Choosing a name for your firm is one of the most exciting decisions you’ll make when going out on your own, but it’s important to do it right. A great name sets the stage for your brand by giving potential clients an idea of what they can expect from you. It also has the power to leave a lasting impression.
Naming a business isn’t always easy, though. Here are some tips to help you narrow down your choices and pick a name that’s right for you:
Convey Meaning. This is your opportunity to make a statement about who you are, why you do what you do, and how you it. What’s the number one thing you want to convey to your clients? How do you want them to feel when they think of you? Try to focus on what you want your brand to be – and then capture its essence in your business name.
- Make it Stick. The name of your firm should be unique yet easy to remember. Don’t be afraid to get creative, but take care not to lose your audience with unusual spellings, difficult pronunciations, or too many words. You want your name to stick with your clients, forever occupying part of their mental real estate.
- Consider the Future. Pick a name that allows you to grow. While you might provide a single service right now – retirement planning, for instance – reflecting that in your name could prevent you from effectively expanding your services in the years to come. The same can be said about your geographic footprint. If you want to branch out in the future, don’t name your business after the city or state you currently serve. Give yourself some wiggle room.
- Do Your Research. Once you’ve identified a name you like, conduct a thorough search for it on the Internet. Is anyone else already using it? While this wouldn’t necessarily be a deal-breaker, it could potentially confuse your clients or dilute your results if you try to market yourself online. If you want to be sure you own your name, consider registering a trademark with the United States Patent and Trademark Office.
- Secure Your Domain Name. Every business needs a website these days, but having a domain that doesn’t align with the name of your firm can be a recipe for disaster. There are plenty of tools out there to check the availability of domain names and, while you’re at it, be sure to grab your desired business name on social media sites like LinkedIn, Facebook, and Twitter.
Choosing a name for your advisory business can be a challenging process, but it’s well worth the time you put into it. If you feel you need help branding or marketing your firm, then let’s chat. Private Advisor Group can help you find the right path to move your practice forward.
