• At the start of 2020 there were almost 6.0 million small businesses.
• Between 2019 and 2020, the total business population grew by approximately 2.0%.
• Delineating the challenges that business owners commonly face

Starting your own company can undoubtedly be an extremely rewarding process, but it is by no means an effortless and relaxing experience.

Starting business owners have a prolific number of specificities to address; from who they are going to hire and what exactly they are going to sell, to their short and long term marketing strategies, budgets, and- of course, their business name.

Even though choosing your business’s name may not seem like a challenging or crucial task, statistics have shown that it plays a decisive role in determining the ways in which you will be able to market your brand’s products in the future (and consequently in determining the types of consumer demographics that you will be able to target).

This is particularly important when considering that- generally speaking, most starting businesses ultimately fail because they cannot adequately connect with their chosen target audience.

Indubitably, a company’s business name is one of the most fundamental elements of its corporate identity. A name that doesn’t accurately reflect a business’s brand, quality, and industry will [likely] mean that that business will suffer significantly when trying to build long-lasting, coherent relationships with aspiring: clients, employees, and business partners.

This means that even though naming your business may appear to be one of the most non-complex and inherently ‘’automated’’ stages of starting your company, in practice, it tends to be one of the most difficult decisions that business owners make. For contextual purposes, readers should imagine that corporate firms that specialise in branding and marketing generally take anywhere between 6 to 26 weeks to provide a robust and successful business name.

Obviously, the world of Artificial Intelligence has made significant strides in this area, with online business name generator tools now being able to generate a plethora of viable business names within a few seconds.

Nevertheless, below we will discuss the three largest challenges that businesses tend to face when attempting to name their company.

Challenge 1: Considering Future Growth

Unless you are relying on powerful AI-generated tools or have hired an exorbitantly priced professional naming agency, finding a business name that efficaciously considers your business’s future expansion- particularly in relation to any future products that you may choose to sell.

Industry reports have repeatedly shown that, on average, most business owners tend to name their business based on the types of product names that are closely associated with it. Whilst this is by no means a mistake, for young startups and small business owners it can very easily mean that in the future they are unable to expand and focus on products and services that they are not currently specialising in.

Challenge 2: Finding a Name That is Tailored to You

Finding a name with ‘’meaning’’ which incentivises potential customers and attracts them to your website is absolutely essential. This is because, without it, you will have a very hard time actually getting a chance to show your target audience what type of brand you are, and why you stand out from any other field competitors.

In reality, human consumers tend to make decisions extraordinarily fast (and sometimes irrationally). A report produced by Harvard University indicated that personality judgements can be made from as early as 3 seconds after meeting another individual.

In a business setting, the same logic applies. Your name needs to be relevant to your business’s brand, and it needs to attract significant attention.

Challenge 3: Finding Non-Duplicate Names

Whilst this last step may appear obvious, it is extremely important. Depending on the country of operation, business owners will need to carry out thorough due diligence checks to ensure that their desired name is: a) available, and b) has a domain that is also available (preferably with a .com ending).

Artificial Intelligence tools can usually be exceptionally useful in this area, as they generally provide an option that allows customers to instantly check whether their desired name has a domain availability- saving them a prolific degree of time that can be better used in other areas of their business.

Final Words

So, we have provided the top 3 challenges that business owners usually face when trying to come up with their business’s future name- offering potential solutions along the way.

We hope you enjoyed reading.