In the land of opportunity, 65% of Americans dream of starting their own business. However, even those businesses with the most potential can have one fatal downfall in the creation process; picking the wrong name. Let’s learn the psychology behind naming your business.
Choosing the right business name can be the most critical business decision you can make in the initial stages. A business name tells the consumer a lot of information and this information can instill positive or negative feelings before they even interact with the business.
For instance, a business name can indicate whether or not the business is self-aware, pays attention to detail, or is willing to give due diligence to important things. A poor business name can indicate that the business isn’t open to feedback, or that they rushed in and didn’t care enough, or that they were not motivated or skilled enough to get through a difficult naming process.
A poor business name leads to being forced to rebrand, which can cost a small business $180k over 8 months, with legal fees and promotional or website design fees.
Some of the most famous rebrands are Twitter, originally TWTTR, WW, originally Weight Watchers (they wanted to be more body positive), and Pete’s Super Submarines, who changed to Subway after often being misheard as “pizza submarine.” Learn more about the psychology of naming your business in the infographic below: