Choosing a Good Name for Your New Business: Advice from Entrepreneur Rick Rahim
Saturday, June 8, 2019 7:55 AM
NEW YORK, NY / ACCESSWIRE / June 8, 2019 / "Put your ego side and choose name for your company that will be the most effective marketing message." That's the advice of Rick Rahim, an experienced entrepreneur who has founded dozens of new businesses in his career. Rick is the President of BusinessVentures.com.
Rick says first-time entrepreneurs often make the mistake of letting vanity guide their choice in a name. "Your personal name does not need to be in the name of your company," says Rick.
Rahim says your company name is often your very first opportunity to sell. "Whether you are handing out a business card, giving someone your website address, or hoping people find your new company on Google - your company name should instantly tell everyone what you do."
Rick explains: "Let's say I was a qualified baseball coach who specialized in training young players."
"Should I name my new business 'Rick Rahim Company?' No. That name tells a stranger nothing about what my business does or how it can help him."
"Would it be better to name my new business 'Rick Rahim Coaching?' Sure. At least now the company name includes the word 'coaching.' We're on the right track," Rick says.
"But even 'Rick Rahim Coaching' is still too vague," he says. "Am I a business coach, a football coach, or a life coach?"
Rick suggests your company name should clearly state your product or service. "A much better strategy would be to get rid of your personal name and tell people what you can do for them with your company name." Rahim says much better names might be "Advanced Baseball Coaching," or "Expert Baseball Instruction." These names clearly state the business service offered.
"Use your company name to sell," says Rahim. Rick says "When choosing a name for your new company, the trick is to be specific enough that the name says what you do. But at the same time, don't narrow yourself down too much. Expect your company to grow and maybe get into other lines down the road."
Rick cites an example of a poor name choice and how to revise it for maximum impact:
Poor name for a new landscaping company: "John Doe Company."
The new name slightly improved: "John Doe Mows!" "This company name states exactly what you do. But might you lose customers who want mulching, raking, and fertilizing? This company name 'feels' like a small one-man business," says Rick.
An Even Better Name: "John Doe Mowing and Landscaping." Rick says "Now we're starting to tell the customer we can serve many of their needs because our name says exactly what we can do for them."
Rahim also cautions the use of your personal name still implies you are a smaller, one-man shop. Rick says "That may be great when you are starting out and doing all the work yourself. But think big! Will that be the best company name when you are going after the huge contracts for the large office complexes and apartment communities?" The corporate decision makers may subconsciously shy away from 'smallish sounding' companies."
Best: "Superior Mowing and Landscaping." According to Rick, "This name sounds professional. It sounds experienced. It sounds like it could be a large, experienced company."
"Think of it another way," Rahim says. "Assume the prices and services are exactly the same between two companies that just bid on the landscaping services for a large community."
Rick says you should carefully consider how your company name will sound when compared to other similar companies. "If the prices were exactly the same and I was a decision-maker for a large contract, there is a substantial implied difference between doing business with 'John Doe Mows' or 'Superior Mowing and Landscaping."
Rick Rahim advises "If you want to grow big, then think big from the very beginning!" Rick's best advice is to be as professional as you can with all of your marketing. "Invest in good business cards, an awesome website, professional fliers, professional telephone greetings, and marketing. But it all starts with the foundation of your company name."
Rick Rahim as a guest sportscaster on National Fox News
*Rick Rahim is a seasoned entrepreneur who has founded countless companies in his 30+ year career. Rick is an avid helicopter and airplane pilot who has also personally volunteered and flown over 1,100 children in his helicopter free of charge.
For more information, contact BusinessVentures.com at 703-757-8500