Go for a name that is easy to pronounce and has a strong visual association. For instance, a name like “Taco Bell” is easy to remember and has a solid visual association.
Similarly, businesses also use branding to create strong imagery. The golden arches of McDonald’s and Nike’s swoosh are typical examples.
Legs: It Lends Itself To A Theme For Extended Mileage
A good business name should be able to lend itself to a theme for extended mileage.
This will help you create a strong brand awareness campaign to be used for many years to come. For example, “7-Eleven” is often used in advertising and marketing campaigns.
Emotional: It Moves People
Emotional branding can create a strong connection between your customers and your brand. Brand names Course Hero, Genuine Impact, Here, and Trusting Social are a few examples.
Such brand names inspire positive emotions to gain customers’ trust and loyalty.
These are some of the characteristics of a good brand or business name. Now, let’s look at some of the things to stay away from when naming your online business.
Mistakes To Avoid While Naming Your Online Business
There are a few things you want to avoid while naming your business. Here are some of the most common mistakes, according to Gilad Krein:
- Picking A Name Based On A Single Product
You want to avoid choosing a name based on a single product. This is because your business will likely expand in the future, and you don’t want to be limited by a name only associated with one product.
- The Name Seems Unrelated To The Business
Avoid choosing a name that seems unrelated to your business. This can be confusing for customers and make it difficult for them to understand what your business is about.
- Not Interesting Enough
Your business name should be exciting and catchy. Otherwise, it will be forgettable.
- Too Clever
A business name that is too clever can be difficult to remember and pronounce. It can also be off-putting to potential customers.
Avoid anything that might come across as offensive or controversial.
- Not Checking If There Is A .com Domain
Finding the perfect domain name is a bonus.
Before you settle on a business name, be sure to check if the .com domain is available. Your brand domain name will make it easy for customers to find your website.
These are some of the most common mistakes to avoid when naming your online business. Gilad Krein says that by keeping these in mind, you can choose a memorable and evocative name.
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