TES 027 - Getting Your Business Name Right - a podcast by Mel Abraham

from 2015-07-13T02:15:26

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In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham reveals the considerations for getting your business name.


Today I answer a frequent question—"Is the name of your business really that important?"


The short answer is YES. Your name is the first piece of branding that you are going to do. It is your first message to the world.


Here' are the 5 things that come about from your name:



  • Precept: It creates a legal identity and introduces the company to the marketplace.

  • Position: The business name can portray your position in an industry or marketplace. It creates a visual impression.

  • Personality: Your name can signify the kind of personality traits or reputation the business portrays.

  • Product: Your name can also be something that you offer as a product. Be careful and think broader to have a name that will not limit you down the road.

  • Preferences: The name can be driven from the market that you are specifically focusing on. It can be influenced by the past or who you are planning on serving.


If you engineer it carefully, the name you come up with will deal with all five of these. Think about your identity, position, personality, offering and preferences before throwing a name out there.


The 4 steps to go through to build on your name:



  1. Priming: Prepare by collecting data and resources. Set the criteria of what you want your name to denote.

  2. Propagate: Get the list together and brainstorm. Take everything you have come up with and find a common theme.

  3. Process: Reduce the list according to the criteria. Grade, filter and prioritize it.

  4. Protect: Search and see whether you have created a name that is similar to someone else's trademark. Also look for its availability on the web.


Do's and don'ts for business names


What shouldn't you do?



  • Choose an irrelevant business name.

  • Geographically limit yourself.

  • Limit your product or service.

  • Have confusing long names.

  • Borrow from other similar brands.


What should you do?



  • Make sure that the name is relatable to your customers, marketplace and team.

  • Make sure it's attractive for your target customers.

  • Be careful about new spellings and words.

  • Keep it simple.

  • Make it web friendly.

  • Confirm that it is protectable with trademarks.


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ABOUT MEL ABRAHAM


Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.


Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.


Meet Mel at http://melabraham.com/


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THE ENTREPRENEUR'S SOLUTION


The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.


Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast


The Entrepreneur's Solution Blog on Tumblr: http://melabraham.com/blog


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