What's in a Name?
What is the importance of a name? It differentiates you from everyone else. That applies to you or your business. People name their cars. They even name their houses - like “the lake house” or “the beach house”. It’s something a person is given at birth. It identifies that entity - be it human or an object.
People give names meaning. In the house it is usually related to where it is because that is why you bought it. In a car it might be a girlfriend’s name or a best friend’s name, or an adjective for the way you see it like beast or boss. In a business it takes on more meaning because it is what sets you apart as you try to win business and grow the company.
Some people start a business and name it their own name - usually a last name like Smith Upholstery. Some make it with their town name or street name. When creating a business and thinking of a name you should consider how that name can also limit your growth. For example, what happens when you retire and want to sell it. Your name is your brand. When someone wants to buy a business, it is most likely they will not have your sane name and what sense is it to them to have a business with your name when it isn’t their name? That name might devalue your business.
But what if you make it your street name or your town’s name? What happens when you grow? You need a larger building, but you get one on a different street or in a different town. What does it look like when you want to open a second office in a different town?
Naming your business your name, a street name or town name might not be the smartest thing to do. When you are making any decision don’t just say this is it and do it. Ask yourself, "What's next?"
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