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Does choosing the right business name really matter?

Discussion in 'General Business' started by soflo, Feb 13, 2022.

  1. #1
    Good morning. I brought up this discussion with a close friend of mine earlier this week because I am actually interested in starting my own digital marketing business here locally in the states. I have managed my own websites and marketing for many years and the knowledge I have behind it just from experience I said why not try and start my own marketing company here locally. Here is the question I really had though....

    I currently run a local business, it is service based. I have a brick and mortar shop where my business is at but the name is related to that business for the most part but I have really branded my name with friends through word of mouth and social media. What are your thoughts on using the same name and just offering a digital marketing service to my current customers, or would you completely start up a new name and separate both businesses? My end goal is to target local customers just like I am now with my services business.

    But is the name that important?
     
    soflo, Feb 13, 2022 IP
  2. sarahk

    sarahk iTamer Staff

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    #2
    It's definitely important - but once you are up and running the reputation associated with that name can be more important.

    In my area we've had businesses start up with names like "Suburb Printing Ltd" but they've grown and moved to a new site in a different suburb but kept the name to retain their customer base. In your case keeping the name saves you from having to establish credibility all over again.

    Your B&M is also based around providing services so it's consistent to be adding to that. It all depends on how different they are. If you're currently running "SoFlo's Colonic Cleansing" it might not work, but if it's "SoFlo's Bookkeeping" then it might.
     
    sarahk, Feb 13, 2022 IP
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  3. soflo

    soflo Peon

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    #3
    Thanks for chiming in. If my current business name made any sense or sounded right, I would totally just branch off the same name. But unfortunately it doesn't sound right at all.
     
    soflo, Feb 13, 2022 IP
  4. AmritaTA

    AmritaTA Greenhorn

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    #4
    YES! A strong brand is the best barrier to entry.
     
    AmritaTA, Feb 14, 2022 IP
  5. JoeSpirit

    JoeSpirit Well-Known Member

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    #5
    Sounds like you'd be wise to establish a new name.

    You do have contact with your current customers, right? If it makes sense for them to use your digital offerings a simple message to them would inform them of your business addition.

    Also, you'll want a name that reflects the nature of your digital product. Since it's a digital business you're thinking about a website is a must in my mind.

    And with a website offering digital products it becomes a no-brainer to eventually think about expanding beyond the local market.
     
    JoeSpirit, Feb 15, 2022 IP
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  6. VortexAlpha

    VortexAlpha Member Premium Member

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    #6
    It definitely has an impact as you will build your brand awareness based on the name and it should be recognizable and strong so that users can connect it with you all the time. But, I am not sure if you should keep the same name for your new business, I understand your idea as your previous service was popular and people already have heard about that name, but if you just switch it, it can make some kind of confusion, as they will expect your old services and get to see that now you have the new one, What you could do though, is to modify the name a bit or add something to existing company's name so that it can be related to you, but to still indicate that it refers to something new.
     
    VortexAlpha, Feb 16, 2022 IP
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  7. Gefrekssiy

    Gefrekssiy Peon

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    #7
    You should always think carefully about the name. To get the desired result
     
    Gefrekssiy, Feb 16, 2022 IP
  8. jrbiz

    jrbiz Acclaimed Member

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    #8
    Let's approach this from a different angle: you want to provide digital marketing services with your new business. How you market your own company will be the prospect's first introduction to you and will initiate his or her impression of your potential skills and abilities. You need a good name, a good logo, a good marketing pitch, a good website, a good social media presence, and all of the other components of a comprehensive and strategic digital marketing plan, just as you would hope that they would hire you to do for them.
     
    jrbiz, Feb 16, 2022 IP
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  9. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

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    #9
    Would you hire these businesses if you saw their ad:

    "Lazy Flamingo" - Lawn care
    "Catfish Window Cleaning" - Residential window cleaning
     
    qwikad.com, Feb 17, 2022 IP
  10. matt_62

    matt_62 Prominent Member

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    #10
    Im kind of wondering why you want to start another business though. Are there ways to expand your current shop? Ie. Improve online presence? doing online sales?
    Or increase customers to your store, and hire more staff to match demand and just overall, use your marketing skills to improve the business.

    On a different note, is there an option to have a company name, and then own a different trading name? (some countries do this). You can have your business name such as "boring company", and then buy underneath that trading names such as "awesome cool company".
    I would recommend you talk to a local business or tax advisor before doing something like this though.
     
    matt_62, Feb 18, 2022 IP
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  11. RVB77

    RVB77 Member

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    #11
    Of course, the name is very important.
     
    RVB77, Feb 28, 2022 IP
  12. mmerlinn

    mmerlinn Prominent Member

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    #12
    Absolutely. If your current business name is Dumbo's Septic Tank Service, I don't think that would a good name for an online pharmacy site.
     
    mmerlinn, Feb 28, 2022 IP
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  13. Sumit_Singh

    Sumit_Singh Well-Known Member

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    #13
    Ask yourself. Do you value your identity? Is name your identity factor? Possibly, yes.
    Why do you need a brand name?
    When you present yourself to the target audience, you probably need an identity to help them remember you. This is where your name, logo, and other describing factors come in the race.
    How long you can sustain without a name?
    Consider this, you don't get a name. You prefer going anonymous. Who will your clients reach when they need you the next time or when they try to refer you to someone else?
    Do you have a vision?
    If so, try to link your name with the same. For instance, think of how APPLE owner Steve Jobs connected newton's revolutionary idea of falling of APPLE reason for gravity and named his brand as APPLE.
    Does your name have a unique factor?
    A brand name has to be easy and simple to use.
     
    Sumit_Singh, Mar 1, 2022 IP
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  14. Gamerseo

    Gamerseo Member

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    #14
    A short and simple company name is very important. This helps to be remembered by customers. This simple name can also be used when creating a website.
     
    Gamerseo, Mar 1, 2022 IP
  15. The Dev Experts

    The Dev Experts Peon

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    #15
    Yes so important it's branding it's like designing a logo would you design a logo for $5 or $1000. If you pick the more expensive you understand how important your company is to you as it boils down to branding. Replay I can help you with brand design vector one for you through any idea you have on paper
     
    The Dev Experts, Mar 23, 2022 IP
  16. KylieSweet

    KylieSweet Well-Known Member

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    #16
    Yes, for me it's really important because this will be your brand name that to be remembered and considered as one of the trusted products or services in the related field. Let it be short, precise, unique, and relevant.
     
    KylieSweet, Apr 3, 2022 IP
  17. JEET

    JEET Notable Member

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    #17
    Can't you take some recognizable part from your existing brand and then add a new service related word to it? For example, if your current business is named "Soflo auto services", then your digital business could be named "Soflo digital services". Is that possible with your current business name?
     
    JEET, Apr 3, 2022 IP
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  18. Spartan14

    Spartan14 Active Member

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    #18
    I think its plays an importance as it helps peoole find you more easy but i dont think it plays a crucial importance .The most important thing its thr value and help you give to your clients
     
    Spartan14, Apr 4, 2022 IP
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  19. Harvey Wolf

    Harvey Wolf Member

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    #19
    Hi there,
    I am going to give a Yes and a No here, yes, the name is important, however, the more persistent you are in your advertising endeavours, the better your potential results.

    Say you do come up with the best-sounding name, great if no one hears it, sees it, can relate it to your business, does the name matter - then no, not really.
    If, however, on the other end, your market persistently, and people see it regularly, will your branding begin to stand out, definitely yes?

    Let's take the famous fizzy drink (naming no names but sure everyone knows which one). You would have to be off the planet not to know it. Why? Because no matter how many times you drink it or don't, for that matter, (I dislike it, but that's beside the point), millions love it, and the fact here is you know about it because the company makes damn sure you don't forget about them!

    Use all your acquired skills and get that name out there, it WILL, regardless of what it is (though obviously, it helps if it is catchy, funny, rememberable), get it in front of enough people, and it will become your identity.

    So, in a nutshell, yes, but there are a lot of other variables in play if strategically implemented (that fizzy drink again), far outweigh the name.
     
    Harvey Wolf, Apr 4, 2022 IP
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  20. amilajoy

    amilajoy Well-Known Member

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    #20
    Like you choosing a domain name for your website it really matters that you choose a good name for your business.
     
    amilajoy, Apr 10, 2022 IP
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