Friday, November 15, 2013
On the business path: Retail- Naming your store-2
Look around your neighborhood for stores similar like you, ask your friends and family members, do some brainstorming and come up with a name which will catch the public attention. The name need not be fancy or exotic and you should have at least three to four names in your mind when applying for a state or local permit because sometimes the regulators may not grant you to name your store on your first choice and if you don’t have other choices, you will have to go to the drawing board again to think a new name. And it is useless to copy other names anyway because you may either get sued or the initial store may be the one people will flock too and you will be left in the dust or people may confuse you with a branch or franchise of that original store and then you will have to convince the customers that you are not the same as the original store. Naming your store or shop or your business is a delicate process which if not done correctly the first time can incur major money problems later on. If you name it incorrectly and later on find out the name is not to your liking or is offensive to some customers or is similar to another store online or in some other state then you will have to do a major marketing push to change the name and inform the public about the new name. Then the money that you may have allocated for other things like marketing, hiring, merchandise would have a shortfall which is not good for a small business. So it is better to name the store right from the start correctly so that you may not suffer grief later on.