What’s In A Name?

So, I’m in the midst of writing a chapter on creating your business plan, and I realize that you should really have a name for your company picked out by now. But, it’s not as simple as you may think. Choosing a name should take some careful consideration.

nametagThere are a couple of different ways of naming your business:

Using your name in the business name. I could name my club Nutting’s Gym. There are many examples of this in the fitness world, from classics of Gold’s Gym, and Vince’s Gym, to the more contemporary Mike Boyle Strength & Conditioning, and Parisi Speed School. When your name is part of your business name, it is a constant reflection of you personally, so you must live your philosophy. You should also consider that if you want to sell your business, the buyers will most likely want to continue to use your business name and the reputation that it carries. If your end game is to build a business to then sell, how will you feel about selling your name?

Name by location. Whether it’s 72nd St. Fitness or the 92nd St. Y, these names make it easier to locate them. Easier to find is always a good thing. However, what if you need to move or add other locations? All of the name recognition that you’ve built will be lost if you change your name, and you would want to change your name. 72nd St. Fitness now on 34th St. would be very confusing.

Choose a name that says what you are. For me, this is the best bet. Come up with a business name that speaks to your target market. i.e. if you are targeting the baby boomers, you may choose “Forever Fit” or “Fit Again”. Or, you could name it based on your training philosophy as in “Full Function Fitness” or “Hard Core Lifting Club”. Of course you want something that is unique. Watch out for existing names or one’s that are very similar.

Once you choose a name, claim it as a web domain and register it with your county clerk or with your state.

I’d love to hear what you’ve named your business. Write your business name in the comments section below. Happy naming!

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