When choosing a name for your business it’s important to take the long-view.
You will be choosing a name that will be associated with you for many years to come, says Sylvia Garibaldi, a business-building coach with SG and Associates in Toronto. “You really need to think of a name that represents your long-term goals.”
Avoid settling on the first catchy title that comes to mind. Here are five tips to help you find an appropriate name for your practice:
1. Begin with a brainstorm
Start looking for ideas for your company name with a creative brainstorming session.
Think about all aspects of your business, Garibaldi says, and write down everything that comes to mind. Include any comments your clients have made, your long-term goals and any other thoughts you might have.
“No idea is a bad idea,” Garibaldi says. “Jot them all down.”
2. Avoid geographical names
After you have brainstormed, delete any names that are tied to your location. A name that reflects the local landscape might relate your business to the community — but it also can blend in with other local businesses.
Such names may be common in your area, when your goal is to stand out.
3. Look for a theme
Take another look at the results of your brainstorming session. Is there a theme?
Go over your list of words and ideas and circle those that resonate with you most and that you feel best represent your business.
4. Think about your services
When crafting your business name, Garibaldi says, think about the qualities that represent your business, such as your investment philosophy, your financial planning method or some other service or approach that sets you apart from other advisors.
5. Integrate your own name
Working your surname into the business name can help build your brand and build trust with your clients.
“Clients like to see the advisor’s name in the firm name,” Garibaldi says. “They know that this individual has a stake in the business.”
One way to create an effective name, Garibaldi says, is to combine your surname with a description of your business. For example: Smith Wealth Management Group.
This is the first of a two-part series on naming your business. Next: narrowing your search and reserving a domain name.