Despite the rising challenges the UK economy faces, it is still a great time to start a business. Plenty of resources make entrepreneurship more accessible than ever, and many entrepreneurs surveyed by Oneday still note that it’s an excellent time to start your endeavour.
A lot of people still have the same idea. With 202,130 new businesses set up in the UK in just the first quarter of 2023, a record number of new entrepreneurs are entering the scene despite the potential recession. If you’re going to join the fray and thrive, you’ll need a good business name.
Creating a catchy name is easier than ever, especially since you can use a business name generator to get the desired results. The tool is free, checks for availability, and automatically suggests alternatives. From there, it just comes down to the keywords you use and pinning down your domain. So, how crucial will your name choice be from this point?
Standing Out from the Competition
It’s a given that you need to stand out from the competition, especially if you are in a highly saturated industry. The best way to get your name out there is to establish a digital presence, but this also means facing a very competitive digital economy. Because tons of people are trying to make money online, you need to be noticeable enough to capture the attention of your target audience.
Look at Carb Club, a London-based pottery brand born out of the pandemic that would eventually blow up on TikTok. They were able to carve a name for themselves online by building a community around food and creativity. After building an audience, they officially launched their products. Their first collection of pasta bowls sold out in just 17 minutes!
Creating Credibility
A name shouldn’t just capture attention. It should also establish credibility. If you’re going to run a business, you want people to trust you. There are just too many scammers out there and the UK has experienced a marked surge in online fraud.
In this day and age, this means being clear yet disruptive. You should pick a name that intrigues people but also makes it easy for them to associate your name with the services you offer.
Anne Boden, founder of Starling Bank (Britain’s first digital bank), put it best in her book ‘Banking On It’. She says “The thing that all [successful] businesses have in common is they are disruptors. The foundations of their businesses are not unique. They have… found a way to make it more accessible… and become successful enough to replace, or at least displace, the conventional product or service in the sector they’ve made their own.”
Long-term Brand Recall
People forget stuff so easily nowadays. A big launch doesn’t mean much if you can’t sustain relevance with your demographic. Some key principles in increasing your income are learning to take risks and spotting opportunities. These apply to the process of creating a catchy business name as well.
A huge model of this paying off is Apple, which has a 50.79 per cent market share of the mobile market in the UK. A few decades back, they were essentially bleeding funds by simply existing. Then they turned their campaign to “Think Different”, a slogan that would still ring true in 2023. Considering Apple is iconic as a brand now, the rest is history.
Since 80 per cent of consumers forget branded content in less than a week, you will need to hinge on a name that can power that brand recall in the long run.
Making Your Brand Marketable
When trying to market your business, you want a catchy name that won’t give you a hard time. It’s all about creating brand awareness and getting conversions. If you have something hard to spell or pronounce, you hurt your chances of getting organic traffic and word-of-mouth.
You can still have a catchy name without using special characters or difficult-to-grasp concepts. An excellent example of an impressive long-standing small business is CRC (Tasktron Limited). It was honoured in the SmallBiz100 line-up for 2023 as it has handled the sale, repair, and refurbishment of machines in the UK for nearly half a century. The name is clear, distinctive, and very easy to market to its target audience.