If you’re an aspiring entrepreneur with a killer business idea, you’re still statistically likely to fail. That’s the stark truth in today’s America; small businesses tend to fail.
A small business is defined as having fewer than 500 employees, and Investopedia reveals that only 80% of such ventures survive their first year. Within five years, 50% will be gone, and 65% will fail after ten years. Even if you get off to a great start, statistically, it’s unlikely to last.
There are many reasons for this; the American dream is such that people are always trying, and the more businesses that startup, the more competitive the market. Big brands can outspend smaller businesses and force them out of the market.
Sometimes, you’re just not cut out to be in business. Even the current cost of living crisis, which WSWS explains is gripping the country, could put paid to a solid business plan, and you couldn’t do a jot about it.
It’s important, in these challenging times, to have an online presence. Sure, you might be a local startup, but with a good website and online brand, you can reach customers worldwide.
Digital marketing is a great route to survival, and it could be your safety net in the current economic climate. However, it is vital you get that marketing right: you should not fail because of poor branding, and that is where a name generator could come in.
➥ Unique Branding
One problem many new startups have is identity. It can be hard to stand out in a crowd, especially when there are so many small businesses vying for positions. Established small businesses already have a unique brand, so finding an online name that stands out can be a huge challenge.
By using a name generator, you’ll be presented with the option to create a unique brand that perhaps hadn’t crossed your mind. Making your company’s branding stand out is important, and if you’re great at your chosen business but suck at branding, a name generator can definitely put you on the right course.
Sometimes it is easy to become blinkered in business. You might have an idea in your head that you know isn’t the strongest, but you just can’t deviate from it.
Let’s say your name is Gary, and you’re selling ice creams. Then ‘Gary’s Ices’ might seem obvious, but if you try to think outside the box, you could keep coming back to the same idea.
Using a name generator like Namechk will give you multiple options based on the keywords you put in – it basically does the hard work for you. Before long, you’ll have so many strong names to choose from you’ll wonder how you ever got stuck on one single name.
➥ Avoid Conflict
One aspect of starting a business you might not consider is infringing on another company’s intellectual property. For instance, there’s currently a legal battle going on between Facebook and a 12-year-old startup called Meta because the former picked the latter’s long-standing name for its own branding.
Imagine if the shoe was on the other foot; as a startup, you pick a name that later turns out to be used elsewhere. You might lose your name, you might be sued, and it could be very costly indeed.
With a domain generator, you’ll only be given options that are not currently held by other companies, which means you’ll stay on the right side of the law and avoid an embarrassing conflict with another business.
Words are very flexible and powerful, and often you might say something that means one thing in your country but something altogether different in another.
If you’re a startup that intends to trade with other regions, this is really important. Consider this – you choose a company name that is fine in America, but when it reaches Great Britain, for instance, it means something altogether different.
That’s exactly what happened to one NFT startup recently, and as Indy100 explains, it caused significant offense across the Atlantic. A domain generator will help avoid such complications.
If you found this article useful, you might also consider reading our piece entitled 15 Best Payroll Software Packages to Automate Your Payroll to further help your business get ahead.