How to Pick A Perfect Name for Your Business?

Today I am going to share a question from Sarika and she writes,

“I am little confused.

I heard naming your business by your name is not a good idea.

But your website www.sheetalmulay.com
Not only you, but I found few other people doing same.
So my confusion is how do I choose a name for my business?
How do you know when to call your business by your name versus a name that describes the business?

Hey Sarika,
Loved your question.
In fact this is one of the most popular questions of all time.
Here is your answer.


Your business name is your first image.

It is what customers will remember, about your business that will either draw them to it, or send them to your competitor.

It helps you, to create your image, brand and position effectively, to reach, to your niche market.
The key factors which determine naming decision are Your Industry, Your Vision and Your Long Term Business Plan.

Here’s what I mean.

If you’re looking to build your business, around being an expert, like an author, a speaker, a coach, or consultant; the main commodity is you, then name your business by your name.

I am big fan of Amish.
His three books of Shiv Mythology are mind blowing.
He is launching his next series based on Rama, another mythological legend.
May be next time he may write a non-fiction. Who knows?
The point here is his fans buy his books because those are written by Amish.

Here are few more examples.
My friend had full collection of Lata Mangeshkar.
People are ready to die for Justin Bieber, Lady Gaga, Pink and many more.

Isn’t it applicable for big ‘B’, SRK or Sachin as well?
So the benefit of naming your business, after yourself, is that you can launch different products or services, under your name.

You never have to get stuck with something.
On the other hand, if you’re starting a business, that’s based around a product or service that could be sold one day, then you have to choose a name, that’s more suitable for the business.

Think about What’s App or Instagram.

When I started my very first corporate chocolate business it was named as Azteca. My instant tea business was called as ReadyLeaf.
I knew these are starting points and not the destination.
I had no ambition to become another Miss. Cadbury or Miss Lipton.
But when I started my business coaching; I knew somewhere deep in my heart this is it. So I started naming it around my name.

Now I may write a book or conduct an event or may be a workshop or some digital products, all may have different names but all will have single thing common.

It’s all work done by me.
But not to forget, exceptions always exist.
There are countless companies that are named after their founders, and exist without them.
For example, Donna Karan or Calvin Klein.
They both built their name based empires and sold them.
Our yummy burger idols, Richard and Maurice McDonald brothers did the same.

Let’s land the plane.
If you wish to name your business successfully, you need to know your industry and your long term vision. This is all about being clear what you want and where you’re going.

That is my answer to your question Sarika, hope it helped.

Don’t think about this too long.

Just make a decision and get yourself out there.
For now, I'd love to hear from you.

Have you ever struggled with what to name your company or your website? How did you decide? I would love to hear your story.

Leave a comment below.
I look forward to hearing from you soon, and help you to start and grow your online business.

Stay Tuned.
Take Care
Sheetal Mulay
www.sheetalmulay.com

PS: Our MYOB (Mind Your Own Business) Workshop coming up soon.
If you want to know more, come over to my Facebook Page.