A recent Entrepreneur article features a quote from Truett Cathy disclosing the significance of the capital “A” in Chick-fil-A’s name. Cathy explains how the name came to fruition, starting with a play on the phrase chicken fillet. “It occurred to me that the best cut of the beef is the fillet; why not call ours a chicken fillet? Or chick fillet? Or Chick-fil-A?” He further explains that the “A” represents “top quality.” I think we can all agree that the chicken sandwich at Chick-fil-A is definitely top quality!
Does the name of your company have a hidden meaning? When it comes to branding your business, it’s important to take every opportunity to represent your brand properly. That starts at the very inception of your business and the first thing it can call its own – its name! You may be thinking, “It’s just a name, does it really matter?” Yes, it does! Connecting your name with the mission of your business is simple marketing and can pave the path to your business’ success.
So when choosing a name for your business, you want it to be a good one. Here’s how you can make the right choice.
Tip #1: Say It Out Loud
As you go through the list of possible name options, you want to make sure you say each name out loud. You don’t want your business name to be difficult to say, or sound funny. Leading companies in recent history chose names with no more than 10 letters and at least one hard consonant. For example – Google, Starbucks, and Chick-fil-A. The purpose of making your company name short not only makes it easier to say but also easier to spell. You don’t want your company name to be so obscure that your audience has a difficult time remembering or spelling your name. That can lead to customers never finding you online. Successful company names are relatively short – making them easy to say, spell, and remember.
Tip #2: Take Your Time
You may have a hard deadline when providing funds for your business, or making the rent payment on your new building, but choosing the name of your business should be a lengthy process. Don’t rush into choosing a name and risk settling for the first name that sounds good enough. Of course, you don’t want to prevent your business from moving forward, so we recommend thinking about the name early. While you work on finalizing the building blueprints, buying necessary equipment, and other new business TO-DOs, keep your name options in the back of your head. That way, you won’t feel rushed into deciding on a name when that is the only decision keeping you from your opening day.
Tip #3: Don’t Use the Atlas Approach
The atlas approach involves using the name of your city, state, or region in your name. You may think that including the name of your city is a great way to appeal to your local clients – and it is – but what about when your business starts to grow beyond your city limits? Businesses with names like Buckhead’s Best Buys or Cincinnati’s Chocolates often run into limiting their business to that specific location. Locational business names are also difficult to work with if the owner wants to build more stores that branch out beyond its original city. You can’t name a store in Brookhaven Buckhead’s Best Buys! You see our point.
Are you ready to choose your name yet? Remember, take your time! Heed these tips and you may create a business name that becomes as successful as Chick-fil-A.
If you’re interested in finding a trusted financial advisor for your business, contact Ark Financial today and let’s see how we can serve you!