The adage “good name is better than riches” works perfect for businesses too. The concept does not only speak to principles, values and ethical conduct of business operations.
Literally, the “name” of a business could impact its growth and sustainability plans – brand positioning and other marketing efforts, consumer recalls, brand associations among others.
Deciding on a “name” for a business idea is an important exercise, demanding careful consideration, research and consultations.
Below are some pointers to help you coin a great company name with superior brand benefits:
• the name must be short and simple
• the name must be easy to spell and pronounce
• the name must stand for “something” – value, product or service
• the name must be registrable (remember the Registrar-General has the power to reject a name which is “passing off”, connote illegality or immorality etc)
• the name must be one you will be proud as the business owner to associate with and work for.
The Author is Richard Nunekpeku, a lawyer at E.L Agbemava Law Office. He is reachable at Richard.firstname.lastname@example.org