A Rose by Any Other Name Could Be a Stinker

Picking a Memorable Business Name

Don’t let anyone try and convince you that name doesn’t matter. A rose by any other name may not get the attention it deserves. Choosing a business name is equally important; it’s the manner in which you define your tax practice and could be the difference between making your business memorable or forgettable. As you brainstorm possibilities, you’ll want to assess your options and decide which name could attract the most attention and enable you to stay out in front of the pack. Here are eight questions you can ask to determine how successful your business name will be:

1. Do you plan on changing it?
Don’t come up with a business name now if you anticipate changing it later. You want to brand your business, and the more prominent your business name, the more difficult it will be to change later, especially if you want your business reputation to transfer with the name change.

2. Is it easy to spell and pronounce?
While it’s important to be creative as you put together a business name, you don’t want it to be so eccentric that potential clients can’t spell or pronounce it.

3. Is it memorable?
You want people to be able to access your contact information later, and if they can’t remember your business name there’s no chance they’ll be able to look you up online or in the phone book.

4. Does it imply the services you offer?
People appreciate being able to recognize a business type simply by reading the name. It also contributes to a potential client’s ability to remember the name and corresponding services later.

5. Does it limit you from expanding your services later on?
While you may be completely comfortable only offering tax preparation services right now, you may choose to expand your services to include accounting at some point in the future. You don’t want your business name to limit your ability to expand your services at some point in the future. The same applies with including a city or state in your name; it may limit your ability to either expand your services or move them elsewhere.

6. It is original?
You want your business name to be catchy and unique.

7. Does it stand out against the competition?
Your business name should draw attention to itself in a positive and throught-provoking way. Imagine how it might read with the other tax preparers in the phone book. Does it stand out? You want it to.

8. Is it easily confused with another local business name?
You don’t want your name to be so close to another’s that potential clients call the wrong number or show up at the wrong business front.

It’s important that you find the right name for your business. You need to achieve a good balance between being unique and memorable. Once you do that you’ll find your business name is getting your tax practice the attention it deserves.