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What’s in a Name
What’s in a Name? When Shakespeare asked the question he was proposing that a name is of no matter and has no effect on the object being named. While perhaps true of a rose, it is not so true of a business. We have recently undergone three name changes with our relatively new business and this is what we experienced.
There are essentially three categories of business names and each caters to a particular clientele and evokes preconceptions about the company.
The first category is Personal. A name like Tom’s Towing evokes simplicity, personal service, mom and pop shop; and caters to the individual consumer. The extreme of this would be a name-for-fame like Kathy Ireland, Inc. where the person is the product.
The second category could be Cutie. A cutie name is designed to be memorable and express what you do, like Merry Maids. Who wouldn’t those folks happily cleaning their house?
The last would be Corporate. This name type would be used by one who wants for their business to be taken seriously, especially by other big businesses, investors and the stock market. IBM comes to mind. This is a name for an entity that transcends the founder or officers.
In each case you can see where the name has a certain effect. So name your company with two things in mind—the clientele and the exit strategy. If you intend to sell your company Sue’s Sea Shells may not draw a high dollar; that is unless of course your name is Betty Crocker.
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