Naming your Startup
What seems like one of the nicest parts of starting your new business can actually be one of the more arduous; mental blocks and finding out that the perfect name already exists are just two sources of pain for any budding entrepreneur.
The truth is, we feel your pain and every entrepreneur goes through what you are; slaving away at GoDaddy looking for the perfect domain name, using numbers, using hyphens, trying to get that coveted dot com that that you know is vitally important.
And then disaster strikes…
…all the names you’re remotely interested in are already taken. And now you spend another two days trying all manner of word combinations and you still just end up tearing your hair out!
This is the painful bit; having to get this right when you should be focussing on sales and getting your product to market.
Of course what were truly talking about here is branding your company properly, effectively and, most crucially, memorably. Branding will make or break your business’ chance of success; it can elevate your products and services painting them in the best, most intriguing light possible, or it can ensure they sick faster than a dumbbell in a swimming pool.
There are so many pieces of advice out there around branding and we wanted to provide something different and fresh. So here we go!
Personal Branding
In digital marketing, the power of the individual is an ever-increasing trend. Building your own personal brand is a must if you are looking to become a key influencer or thought leader in your field of practice; if you’re looking to go down this route you should definitely go with a yourname.com domain name. If you’re looking to build a successful business with one eye on selling it in the future then you need to take far more time and choose a marketable, evergreen name which is concise, memorable and oozes trust.
If your goal is to eventually separate yourself from your business you need to keep this in mind at all stages of developing your brand; continually ask yourself whether what you are doing futureproofs your business and check whether you are doing something that could hamper your chances of a sale (or investment) further down the line.
For example, you might be starting off small just selling books online. There’s a big temptation to acquire a domain name and base your branding around books. onlinebookstore.com or welovebooks.com might look good on paper (no pun intended!), but what happens if you want to diversify and sell Blu-Ray discs, or appliances, or clothes? I bet Amazon are pleased that they went with “Amazon” rather than wesellloadsofbooksonlineyouknow.com?! Of course they are! And what’s more they will have paid for the privilege many times over to acquire all of the domain extensions known to man…because it’s really important!
Of course what were truly talking about here is branding your company properly, effectively and, most crucially, memorably. Branding will make or break your business’ chance of success; it can elevate your products and services painting them in the best, most intriguing light possible, or it can ensure they sick faster than a dumbbell in a swimming pool.
There are so many pieces of advice out there around branding and we wanted to provide something different and fresh. So here we go!
How important?
Or should we be asking: how much is it worth to you?
These days it’s extremely unlikely that your perfect domain name is just sat there waiting to be unsuspectingly snapped up; the odds are that you’re going to have to pay for the privilege, so how much should you pay? Well that really depends on the resources that your business has at its disposal; but what we can say is that these days your domain name is a huge part of your brand.
A strong domain name gives you instant credibility and provides you with a professional front door for your online presence. It shows people that you’re serious about your business and brand, and it should be easy to remember so it can be spread by word of mouth.
If we can give you one piece of advice regarding sourcing a domain name it’s make sure that you come up with budget that you’re happy with and stick to it. You’re the best judge of how much you have to spend and what it’s worth to your business so come up with a budget and do not exceed it. If your budget is £3000 and you can’t get the domain you’re looking for, move on, have a re-think and start searching again.
We say this because ultimately if you cripple your business from a cash flow perspective at the very start of your venture, not even a great domain name will save you; you also need skills, enthusiasm and a whole lot of resources to make a business work and you’ll always have to manage your cash flow effectively and be able to see the value in your purchases.
So if you’re thinking about re-mortgaging your home to get that perfect domain name, our advice would always be to perhaps think again! Don’t scrimp; don’t see it as a luxury, but buy within your means to give yourself the best possible chance of success.
About Us:
DotWhat is Europe's leading independent domain consultancy helping companies optimise their portfolios, acquire and sell their domains and create effective domain strategies.