Kevin W. McCarthy

Professor of On-Purpose

Strategy

How to Name (or Rename) Your Business Right for Success

By

Creating a Right Business Name

Keep Your Business Name As Simple As Possible

Business naming is a combination of art and science. Done right, it sets your business up for long-term success. How? A good business name eases the marketing and sales process, builds customer and team member loyalty, and provides a strong ROI.

If your business name isn’t helping you, then it’s hurting you. Why settle for anything less? Let’s get your business name right from the start-up, or rename your business to gain a host of business advantages.

Business naming is a big subject. Let’s focus on the start-up entrepreneur and the small-to-midsize business owner. Large corporations typically turn to their internal marketing team, an outside ad agency, or strategy consultants like On-Purpose Partners for this work. Because you’re reading this, is it fair to assume you don’t have $1 million like Pepsi spent in 2008 to change their logo?

Creating a right business name is first a strategic process. Start-ups have the advantage of the proverbial greenfield to start fresh. In an existing business, a business name change typically means something isn’t working with the current name. Perhaps you need a new name because your business and another are merging. Beneath a new business name, something strategic is in play.

Business naming problems fall into broad categories such as being too long, too difficult to spell, or too hard to remember or pronounce. It takes an extra investment of time, money, and effort to establish a difficult business name. However, once established, the business name can become distinctive. Here’s an article from HubSpot on hard-to-pronounce business names that you likely know.

Creating a right business name has practical implications. The business name will visually appear in print and in pixels. It will be in use everywhere. It will also be spoken on video, podcasts, radio, and other audio formats. It will be converted into a graphic for placement on signs, doors, trucks, business cards, stationery, banners, and more. Your business name is tightly tied to your brand strategy and implementation.

Creating a right business name has personal implications. For many owners, your business name is a reflection of you personally. In addition to the physical assets of your business, your business name lives as intellectual property with a goodwill value for when you sell the business or pass it on to others.

Creating a right business name has creative effect. Do you want a catchy business name, a cute business name, a prestigious-sounding company name, or (to the other end of the spectrum) a short, nondescript name that you build into a brand? Do you want your business name to be bold or subtle?

How to Get Your Business Naming Process Started

Business Naming exercise
Business Naming Brainstorming Exercise

Here at On-Purpose Partners, clients periodically seek me out to help them name or rename a business, product, or service. Because they recognize I’m gifted with distilling big concepts into a few words, as in a 2-word purpose statement, I’m a natural for this work. I’m remarkably fast and accurate at naming businesses, programs, products, and such. Pushing the boundaries of the mundane to get to something magical is really a blast! And, as a business owner myself, I appreciate what all is riding on the business name. There’s an urgency to get the business name in place sooner rather than later. Otherwise, the business is can get bogged down and kill precious time.

Here’s the way the business naming process works:

Initial Consult: This is typically a 30-minute over-the-phone or video call where we mutually assess fit and appropriateness. If both of us agree it’s the right fit, engage me via a Small Business Advisory Package (as long as your revenues are under $1 million). If you’re a larger company, then our next step is a consulting engagement with the On-Purpose Partners team that I’m leading. The fees vary based on the degree of complexity, which includes but isn’t limited to the size (sales and people) of your company, the stakes involved, the number and level of decision-makers who need to sign off, and the speed of your need. We only work directly with the company owner, president, Managing Director, CEO, or CLO.

Engagement: Ready to get started? Below is the typical flow of a business-naming engagement.

Prep Me: In advance of our interview(s), send me links to your current website and LinkedIn profile. This helps me get a sense of your company and you. If you have an existing product or service, if possible, I want to experience it. Send me your available product and current marketing, brand guidelines, or business plans. If none of these exist, no problem — we’ll talk it through.

Give me context. The nature of your business matters when it comes to business naming. For example, business naming for a B2B enterprise versus a B2C company typically defines a direction.

Prep You: You’ll be given access to use ONPURPOSE.me to find your purpose in life. The best small businesses are ultimately the expression of a person’s purpose and passion. Your 2-word purpose provides a solid basis to craft your business name and to assess if the business name and your purpose are meaningfully aligned.

Interviews: You’ll be interviewed about what’s working and what isn’t working with your business name as well as your business. It’s vital we establish a dollar value to renaming the business. It may not be worth it or it may be worth a lot. This metric is important. Otherwise, it is easy to put off working on the business. There are always pressing issues, and business naming is easy to put off. Here’s where my accountability to move the project along matters.

Once I’m prepared to meet with you, we begin a fun, exploratory process. My first question is, “What’s your gut tell you to name the business and why?”

You’ve been thinking about this for some time and I want your thoughts. Put your ideas out there. While you may not be gifted at business naming, you know your business. This is our starting point that tells me what you have in mind.

I’ll ask a number of related questions to assess the fit with your vision (where you envision your business going), missions (what you do), and your values (what is important to you). Surprisingly, we may be able to tweak what you have and be done in minutes. Business naming isn’t something you do on a regular basis so my best advice involves affirming your keen thoughts.

I may even throw a number of business names in your direction just to get a sense for your personal preferences and to hear your reaction. Ultimately, this is your business and you want to be proud of it. This fast, creative, instinctive process can produce remarkable results so you can get moving now!

The instinctive approach works best for start-ups and small businesses. This collaborative business naming approach gets to a business name thoughtfully fast. You’re relying upon my decades of business experience to absorb the spirit of your intentions and to translate that into an immediate and sustainable business advantage.

Beyond the instinctive approach is a more structured approach that most often comes into play for midsize or larger companies where lots of livelihoods are at stake. This typically involves a 30-day process and can range from thousands to tens of thousands of dollars, subject to complexity. At this point, you’ll have a written contract to sign.

If the instinctive process fails to produce near-immediate results, we move to a more structured approach. This is typically needed in midsize companies and larger.

Competitive Assessment: Give me the names of your top 3 to 5 competitors. I will assess how far behind or ahead you are of your competition from a strategic and marketing perspective for attracting and keeping customers and team members.

Set Criteria: Based on all I’ve learned, we’ll collaborate to create criteria to measure how well potential business names achieve the desired business goals and outcomes. For example, does LLC or Co. or Company need to show up in your business name? How long or short does the name need to be?

Suggestions: For existing businesses, we may write a briefing or produce a video to share that a renaming process is underway. Next, we launch a campaign to invite related parties (team members, customers, vendors), asking for their suggestions.

Collaborate to Create a List: Eventually, all those involved go away to just noodle on a new business name and send me their suggestions. I compile their suggestions, plus I do “my thing” as my team calls it.

I use a combination of internet research, the dictionary, mind-mapping, and conversations with consulting peers and creatives to come up with a list of names. During this creative process, I’m also searching for trademark and domain name availability so we don’t fall in love with a name we can’t readily use. I’m also searching for variations on the name, including misspellings. For example, Lyft, the shared-driving service, plays off the concept of giving some a lift or a ride somewhere.

Presentation(s): Depending on the size of your company and the number of decision-makers involved, I cull down the list to a reasonable number of business name options where we weigh the pros and cons against our gut and against the criteria. This may take a few rounds of whittling the list to the final selection.

A New Business Name!: Now that you have a new business name, this opens up a host of wonderful opportunities — plus work. You’ll need a new logo, an outreach campaign to announce your great news, and more.

Business Naming Lessons

Over my decades of doing this kind of work, I’ve learned a few lessons. Here’s a few:

Generally, the shorter the name the better. A short name works better for memorability, graphics, and efficiency in all communications. Simple sells better and faster. The more people can remember your business name, the easier it is for them to refer people to you.

Business naming is easier when business strategy is in place. At On-Purpose Partners, we help clients write their deep strategy of purpose, vision, missions, and values. These are defining statements that feed into the naming process.

Business naming draws upon the past while inspiring the future. Even if your business is a new start-up, you have a history that led to this point. You also have a vision for where you want it to go. And you need to act in the present.

Get it right the first time. Business name changes are a big deal. You don’t want to do them very often. Everything from filing a name change with state, federal, and local agencies to communicating with vendors and customers to graphics to banking and checkbooks and more are just some of the realities of a business name change. The corollary to this, however, is:

When your business name stops working for you, make the business name change fast. My father-in-law was a dairy farmer and had an expression about dragging things out: “It’s like cutting the tail of the dog off an inch at a time thinking it won’t hurt ’em so much.” Act and act decisively.

Digging deeply into your personal, career, and business history produces gold! By also exploring your dreams and aspirations, we’re more apt to land on a solidly meaningful name for your business. The added benefit of this is a significant strategic advantage because the purpose, vision, missions, and values of your business are clarified.

Decide if you’re building a practice, a lifestyle business, or a business. What’s the difference? A practice is a business a professional builds. A lifestyle business meaningfully integrates one’s life and work to where profit-making is one of several measures of success. A business is a serious, all-in endeavor with significant aspirations and ambitions that will employ lots of people and serve many customers. This relates to the purpose, vision, missions, and values of the business and its owner(s).

Founders matter. Founders insert a spiritual DNA into a business that sets a pattern and mindset. Sometimes that is good and other times it isn’t. For example, renaming may be necessary to reinvent the organizational culture.

Your business is its identity in the marketplace. The business name and your business strategy, marketing, graphics, sales, and team culture are all influenced. Investing in such a vital aspect of your business on the front end has very practical human, operational, and financial implications. It’s a small forward investment with dividends through to a retirement or exit strategy!

Do I use my name in naming my business? Yes and No!

Ford or General Motors? Post Cereal or Generals Mills? Hewlett-Packard or IBM? The first business name in each pair bears the name of its founder. The second group doesn’t. There is no right answer, just the one that best suits your needs. There’s also change. Edison General Electric Company became General Electric Company in 1892.

Here’s some guidelines and examples:

Are you a start-up solo owner who is a coach, consultant, counselor, trainer, lawyer, CPA, engineer, realtor, broker, architect or other role that’s providing professional services? If so, then using your name in the business name of your practice often makes sense.

If you’re a personality-based business, such as an author, politician, artist, solo musician, TV or radio personality, comic, keynote speaker, etc. and that’s your gig, then use your name.

Using your last name in your business is fairly typical but not necessarily all that inspiring. For example, if I were starting a business, I could name it McCarthy & Associates or McCarthy Company, if it is available. Typically, this business-naming method conveys a small professional service led by one person and perhaps a small team. Frankly, I find these names bland from a marketing perspective, but they may also reflect the personality or lack of marketing expertise of the owner. Ironically, it is truth in advertising.

On the other extreme is the Trump brand. Heck, it helped Donald J. Trump become the President of the United States!

My colleague, Terry Pappy, is a talented solopreneur business advisor. She formed PappyClub to help her peeps build their businesses and brands. She included her last name in the business name to convey that you’ll be hanging out with Terry as she coaches and offers business and marketing insights. She’s very sharp, quick-witted, and fun to be around so being in a “club” with Terry matches her style.

What about using your first name? I engaged the services of Jan & Susan, a virtual assistant team. Jan and Susan are the two founders who elected to use their first names in their business name. Perhaps they were fans of Ben & Jerry’s Ice Cream and followed their lead?

But using your name isn’t always right for naming a professional services business. Since 2008, Julie Holzmann has provided copy editing and proofreading services. She calls her business WordProofing. We created a tagline of “You write. Then I right. (That’s word proofing.)” The business name conveys what she does so there was no need to include her name.

The benefit of not having your name in the business is when people are looking to the business and not a specific person. That makes it easier to add people to the team and create more long-term freedom. Frankly, there’s an element of ego involved, hopefully healthy ego. And there can be an element of low self-esteem involved that prevents a person from naming their business with their name.

Name That Business!

Naming a business seems like such a simple task. To some degree it is, especially for start-ups, professionals, and small businesses. In fact, business naming is a vitally important, sophisticated task that touches every facet of your business, primarily because it is how people will identify, relate, and brand their experience with your company.

Related post: Insider Scoop to Naming Your Business: Ice Cream Edition

Do You Have a Compelling Why?

By

“The compelling why” is not the same as your “why” — your true reason for being.

The concept of a compelling why is really just an important mission that captures our heart and spurs us on with unfolding energy, vigor, and determination. But missions eventually end. At that point, does it mean our reason for being ends too? Of course not!

On-Purpose Peace FE cover
Find What You’ve Been Looking For. Click the Book Cover to Learn More.

Getting on the bandwagon for a good cause is worthy.

But what if there’s more to life than a compelling why?

In today’s On-Purpose Minute, consider the importance of knowing your simple why and the profound manner in which it can inform your life, keep you from costly distractions or dangerous detours, and help you make much better decisions across the board.

Your why can be thought of as the pilot flame. A meaningful cause or a “compelling why” brings added fuel and focus to a fire already burning within you.

Think of your simple why as your purpose in life.

Purpose answers the big question, Why do I exist? When you know the answer to this question, everything else in life has context and meaning. This is a powerful and healthier place to be in your life and decision-making.

At On-Purpose Partners, we help clients write their why in 2-word purpose statements. From decades of experience we know that when this core question is answered short and sweet, life and business improves—period.

A “compelling why” is often batted about by motivational speakers, sales trainers, and leaders to engage people in their cause or vision of the future.

Getting swept up in the moment or the movement regardless of whether it is a charitable cause, a sports team, or a political candidate is exciting and worthwhile. Most of us are drawn to a compelling why and jump on board because it is a good fit or it aligns with our purpose.

Examples of a “compelling why”—really a meaningful mission—are below:

  • A single mom working two jobs to provide a college education for her children
  • Mothers who from their loss of a loved one start MADD (Mothers Against Drunk Driving) to educate and advocate against drunk driving and drivers
  • Volunteers who work to stop human trafficking, hunger, oppression, or other social needs

Worthy causes touch each person’s soul differently. Have you ever considered why one cause is meaningful and engaging to you … while others are not, yet someone else is on fire and passionate about the same cause? Personal experience and preference certainly play into the attraction, but there’s more below the surface.

Your why lives below the surface.

This is the On-Purpose Principle at work where the purpose of the person and the purpose of the organization have high alignment. Therefore, you’re more inclined to be engaged or compelled to participate with the preciousness of your time, talent, and resources.

Would you like help in discovering your 2-word Personal Purpose Statement?

Go to ONPURPOSE.me. On-Purpose.me logoThis online app will guide you through a process of selecting a purpose statement, plus you’ll receive a 10-email course that’s practical to being on-purpose.

Do You Know Your Target Audience?

By

Are your sales not where you would like them to be?

With many new clients, I often find that the failure to aim narrowly at a specific target audience is

  • confusing clients
  • extending the sales process
  • demanding on salespersons
  • losing them business

Is your marketing strategy and plan truly promoting your goods and services to the right people?

Time and again when interviewing business owners, salespersons, and marketers, I find their marketing message falls short because of confusion over a target market versus a target audience. This simple strategic marketing mistake costs dearly as the customer is left confused with messages that speak at them instead of to them. Confused customers are less inclined to buy.

Conducting a target audience analysis identifies specific needs, wants, hopes, and aspirations.

When you speak the customer’s language it offers assurance that you understand them and know how to solve their problem. Their comfort that you can identify their specific problem draws them to a conclusion that you are more appropriate and capable of caring for them.

When you’re perceived to be a less risky purchase, then the value proposition tilts in your favor. More sales can follow.

Communicating in generalities leaves customers guessing.

Here are two examples of ads from home heating and air conditioning companies in a local paper.

Ad #1 reads: “We’re the number one HVAC specialists. Call us for all your needs.”

Ad #2 reads: “Has your home air conditioning system just stopped? Call and be cool soon.”

Advertiser #2 has invested a bit more time that speaks to the specific needs of his target audience. It may appear a more expensive and narrow strategy, but the real test is not the number of calls, but the number of qualified calls. What do you think, will #2 beat #1?

Follow this simple On-Purpose Business Person rule of thumb:Market in your self interest.

Now that you’re thinking about the concept, who’s your target market and target audience? Want to talk it out? We’re here to help you.

How Solid Is Your Core?

By

A solid core is the source of inner strength.

This isn’t to say that fears, doubts, and concerns don’t creep into our lives. The difference is when they do creep in, do they find an unguarded home to invade?

Pileated_Woodpecker
Pileated Woodpecker

You are better positioned to withstand the storms of life with a solid core of purpose, vision, missions, and values.

(Look for the bonus footage on today’s On-Purpose Minute about the cost of having a hollow core versus a solid core. After hurricanes pass over us, we see just which trees have maintained a solid core.)

Did you know that woodpeckers peck at trees to find the rotting trees? That’s where the bugs are. At the solid-core trees, the birds sound them with their beaks and then move on to easier hunting.

At our core, we are spiritual beings.

And at the core of your being is your inherent purpose, your reason for being. Purpose isn’t learned or earned. Purpose is; it exists. Purpose isn’t optional. Your purpose came with your birth package.

People can be woodpeckers who pick and poke at you.

A solid core gives no ground to their offenses. A hollow core makes you susceptible to critical natures and comments. Life gets better all around when you know who you are and you live it solidly from the inside out. That’s being on-purpose!

How Are Your Marketing Strategy and Plans?

By


Tactical terror is on the face of many a business person these days thanks to the fundamental shift in marketing due to the internet, especially as it relates to social media. Despite all the change, the core of marketing remains much the same as it has for the past 50 years. 

In today’s On-Purpose® Business Minute, may I introduce you to the importance of purpose in your marketing strategy and plans?

Purpose brings the power, spirit, or juice to the business model and marketing plan that engages employees, customers, and shareholders alike, yet each differently.

Before you design that new website or write that new brochure or ad, please give the fundamentals of great marketing the investment of your time and energy on the front end. It will save you a ton of time and money on the back end.

Having the fundamentals of marketing in place provides a higher probability that your goals will be met or exceeded.

  • Regardless of your company size, do you feel overwhelmed, confused, or frustrated with your present marketing strategy and plans?
  • Are you facing the tactical terror of chasing your tail and not getting the results you want?

Please place On-Purpose Partners  CMO Services on your mind to help you order, focus, build, and expand your business so it can go to the next level of performance. If you need help, please drop me an email at kwmccarthy@on-purpose.com.

As promised, here is a link to the Marketing Mix concept by Jerome McCarthy, the author of Basic Marketing (and who is not related to me).

How Can I Be a Better Leader?

By

“How can I be a better leader?” is a question I am regularly asked by clients and audience members at speaking engagements. Leadership development is 1 of 3 competencies to master to increase one’s contribution and call to service.

Let’s explore the central, inescapable reality of how to be a better leader—The On-Purpose® Principle.

By understanding and applying this concept to your life and work, you’ll see that authentic leadership comes naturally rather than being a forced effort.

To become a leader, become a better you by beginning with knowing your purpose in life—your inherent worth and reason for being that live in your heart. Your purpose is an amazing gift too often buried under layers of doubt, pride, wounds, and challenges. Rather than seeing these layers as prevention from getting you to know who you really are, what if they are protection and preparation for just this time in your life to really understand the power of your two-word purpose, and being on-purpose?

Purpose is the bedrock of all leadership development.

Once you know your purpose, it will not be denied in spite of obstacles and setbacks. It works toward expression and contribution. The only person, circumstance, or condition that can stifle it is you.

Take 100% responsibility for being on-purpose (Think Inc!). Even in the worst of circumstances, you won’t get caught up in the blame game which distracts and chokes the pathway to being on-purpose.

TOPBPerson cover

Let’s take to the whiteboard for insights and practical application of the On-Purpose® Principle so you can create high alignment of your personal purpose with your organizational purpose. That’s how you can create peak or TOP performance as a leader of your life and work.

Keep the On-Purpose® Principle in mind, and you’ll discover that your matters in business, psychology, or management just got a whole lot easier and cheaper to understand and lead.

The bedrock of leadership is all about the purpose of the person being aligned with the purpose of the organization.

Be On-Purpose!

Kevin

P.S. Want to read and learn more about The On-Purpose® Principle? Order The On-Purpose Business Person by clicking here or buying it from amazon.com.

Is It Right to Pray For Business? (Part 2)

By

Yes! Pray for Business.

My most recent On-Purpose® Business Minute, Is It Right To Pray For Business, clearly struck a chord with many viewers as the public and private comments came pouring in. Additionally, I had a record number of unsubscribers from The On-Purpose Business Minutes. Too bad for us all.

In my decades of business advisory and consulting services I’ve worked with founders of a Fortune 100 company to floundering entrepreneurs. The principles of sound and ethical business can all be found in the Bible. But if you don’t have a biblical understanding, it is hard to know that.

Purpose is a spiritual concept.

That may make you uncomfortable. Don’t let discomfort keep you from growing as a leader or growing your business. Learn to pray for business success. Matters of faith often arise in my work with leaders.

Prayer is a natural outgrowth of these engaging relationships.

Plus prayer beats talking to yourself.

Your insights and comments are always welcome below.

Be On-Purpose!

Kevin

Is It Right To Pray For Business Success?

By

Prayer Integrates

Many of us grew up with a compartmentalized view of life. The wisdom of the day went along these lines: “Your personal life is your personal life. Your business life is your business life. Don’t mix the two.”

While there is something to be said for keeping healthy boundaries and focusing appropriately, there is a dangerous downside risk to one’s ethics and behaviors. As we separate our spiritual life from any part of life, we’re dis-integrating.

The cost of being off-purpose in real dollars and human terms is incalculable.

As we advance from the agrarian age to the industrial age to the knowledge age and head into the age of purpose and meaning, integration—not disintegration—is the norm. Central to each individual’s personal life is their spiritual life or faith. If you are inclined to pray in your personal life, perhaps the role of prayer in your business life is a concept you’ve never considered.

Can I Pray for Business and Career Success?

  • Pray unceasingly.
  • Pray from your spiritual tradition for wise guidance, profitable relationships, and right decisions.
  • Pray for your co-workers, clients, team members, vendors, and competitors(!).
  • Pray before you go into a meeting or start on a sales call.

Just don’t pray as some sort of prosperity gospel or demand on God. To pray for business success isn’t really prayer. It is a demand and expectation for a result, not a relationship. Placing your agenda ahead of God’s agenda is akin to self-idolatry. It is the arrogance of telling God you know better. Pray, but trust God for the result that is best for your maturity and growth.

Formal and Informal Prayer

There’s formal prayer where you get down on your knees in a praying position clasping your hands together and perhaps using a book of common prayer or a guide. You may be in a service at a house of worship or next to your bed saying your prayers.

There’s also informal prayer. Invite prayer to be a casual part of your everyday walking about. Take one-minute prayer breaks. You’ll be amazed how much dead time opens on your schedule.

  • Do you wait for the hot water to come or the bath to fill? Pray.
  • Do you wait for a meeting to start? Pray.
  • Do you commute to work, drive to appointments, sit at your office desk, etc.? Pray!

Recognize these seemingly empty minutes and redeem the time with a prayer.

Our Unfair Advantage by Dr. Jim Harris
Click the book cover to buy it at amazon.com

“But Kevin, I don’t know how to pray for my business.” I hear that from time to time. A great resource for you is Our Unfair Advantage, written by my Christian friend and colleague, Dr. Jim Harris. Discover the why, what, how, and importance of getting counsel from your most important “silent partner”—the Holy Spirit.

Pray, Don’t Prey

Don’t, however, prey on people or use your faith as a means to excuse yourself from excellence, rationalize your mistakes, or create personal entitlement.

If integrity is an important value to you, then be sure to hold dear forgiveness as a complementary value. Master the art of being aware of your defensiveness, calming yourself, acknowledging your errors, asking for forgiveness, and giving thanks for the lesson learned.

You’ll become a more authentic and trusted leader when you can admit and right your wrongs within the scope of your control and authority.

This On-Purpose® Business Minute explores the power of being “on the job” and praying for owners and employees alike. What do you think? Is it right to pray for business success?