This is one area I enjoy discussing with startup business owners. It interests me and catches my fancy almost anytime. Maybe because I’ve had to deal with so many business names during my Entrepreneurship Development trainings for business owners
There are names and there are names. Let me say.
I’ve heard names that made me check ten times if my eyes were still working well lol 😆.
Have you heard a business name that didn’t sound like what you thought it should? Or let me say you heard the name and had another business in mind? It’s like naming a child with another culture’s name. Or like in my yoruba culture in Nigeria. Only twins can be called “Taye & Kehinde”, now imagine you meeting someone who says his or her name Is Taye. And the person isn’t a twin?
Now you get it. I suppose.
Watch this short video in the link below to hear my tips on choosing business names.
Let me start by asking how is your business going. For those planning to start, what are the steps you have taken?
How far have you gone with your business plan? Your growth plans? And startup plans? Note I have an economy coming up that will help you get this done in simple ways, as simple as ABC. I’ve penned down how I started and I am sharing it all with you in the books. Watch out.
Today, we’re talking about choosing a name for the business. For existing business owners, you may want to take a second look at your business name.
Does it need adjustment? Is it just okay the way it is for now? Don’t put yourself under unnecessary pressure if you are not yet sure. Take your time.
It’s a common thing to see business owners combine their names into acronyms to make a business name, or put the names in the family together to form another name. This is a good idea as long as it sounds good and not too long, difficult to spell and pronounce.
The name you will choose for your business is the name you want to be called. Don’t rush to select.
Consider how far you want the business to go. What is the vision? The end goal.
Your business name is unique, and your clients must be happy to relate with it.
If you choose a name that doesn’t relate to your business, people may get a wrong interpretation of what you represent.
Search for keywords in your industry. And work around it. I’ve seen people use beauty lingo in the fashion industry. It may sound okay, but the first impression customers get may mislead.
Let’s take an example
These 2 names belong to a fashion house. To the best of my knowledge, the first name sounds like a makeup business or a hair/ beauty business.
The second name is simple and general, could fit anything. This is an idea of how your name can mislead your audience.
Don’t choose names because you heard someone using it. Sometimes in the spirit of competition, I’ve seen business owners coin name close to what another person is using. It could be out of admiration. If you find yourself on this seat, try to be unique. It’s part of what you want to do.
Copying makes you lazy intellectually, if you don’t task your creativity, it won’t task itself. Carve out a niche for yourself with your business name.
For global brands, products or services- consider your foreign clients too. Simplicity does it.
Your business name will keep being on people’s lips. Don’t take it with fingertips.
Another issue is religion – for those who get over religious with business names. Its okay, it is a personal choice. But ask yourself, is your service, product or brand for some kind of religion only?
If not, you are already creating a demarcation which will affect the business growth.
Take a short time and review your business name.
Search for industry keywords.
Search for keywords in other languages, some languages have beautiful interpretations that are so easy to pronounce, spell and they sure sound exquisite.
We all get to that crossroad point of not really having a clear idea of what to do, or we have too many ideas and we are there juggling all the pot pourri of options ,looking for the best to pick and settle with.
do not stay too long on the fence, choose a side.
when you have a number of options. what do you do?
lets take a few tips on this today-
know your strength – no matter what you are doing right now, or what you plan to do, you know your own strength. dont let anyone lead you wrongly. even when your friends think you are strong in one aspect, many of us know the real areas of our strengths. this is no time to follow the crowd and ‘wannabelong’. The route to success requires you speaking the real truth to your own self.
in you industry or field, you know the areas you work comfortably at. Stressing yourself by trying to belong, will only kill your zeal. it will make you keep cutting a tree with a dull axe. find your strength zones.
the best key i will drop for you today is – what you want to do vs what the environment needs?
weigh it well.
are you set out to do what you love or what your environment needs.
align your passion to meet up with what is needed where you are, thats your top secret to sales and profits.
Being faced with different options is normal, now sit and decide which one is really needed where you are. Pick on that business first. its those small ideas that sum up to make big millions one day.
and if your dream is to do all, start with one. just make that move or share your ideas with someone that can give you a honest opinion and help you grow.
SHE HAS HELPED HUNDREDS OF ENTREPRENEURS FIND THEIR FEET IN DIFFERENT INDUSTRIES OF THEIR CHOICE. SHE IS A TEACHER, SPEAKER AND TRAINER.
Your customers are the currents driving the business. Without them, nothing is happening.
This is why you should take them as important as you take the business itself. Having them seems easier than maintaining them, in my years of experience.
They come with their differences, thus, you need to find a way around handling their differences, and not giving your business or yourself more problems. “As much as you try, you cannot keep or satisfy them all – just keep doing your best daily”
Let’s start with this question, if you can answer it, we’re good to go.
Do you know who your clients or customers are?
If you don’t, take a pause and define them first. You don’t want to be shooting at no targets.
Knowing who they are and where they are is one of the steps to growing a successful business.
Let’s assume you now know them, how do you retain them, maintain them and attract more? Let’s dig in….
1. Do you know what they want or need?
What are they looking for?
Don’t sell what you want to sell, sell what they want to buy.
Many business owners are concerned about their plans alone, any plan you make towards making profits without considering your customers, will ne a hectic task. Your business centers around them, rememeber.
In your line of service or products, look around at what others are offering- which your customers have already seen, then look for what might be missing that you can add and attract them with.
If your business isn’t solving real problems for them, they will only keep looking, checking you out without results.
2. VALUE YOURSELF AND YOUR BUSINESS
Making your knowledge look cheap won’t attract customers that will help you add value to it. They will approach you and deal with you the way they see you.
If you dont value yourself, how do you expect them to?
Your confidence should speak with each step you take . Shaky confidence is what makes many good business owners hide their faces and the confident ones with lesser skills will keep showing up and cashing out.
Work on yourself!
3. INCREASE YOUR VISIBILITY
Get your business visible, clearly noticed and seen.
you can have great strategies, great products, not getting it out is like hiding under a canopy or an underground store.
Marketing is not an instant yeast. It grows with continuity and constant development.
Get your business noticed an many platforms – radio, social media, billboards, all search engines you can come by, networking etc.
Your brand identity plays a major role in your business growth. Many things add up to this.
Your name, colours, logo, office space, business card, so many. It depends on how you start it, just start somewhere.
Create some uniqueness for your brand that will get you noticed quickly when you appear.
And remember you are a walking billboard for that business. What messages or information are you passing on when you leave for work, meet people, when they walk into your office, when you post online, etc.
5. QUALITY CUSTOMER EXPERIENCE
In business, customer experience ranks your business. Word of mouth advertisement is one of the most effective ways of getting known, and this can only come as a result of quality customer experience.
It births good referral without you paying a dime.
How can they have that experience they want to share with the world with you?
It could also come in many forms. –
Reception- the way and manner you receive them and make them feel welcome.
Prices, Discounts, Pro Bonos, Extras, Gifts and a whole lot more.
Good customer experience is a win one win more strategy.
With these few tips, you can get some immediate results in few weeks. Give it a shot.
Ibadancity Fashion College is a leading fashion and Entrepreneurship college in Nigeria.
A CBN/NIRSAL certified Entrepreneurship Development Institute.
We offer all fashion related courses and Business development classes specially designed to suit each business. Either in group sessions or one on one consultancy sessions.
as an exisiting entrepreneur or maybe you are still aspiring to be a business owner. if funding has been a major clog in the wheel of your goals, this information is just for you!
the Central Bank of Nigeria and Nirsal MFN came up with the scheme to assist you get your business starting and running. and the scheme is open to you!
how? you ask. not in any way difficult.
first let me give you the juicy details of this funding scheme.
it is a collateral free loan. meaning, you do not need to run helter skelter looking for house or land papers etc to present to your banker.
it comes with a moratorium of 6 to 18 months depending on your business type. (moratorium means the grace period of no pay-back)
you can repay for up to 7 years!
the interest rate is what you can only get here. it is 5-9%
now you see it is indeed a plan to boost your business.
WHO CAN APPLY?
Agricultural businesses, Manufacturing and production industry , Construction industry, Health sector, formal and informal Services (Hospitality, Restaurants, Catering, Services, etc), ICT, oil and gas/ Mining, Creative Industry (Fashion, Beauty, Media, photography, Entertainment, etc), Petrochemicals. And more…..
so how do i apply?……..
IBADANCITY FASHION COLLEGE is a leading fashion and entrepreneurship college in Nigeria. as a CBN certified EDI, you can apply for the loan with us.
call or contact us to verify if your business is covered.
register for the REQUIRED Entrepreneurship training with us. – the certificate is the major requirement to access the loan.