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#159377 - 01/11/07 11:25 PM Choosing a name for your business  
ShockMe77  Offline
Member
Joined: Jun 2005
Posts: 821
Rahway, New Jersey
Not quite ready to get going on my own just yet, but, what is the best way to determine the name of your business?

Is naming the company after yourself (like Ron's Electric) better than say, something like Thunder Volt Electric?

I guess what I'd really like to know is, in your opinion, do people remember business names more easily than personal names?

And... do you have any suggestions for a business name?


Business, Office, Estimating, Legal:

#159378 - 01/11/07 11:53 PM Re: Choosing a name for your business  
Able  Offline
Junior Member
Joined: May 2006
Posts: 5
British Columbia, Canada
I chose the name Able Electric because it's first in the yellow pages/phone book. It's also the name of one of my favourite mountains that I hike/ski. There's alot to a name, make sure it works for you and you feel like it works when you introduce yourself to someone as so and so from xyz co. practice it with wach name you think about.
my 2 cents.


#159379 - 01/12/07 02:30 AM Re: Choosing a name for your business  
renosteinke  Offline
Cat Servant
Member
Joined: Jan 2005
Posts: 5,316
Blue Collar Country
Claude Hopkins spent the early part of the 1900's documenting questions exactly of this sort. ("My Life in Advertising / Scientific Advertising")

The most effective names both identified the product, as wellas had a 'personality' folks could latch on to. I guess an imaginary ranking of names might be something like this (from best to worst):

Bob Smith Electric
Localtown Electric
Best Electric
Acme Electric
XYZ Enterprises

The name ought to have a person behind it, and not be some sort of anonymous corporation. It ought to identify what you do. It ought to identify you to your target customers.

Look at it this way: If you have a broken light switch, would you be inclined to call "Joe's Local Light Switch Repair" or "XYZ Enterprises?"

A name can attract, or deter certain customers. If you want to focus on service changes, "New Fusebox Electric" might attract business. On the other hand, "Commercial Electric" is likely to deter residential customers.


#159380 - 01/12/07 11:27 AM Re: Choosing a name for your business  
A-Line  Offline
Member
Joined: Jul 2004
Posts: 272
Utah, USA
Click on the link below and go to page 18.
http://thesuccessfulcontractor.com/PDF/04_SPRING.PDF


#159381 - 01/12/07 11:57 AM Re: Choosing a name for your business  
mahlere  Offline
Member
Joined: Nov 2005
Posts: 507
New Jersey
and unless you want to target tire kickers and cheapskates, avoid:

budget
economy
affordable
etc.


#159382 - 01/12/07 01:14 PM Re: Choosing a name for your business  
renosteinke  Offline
Cat Servant
Member
Joined: Jan 2005
Posts: 5,316
Blue Collar Country
A-Line, that is a very interesting magazine! Thanks for the link.

I do note that some of the "branding" advice given varies somewhat from that of Mr. Hopkins. Fair enough; that's what this forum is all about.

Choosing a name also helps you focus on your business model.
If it is your goal to go "nationwide," with countless franchises, then "Bob Jones Easyborough Electric" would probably not have much value to it.
Likewise, "Overnight Delivery" is a bad choice, if you are not able to deliver as promised.

Sidney Biddle Barrows, in her book "The Mayflower Madam," discusses at some length her business concepts. It was her opinion that a name ought to be short, easy to remember, and convey a positive impression. So, in her case, she chose to call her business "Cachet;" it worked much better for her than, say, "Economy Escorts" or "Rent-A-Wench" might have [Linked Image] That is, she felt the name helped attract customers who were willing to pay a premium ... which she 'justified' by providing a 'better product' than the competition.
(That's one book you really ought to have on your shelf!)


#159383 - 01/12/07 06:26 PM Re: Choosing a name for your business  
1000BaseT  Offline
Member
Joined: Jan 2007
Posts: 20
California
Having your name is best. You become a real person to the customer, someone with a reputation for square shooting and getting things done. It's all about YOU, it's not about boxes and wire. A happy side benefit is people will write checks to you, checks that are easily cashed and easily forgotten. Not like checks written out to a business, those must be accounted for carefully.


#159384 - 01/12/07 07:42 PM Re: Choosing a name for your business  
mahlere  Offline
Member
Joined: Nov 2005
Posts: 507
New Jersey
the downside to 1000BaseT's advice:

you hire people, but all the customers want you, not your employees

the IRS learns your name


#159385 - 01/13/07 12:08 AM Re: Choosing a name for your business  
1000BaseT  Offline
Member
Joined: Jan 2007
Posts: 20
California
Oh, the IRS knows your name regardless of what your businesses name is. [Linked Image]

Here's a list of the 50 biggest electrical contractors in the universe:
http://ecmweb.com/top_50/

Notice how many of these companies simply use the owner's name.


#159386 - 01/13/07 03:52 AM Re: Choosing a name for your business  
u2slow  Offline
Member
Joined: Sep 2003
Posts: 200
Salt Spring, BC, Canada
I'm glad I have a business name now.

I found some would-be customers and suppliers doubt your credibility when operating under your own name.


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