August 16, 2011
Is that correct? Naming a business is no big deal. Start with the term ” Hands Down” this term comes from English horse racing in the 1800’s. The jockey, if he was way ahead and sure to win, would loosen up on the reins and ride the last bit before winning with his “hands down”. That is a good metaphor for naming a business. I think it is easy to link this to naming a business, as just another task when starting a business. Or naming a business is easy like in the movies, name it and they will come. I think there is a couple things to ponder. One is you do not know how long you will be in business. It might be a really long time or one day you could cash in the chips and and say you had enough. The problem with the long time is your business might change, you might start out selling socks next thing you change to collectible rocks. Most business evolve and change as they get there footing find there niche and as markets change. Lazy-boy started out making furniture and one day when the owner stopped at a furniture store the owner told him you should make a chair a certain style and it would sell, and the rest is history. He probably thought he would be making table and chairs, not a household name for reclining chairs. Personally I really like the name Toys R Us or something branded to what you do, Socks R Us, or Cookie Superstore. The problem is if people decide sandals are cool and no need for socks you could have some lean years until the market changes. Look at waterbeds, the companies that were “Waterbed World” are gone, but the owners that named there store “Bedrooms and More” they are still around. You are going to have money in setting up your legal name, printing and other cost. Plus years of developing a market. If you need to change your name midstream its going to be expense and cost you money and time.
The next thought is Ok, if I do go generic so I can change as the market changes what do I name my business. Once upon a time, companies named themselves after there town, Pontiac cars, Rochester carburetors, Tecumseh engines. This type of name might be kinda of manly, but consider it. Also consider looking at a map for names, there is Sun Prairie Wisconsin, name your company “Sun Prairie”, or Tekonsha Michigan, name your business “Tekonsha”. 50 states there is a lot of ideas to look over. Be creative and take your time. Remember you can do a LLC in one name and a DBA (Doing business As) in another name. To sum it up I do not think its easy as “Hands Down”, I think you should take your time and maybe make it the last thing you do before you open the doors.
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