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“Successful people do daily what unsuccessful people do occasionally. Once in a while they might read a book. Once in a while they might work on their business. Once in a while they might eat better or exercise. Nothing changes unless you change. Everything starts changing when YOU become the priority.

Your Business Name Matters More Than You Think Dominoes...

I get this question all the time: "Does your business name really matter that much?"

You’d better believe it!

Imagine this. You've got an amazing idea, some money set aside to invest in building your business, you have plan, the drive and the will.

All you need is a name.

Many of you may be tempted to just go with something quick, but slow down!

You should take some care with this decision, like you should with all of your business decisions.

WHY? Because your company name matters.

So when you ask, “How do I name my small business?” the short answer is: carefully.

Today lesson is all about tips and tactics PLUS what should you NOT do when naming your business.

3 Things to Avoid

1.Generic Words

I talk to a lot of business owners with very bad names. Do you have a solid business name?

1. Make sure it's easy to spell and represents what you actually do.

2. Make sure you do a deep dive to see what high risk industries are

3. Make sure your business name doesn't reflect you're in a high risk industry

4. Make sure its easy to explain to somebody what your business name is without spelling it out

Banks don't like to give money to high risk industries like real estate and trucking. They consider this high risk so instead of 25k they'll give you 10k just cause it says "Jim Jason Real Estate. OR Jim Jason Credit Repair. Some credit repair companies they're not even interested in looking at you. If you've done these things, that's great! You have the right business name. Entrepreneur magazine says if you're the first in your niche then...hmmm...ok...but most likely this is NOT you. So be more creative.

If you've made mistakes, that's ok. You might want to consider a DBA or actually changing your name.

2.The Mixed Mashup

We've all see these: 2 words slapped together like a thrown together sandwich with no toppings. Just slapped together! If your company name is PineappleConnects," don't be shocked when no one knows what your business actually does. Do you sell pineapples? Are you connecting pineapples to something? Maybe you’re a tech company with a tropical twist? And what's with the ‘connect’ part? Are these pineapples networking with each other?

When you force 2 words together that just don't make sense it can get confusing. Other examples would be: TranquiSpa, QualiServe - there's nothing wrong with either word. They just don't go together and according to Entrepreneur, sound forced.

3.Deliberately Misspelled Names

Let me be real with you—unless you owned Toys ‘R’ Us, don't go down that path. Their playful misspelling worked because it tapped into the idea of a kid learning to spell. But you're a grownup entrepreneur, and your customers are too. Keep it professional.

And if you think "PineappleConnects" is a stretch, imagine trying to get people to take "PineappleConnectz" seriously. Yikes, right?

The same goes for making up words. Sure, names like Exxon, Enron, and Verizon are household names now, but they spent a lot of time and money teaching people how to pronounce and spell them. That's not something you want to add to your to-do list as a new business owner.

If you decide to create a name, keep it short, easy to remember, and at least somewhat connected to what you do. Look at Xerox—they nailed it. The “xero” part actually means "dry," which tied directly into their dry printing technology. Simple, memorable, and meaningful—that's what you're aiming for. So, as you're brainstorming, make sure your business name does some of the heavy lifting for you!

4.Business Name with a Bad URL

Here’s a little lesson in the importance of your business name online: The original NastyGal.com wasn’t even available for Sophia Amoruso when she was starting out. Turns out, it was being used as a porn site. So, she had to settle for ShopNastyGal.com instead.

Even after launching her brand, people still assumed Nasty Gal was some kind of adult store rather than a trendy fashion retailer. The fact that the original domain was still tied to a porn site didn’t help either. Imagine the confusion!

That’s why you’ve got to be careful when choosing your business name and, more importantly, your URL. Make sure you own the exact URL with your company’s name—whether it’s .com, .net, or whatever fits. You might even want to grab similar versions just to protect yourself.

Because trust me, you don’t want a competitor, a disgruntled customer, or an ex-employee snapping up that domain and using it against you. It happens more than you think, and it can seriously damage your reputation. Owning your domain name in all the right forms is a simple, but powerful, way to safeguard your brand.

5.Numbers in Your Name

Numbers in your name can complicate things—especially when it comes to your URL. If your company is called 7 Star Cleaning, for example, you’d have to buy multiple domain names: one with the number 7 and another with the word seven spelled out. That adds up to more costs for no real reason.

Now, if you have a longer number, like 747 Express Delivery, you're probably not going to need to buy something like SevenHundredFortySevenExpressDelivery.com—that’s just overkill.

So, if you're just starting out, it might be worth rethinking using numbers in your company name. Established businesses may need to stick with their name, and if you buy an existing company, keeping the name (at least at first) will help avoid confusing customers.

But if you're in the early stages, get creative. Maybe 7 Star Cleaning could become Stellar Shine or Lucky Star Cleaning. Take some time to brainstorm and see if you can come up with a business name that’s unique, memorable, and doesn’t require extra domain purchases!

BONUS TIP: Creativity is Great

Creativity is an amazing asset when it comes to naming your business! You don’t have to stick with something simple like your name or the classic “and sons.” There’s plenty of room to get creative and think outside the box. But, before you get too attached to a name, remember that changing it later can be expensive and time-consuming.

Here's 5 Problems you might run into if you have to change your name:

• HARD TO REESTABLISH CREDIBILITY: How attractive your business looks to lenders and merchants is everything. You'll need to update your information from your website and email to phone numbers and bank accounts, with the correct name. So, make sure you're confident in your business name before moving forward!

• True story: Former Client of mine had a trucking company with a partner. The partnership dissolved and he dropped ONE WORD from the name. He changed it everywhere EXCEPT his bank. So when he came for funding, there was nothing we could do. He had to create a new bank account under his new name and start building history from that day (and he'd been generating good revenue for months).

• UPDATE YOUR LICENSES: Every business needs the proper licenses to operate, and they must all be in the exact, correct name of your business, along with the right address and phone numbers. This includes state and possibly city licenses too. Be sure to track them carefully, because if you ever need to change your business name, you’ll have to update all your licenses as well.

• UPDATING THE IRS AND SOS —it’s free and easy to do online. While you can start as a sole proprietor, it’s usually better to switch to an LLC or corporation to reduce risk and take advantage of tax benefits. Your business structure will impact your tax obligations and protect you from personal liability in case of lawsuits.

• GET YOUR DUNS, and it must match your company name exactly—no changes allowed! Start by visiting the D&B website to get your free D-U-N-S number, which is essential for entering their system and generating a PAYDEX score. Once you have that, check your business records on Equifax and Experian to ensure everything is correct, as this will help you build your business credit score over time.

• BRANDING & CUSTOMER LOYALTY. You've worked hard. Very hard to cultivate customer and brand loyalty. Changing the name of your business is going to put a dent in that, no matter what you do. Of course, you might recover. But it may take a while, and it’s expensive—just ask Exxon, formerly Esso. Or ask Nuance, formerly Dictaphone. Or Altria, formerly Philip Morris. You get the idea. But even good business names might not be so great eventually.

Your choice of company name can sometimes be the difference between getting business funding … or not. Make sure to give your business every advantage and name it the right way from the very start.

With that said, here's your One Actionable Funding Tip of the Week! 👊

👉Research if your business falls on the High Risk list by clicking this link here.

👉Check your domains at GoDaddy and make sure it's available. Click here.

FREE COURSES on our YouTube Channel, The Domino Effect

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Resources to Help You Execute:

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• 📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/

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• Subscribe on LinkedIn to stay connected with the best resources to grow your business: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=718759297885977395

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