How future proof is your company name?

I followed a Euro Car Parts van the other day and was interested to see a large sticker on the back of the van which read “we also do Korean and Japanese parts”. With a company name that apparently so clearly defines what it does you could easily be forgiven for thinking that Euro Car Parts only specialises in European models of car.

Euro Car Parts was originally established to supply BMW, Mercedes, Porsche and VW car parts, but later expanded into all car manufacturers, including Korean and Japanese programmes. At the time of inception Euro Car Parts was an apt company name.

I’m all for the ‘does what it says on the tin’ approach. However, as this company has expanded the name has become less relevant and possibly even counterproductive. I’m assuming that Euro Car Parts felt the brand was too established to risk changing the name and thought good marketing could address any misconceptions.

Choosing a name for your company is probably one of the hardest challenges you face when starting out. Not only does the name need to reflect the brand you want to create but it also needs to take you long into the future.

Having some foresight about how your business might expand will help you come up with a name that is more future proof. Avoid the following:

  • Naming your business after yourself – this can make your company harder to sell in the future
  • Having a location specific name  – this can be limiting if you choose to expand geographically (although provenance can be a benefit for some products)
  • Focusing on your specific offering – if you currently make cheese what happens if you expand into other dairy products in the future?

Naming is a highly subjective process, which adds to the challenge even further. For independent advice and input give us a call.

 

 

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