San Diego, CA (PRWEB) October 23, 2013
At a recent event sponsored by Martha Stewart American Made, a panel of entrepreneurs debated the advantages and drawbacks of building a brand around the founders name. Although the strategy has been enormously successful for Martha Stewart, the panelists noted the risks for smaller businesses, most notably that a brand named after a person can be much harder to scale.
The Martha Stewart panel highlights the importance of choosing the right name for a business.
The name of your business is literally the first thing most prospective customers learn about you, said Jeremy Durant, business principal at Bop Design, a small business marketing agency in San Diego. The right name can trigger interest, get some buzz going and pave the way to customer interaction. The wrong name fails to register on anyones radar or, worse, becomes known for all the wrong reasons.
So while entrepreneurs focus time and resources on developing their new product or service, they shouldnt leave the business name to the last minute and then go with whatever feels right. Take time to consider possible options and bounce the best ideas off trusted friends and advisors.
Durants advice continues on what to avoid as part of the naming process:
1) Base the name on your product or service. This may seem like a good starting point, but it can end up hurting you in the long run, he said. Perfect Plumbing Supplies sounds good when the business is small, but as it grows and eventually expands its range of offerings (e.g. designer bathroom d