One of the most important early decisions of a small or emerging business is what to call itself. For startups, however, branding can take a backseat to other considerations, such as product development and funding. That is a mistake.A name and brand is a company’s face to the world. It is how others will perceive the business and hopefully create long-lasting associations and goodwill. Your name can become your most valuable asset.
I was reminded of this as I welcomed into this world my first granddaughter. She was born this past week in New York City. Her name is Mira.
The name Mira has Latin, Arabic, Czech, Dutch, English, Slavic, Greek, Hebrew, Spanish, Polish and Hindi origins, with a variety of meanings, including abundance, worthy of admiration, prosperous, wonderful, marvelous, and exalted.
Famous Miras- Mira Bai, a 16th century Indian princess, and the American actress Mira Sorvino.
Family- Miriam, Marilyn, Mina, Melvin, and Meir.
Celestial Connections- The first long-period pulsating variable star to be discovered, Mira is a red giant star in the constellation Cetus.
Our little Mira is already a joy to behold and embraces all of the qualities of her name.
So, what’s in a name? Everything – so give it the attention it deserves. When choosing a name for your business, think of your company’s values and distinguishing characteristics; consider what your name will communicate; and take the time to test the name to see how it is perceived. And, of course, make sure that you have the necessary legal rights to use the name chosen.
My hope for my son and daughter-in-law is that little Mira sleeps through the night or they may have other names for her.
But sometimes the company name is less important than what the product or service is called: Target and 3M were major brands and trademarks long before Dayton Hudson Corporation and Minnesota Mining & Manufacturing Co changed their names. If you get the name right on formation, terrific! But as long as there is nothing wrong with the name (doesn't turn out to infringe some other entity or to mean something negative in another language), you can rebrand your product or service without having to change the name at Secretaries of State, IRS, state tax and other licenses.
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