Many entrepreneurs name their businesses after their family names when they first begin. This works out well when the business is not as well-known, and the customer range is small. However, as the business grows, and it is registered as a limited company, a simple family name may not be enough. Moreover, popular family names like Yang and Chen are often crafted within company names and already exist within the register.
Before you look to outsourced accounting services or engage in accounting firms in Singapore, take the time to decide and select a company name that is both reflective of the nature of your business and one that is easy to remember.
Here are five reasons why choosing the right company name is vital for your business.
The Company Name is an Essential Part of the Brand
The company brand is more than just a logo. It is a valuable asset and an essential part of the company. A large part of a company’s brand can be derived only by looking at the company’s name. It sums up what the company is all about and plays a significant role in shaping up the company’s brand.
The perception and growth potential of a brand largely relies on the company name. If the name comes into conflict with the brand, or if there’s a mismatch, you may lose many benefits that are associated with strong brands.
Contributing to a Strong Web Presence
Business names that reflect what the company is all about are powerful click magnets. Not only would having a great name make it more attractive online, but it also enhances your web presence. You stand an excellent chance at a higher search engine ranking. Thus, choosing the right name gives you more views, higher online traffic, and more customers.
Setting the Right Tone
You may have an excellent offer on the table, but you must start by introducing yourself and your company to potential clients.
The right company name sets the right tone. It gives clients a positive feel on what to expect. Moreover, it’s the unique element of your offering. Since businesses are incredibly competitive, and there’s very little product differentiation, clients will refer to the product using your company name, which should be catchy and easy to remember. They will use it as a reference name for the product, and it should be your company name, not the product, that sticks out in their minds.
Creating New Revenue Streams
Since your company name is so closely tied to the brand, most benefits attributed to a strong brand also apply to your company name. One of the most apparent benefits is the emergence of new revenue streams. Strong and successful brands, built on the foundations of excellent company names, attract many stakeholders who want to be associated with the brand’s success. As “smaller brands” seek to piggyback on your brand or your company name, new revenue streams start to emerge.
It’s Your Unique offering in the Industry
Your company’s name is the unique offering your business has in the industry. For starters, the company incorporation services firm will request a $15 ACRA fee to ensure you register a unique name. When more enterprises enter the market and draw themselves closer to saturating the supply side, the uniqueness of the product wanes. The sales rely on strong company name and reputation.
In conclusion, putting in extra effort to define a unique, catchy and easy to pronounce company name is a smart business move that will pay dividends for you in the future.