Naming Your Startup Business Idea
When you’ve got a great business idea and you’re trying to get it off the ground, there are a million things on your mind. You have to raise capital, find an office, build prototypes, start a website, and do a seemingly infinite number of other things. So it’s not a surprise that some things slip through the cracks because they seem less important. Unfortunately, one of those things is often a company name.
Why People Put Off Choosing a Company Name
You need some kind of name when you’re starting your business, but with so many seemingly more important tasks to tackle, most startups just opt for the first name that everyone can kind of live with. The list of things your team needs to accomplish is nearly infinite, and every little cross-off makes you feel a lot better. You’ll come up with a better name later, when the business is fully formed and you’ve got the money and time to spend.
Why Your Business Idea Needs a Name Up Front
There are two problems with this attitude toward business idea naming. First, it’s really difficult to get to the point where you feel like you have money and time to dedicate to naming. A great company name is at the heart of your brand; it’s the first and clearest thing that communicates your business to potential customers. If you start the uphill battle toward reaching success with a lousy name, you’ve made the task practically Sisyphean.
Of course, you might succeed with a mediocre company name if you’ve got a really solid business idea. And that’s where the second problem comes in. If you’ve gotten successful, you’re heavily invested in your company name. People know your brand by the name it carries, even if that name is sub-par. It’s going to be very difficult to make the switch when you already have loyal customers.
Getting Funding Without a Name
As much as we’ve hammered home getting a great name as soon as possible, the truth is that often you are going to need to go out for your first round of funding without solidifying a name or brand. If you have to go with a placeholder name at first, just make sure it’s a priority as soon as that first round of funding is secured. You probably want to let investors know that branding is a top priority once you’ve raised your initial capital.
If you need help finding a dynamic company name that distills your vision and gets people’s attention, the company naming experts at A Hundred Monkeys are here to help. We have years of experience helping new and established businesses find names to solidify the success of their company or product. Contact us today to find out how we can polish up your business idea.
