HOW TO NAME YOUR RIDE

Car naming is an automotive topic that has always intrigued me. I had an aunt that always named her cars. Because of that influence, when I got my own, I did the same and still do to this day every time I get a new ride. BTW my car is a silver coupe called Luna (yes, I’m a Harry Potter fan from way back!).

Like naming your car, it’s popular to come up with a business name when you are starting out on the road to entrepreneurship. But nowadays there’s a new debate on whether you should use a personal name for your business or create a business name.

When deciding between the two, there’s bound to be a little anxiety. What should you do for YOUR business?

Don’t worry, I am going to break it down for you so you can decide...

The Pros & Cons of Creating a Business Name

Advantages

• A business name gives you the appearance of being more experienced and well-established.
• It allows you to separate your personal life from your professional life.
• Using a business name makes it easier to sell your company down the road.
• If you fail, it is easier to try-again by using a different business name.

Disadvantages

• A business name is a step removed and can make the relationship with your customers seem impersonal.
• Trust is harder to build compared to a personal brand with your name as the business.
• It can be hard to come up with a business name that hasn’t already been used. If you do create an original name, there could still be similar names out there in use which can cause difficulties when someone is trying to find you online.
• Your business gets the recognition first, therefore if you want to be the face of the business, you have to do your own personal branding and that sometimes requires a separate site or other ways to get your name out there.
• You can become pigeon holed if you decide you want to add more services that are not related to the business name.

The Pros & Cons of Using Your Name

Advantages

• It's easier to build trust because customers can put a face with the business.
• If you use your name as your company name, you can not only build the brand of your business, but can also build your personal brand credibility to create authority.
• It’s simple, straightforward and makes it easier for your clients to know who they are working with while creating a sense of connection because it feels more personable.
• It allows you to appear more affordable or that you’ll give them the white glove service because they get to deal directly with you.
• You are not only branding your business, you are developing your personal brand at the same time - killing two birds with one stone!
• You’re not pigeon holed in with a business name, therefore if your services change, it’s just a matter of tweaking them on your website vs. going back to the drawing board.
• If you want to write a book, create online courses, conduct workshops or speak publicly, this is a quicker way to get there.

Disadvantages

• If your name is hard to pronounce, spell or common and already taken, you’ll have to be a little more creative to find that perfect name.
• You are the face of the business and your actions are publicly available. If you are a private person, then that might make you uncomfortable.
• It can limit your growth because it could send the message that you are a one-person show - clients will expect to interact directly with you.
• Your name might be common and not be available for your website domain or social media handles.
• It could make it hard to sell the business if you decide to do so.

A personal story, and no it’s not about my black coupe I named Elvira...

When I started in the graphics business some 20 plus years ago, it was all the rage to create cool and rememberable business names. So when it came time for me to go out on my own, I decided to go down that road myself.

Looking back, I still like what I’ve created. The logo is fun and says so much about myself and my services, but I think I would have gone the simpler route had I known how hard it is to stand out online these days.

I’m not saying I don’t get discovered with my unique business name and the way I present and position myself online, but now that I know the importance of a personal brand, I have to do double duty.

I have my business branded website and social media accounts AND I have my personally branded website and social media accounts. And I share and post on all of these platforms.

Why?

Think about when you give out a referral. Are you more likely to remember a business name or a personal name?

Hands down, a personal name attached to a service business goes so much farther these days.

Not only that, but if someone is referred to you, they are likely to go online and check you out. And if they do, what are they going to see?

Is it going to be your name in the default search body copy linked to your company website or will it be a picture of your latest dinner on your personal Facebook page? Or worse yet, someone else with your name?

All of these scenarios are not ideal if you want to be seen as the face of your business and get the reputation that you know your stuff and are the perfect match for that referral.

So, which way should you go?

Ultimately, there is no right or wrong approach. Some people love having their businesses named after themselves and experience wild success in doing so, while others reap the benefits of using a business moniker.

Are you looking to start or rebrand your business
and want some help with deciding what you should do?

Download the Name Your Ride Guide where
I’ll share some tips and tricks to naming your business.