Choosing a business name may seem like the easy part of starting a new business when in fact it can be one of the most difficult and most important decisions that any entrepreneur can face. Choosing the right business name will make your business stand out to customers and be memorable for ensuring repeat business; whereas the wrong business name could easily cause potential customers to overlook your services because it doesn’t sound relevant to what they are looking for.
There are numerous strategies that can be implemented when choosing your business name including:
- Naming the business after its founder; often a popular choice to leverage the existing popularity and networks of the founder.
- Naming the business based on its products and services; this is generally effective in helping potential customers to quickly identify that your business offers the services that they require.
- Naming the business based on the location; as many people prefer to shop locally and support local businesses this helps to identify with your local market.
- Choosing a creative name for your business; which may have no immediate reference to the business owner, products/services or location. It may be a bit risky but the right name could be that one catchy phrase that people remember.
But the list doesn’t stop there; dozens of strategies are available and several factors need to be considered after a thorough market analysis and long term business planning. Entrepreneurs shouldn’t be afraid to take some risks and be creative when naming their business but always do your research and take calculated risks.
Here at Asset Training Australia we chose a strategy that incorporates a little creativity while ensuring that customers could easily recognise us as an Australian-based training organisation. Our name comes with a story and people regularly ask “Why ASSET?” or “What does ASSET train?” The short answer is easy “We train people because people are Assets!”
The more detailed explanation is two-fold: Firstly, the greatest asset in any business is its people; no matter what business you look at, the expertise and personality of the staff make that business what it is. Reputation can be gained or lost on product quality but more so by the service, skill and efficiency of the staff that work in the business. Secondly, your knowledge and skills are what make you an asset to current/future employers as well as the colleagues, customers, suppliers and others that you work with. All knowledge and skills are learnt then practised; if you invest in your learning then you will increase your ‘asset’ value, hence our slogan “Knowledge is your greatest asset!”
Ten years on from choosing our business name, Asset Training Australia has helped tens of thousands of people and businesses to improve their knowledge and skills. The name “ASSET” is widely recognised as a quality training provider thanks to the continually improving knowledge and skills of the ASSET Team. We offer a diverse range of training across the core business skills: Business Administration, Customer Engagement, Human Resources, Marketing, Project Management, Leadership, Work Health and Safety and much more.
If you are looking at starting your own business and need some help you might consider undertaking a Certificate III in Micro Business Operations or a Certificate IV in Small Business Management with Asset Training Australia. We offer payment plans and Government subsidies are available to eligible participants. The ASSET Team would love to help you turn your business idea into a success story like ours!