Fintech startups provide various financial services accessible through your phone or computer and have been around for decades. However, the rise in popularity and use has made this tech more influential than ever before.
These apps are available to everyone, from high schoolers saving up for retirement to adults investing in stocks with just a couple of taps on their smartphone screen.
Keep scrolling if you want to learn more about what makes these fintech startups unique and how you can get involved!
What Are Fintech Startups?
Fintech combines the terms “financial technology” and “financial innovation.” Fintech refers to new technology that strives to improve and automate financial service delivery and consumption.
Fintech refers to specialized software and algorithms that operate on computers and, increasingly, smartphones to assist businesses, business owners, and people in better managing their financial operations, procedures, and lives.
Innovation is at the heart of the fintech movement, aiming to make financial products simpler, accessible, and cost-effective. The term “financial technology” comes from the combination of finance and technology, and it refers to any company that uses new technology to improve or automate financial services and operations.
The amount of fintech companies that have sprung up worldwide is astounding. According to Statistics, 8,775 fintech startups were enrolled in the United States in February 2020. Fintech startups result from beginning a firm that revolves around fintech.
How To Get Started With Fintech Startups?
To learn more about fintech businesses, you have to keep track of your financial activities. For instance, if you want to know about investing, any purchase or sale of stocks on your bank account will show up under the “investment” category on your online banking platform.
You can start looking into how to invest further by reading articles and joining discussion boards.
Alternatively, keep an eye out for any transaction that says “401(k)” or “retirement savings” if you want to learn more about saving money for retirement. You can then look into what kind of accounts are available and the different companies that offer these accounts.
1. Funding Circle
The Fintech unicorn from the United Kingdom is a well-known name in the Fintech growth strategy. It’s a peer-to-peer lending platform that connects investors and small enterprises.
What are their Fintech startup concepts?
To take the place of traditional lending methods. Aside from a great user experience, what sets them apart is their method of making services transparent by clarifying loan requirements and allowing investors to speak with business owners.
Funding Circle’s founders tackled a severe problem that many small enterprises experience. They took a customer-first strategy and provided a transparent method of obtaining loans directly from investors.
The program, which has over 3 million users, invests the spare change after users make routine purchases. Is that their concept?
They simplified the process of investing and instilled the habit in users by providing informative content. Their consumers became sophisticated investors due to the financial knowledge they provided through the software.
The Acorn app helps customers grow and gain confidence in their financial decisions. They demonstrate that they care about their users’ subscriptions and economic well-being by providing them with a rung on the financial ladder.
The American corporation allows users to buy and trade bitcoins. After raising $100 million in Series D funding and being one of the most downloaded apps on the App Store around the same time, the coinbase became a Fintech unicorn in 2017.
They planned to provide a new financial model to the world. Because the solution was built on Blockchain, a relatively new technology, the company realized they would have to focus heavily on laws and security compliances from the start.
You can gain clients’ trust and become one of the most well-known crypto-asset exchanges globally by displaying an unwavering dedication to regulatory compliance and security.
Stripe, the king of Fintech firms, provides payment solutions for online marketplaces, subscription services, e-commerce businesses, and crowdfunding platforms.
Millions of internet businesses use it to arrange their online charging systems, from Pinterest and Kickstarter to Instacart and Squarespace.
To keep in mind, many of the British government’s ministries use Stripe to handle payments.
SoFi provides refinancing, lending, and wealth management services. They created an algorithm to evaluate a user’s rates and the likelihood of loan repayment based on characteristics other than income and credit history, such as education, career, and projected cash flow.
Keep in mind that SoFi provides several nice things that most banks charge for or require high balances for, such as career assistance, unemployment insurance, and financial advice.
Monzo is another challenger bank that operates. With headquarters in London and Cardiff, the London-based fintech firm employs approximately 1,600 employees. Over 5 million individuals use Monzo to manage and spend their money worldwide, and it is fully registered and regulated by the PRA and FCA.
Monzo offers three types of digital banking accounts: its regular current version, which has no monthly fees; Monzo Plus, which costs £5 per month; and Monzo Premium, which costs £15 per month.
The Premium plan includes phone and travel insurance benefits and a free £600 foreign withdrawal every 30 days. In September 2021, Monzo Flex, a buy now, pay later (BNPL) program, began, allowing customers to divide the cost of goods into three interest-free installments.
These are some fintech startups that are changing the vision to manage financing in the modern world!
Also, Read; Top 10 Equity Crowdfunding Sites for Your Startup.
Why are these fintech startups so successful?
Fintech services are popular because they are often faster, more cost-efficient, and straightforward. The truth is it’s not always the newer companies who offer fintech services; traditional banks can also incorporate these types of technology in their portfolios.
What Makes Fintech Successful?
It continues to garner everyone’s favors even though disruptive tech usually meets with resistance.
Fintech startups are disrupting the traditional banking model by:
- Reducing the time it takes to make a transaction,
- Providing increased security,
- Making it more convenient for customers to access their money.
The rise of fintech startups is mainly due to the demand for more customer-centric financial services. Customers want convenience and speed, so they prefer things to be online and are not interested in lengthy processes.
Fintech companies are smaller and more agile than banks. They can move faster and change strategies quicker, which means there’s less bureaucracy that slows down business decisions.
Fintechs also offer a wide variety of products through:
- one single platform
- from loans and savings accounts to remittances
- insurance, which makes them appealing to any customer looking for a simple way to manage their finances.
This way, fintech startups are becoming successful and changing how we manage our money. Read on to know more about the relevance of fintech startups!
The Future of Fintech Startups
Fintech Startups are changing the way we manage our money. Thanks to these firms, customers may now manage their money in ways that have never been possible before.
Robinhood is one of the most well-known fintech businesses. Robinhood allows customers to buy in stocks with only a few clicks on their phone without any commission fees.
One example from the above of a fintech startup is Acorns. Acorns work by rounding up a customer’s purchases to the nearest dollar and investing the difference, anywhere from one cent to two dollars at a time.
This strategy has many benefits.
- For one, it’s like getting an interest-free loan to invest your money, which seems too good to be true. But it’s not! Other fintech startups offer similar products that allow you to invest without fees.
- Fintech startups are changing the game for financial management in ways that were never possible before.
- These entrepreneurs are making retirement savings more accessible than ever before, allowing consumers who might not have had access to this type of investment before to do so today.
We only expect the future of fintech startups to continue improving finance as we know it!
How Fintech Startups Will Change Your Life
Fintech startups are making it easier than ever for people to take care of their finances. These startups allow consumers to do everything from saving and investing to paying bills and getting a loan. The possibilities for this industry are endless, and these companies will continue to change how we think about money as they grow.
Fintech will have a significant impact on your life in various ways. For example, the personal finance startup Clarity Money gives you a free credit score and helps you monitor your spending.
Clarity Money does this by giving you an online dashboard where you can see all your accounts in one place. You can also link your other financial account to Clarity Money so that no matter where you spend money, they’ll keep track of it for you.
Fintech has changed the way we deal with our money. With the rise of mobile banking, bank apps, and online lending, it can be challenging to keep track of everything.
How SEO Can Help Build Brand Recognition In 2022: Ultimate Guide
Although search engine optimization creates organic traffic, it can also boost branding and raise brand recognition.
What is the goal of an SEO campaign? For many experts, the solution is straightforward: increase organic traffic. After all, ranking high in Google Search means gaining hits from most users who rarely look past the first page of results.
Have you considered that SEO and brand recognition go hand in hand? Google’s first page boosts brand recognition, which increases brand exposure, authority, and interaction.
This may be worth far more than clicks, depending on the company’s objectives.
One of the most crucial tasks you have as a marketer is to raise brand recognition among potential buyers. According to Venngage, growing brand recognition was the top priority for 89% of marketers in 2020.
Let’s dive in and examine how to boost your brand recognition with SEO.
Why Is Brand Recognition Important?
A potential customer enters your marketing and sales funnel when they recognize your brand. You can’t sell to someone unaware of your existence!
Your best chance of bringing in a continuous supply of new leads is to have a strong brand recognition campaign.
People prefer buying from companies they know and trust. As a result, most consumers would like to purchase from a company whose name and identity they are familiar with. Comfort fosters familiarity, and this comfort will drive a customer to select you over a competitor.
Brand Recognition and SEO
According to statistics, a customer must interact with a brand 5–7 times before recognizing it. As a result, growing brand recognition requires repeatedly presenting your brand in front of potential buyers.
The top three results in Google searches receive 75.1% of all clicks, according to Backlinko. Only about 1% of searchers click on anything on the second page of results.
If you want clients to recognize your brand and associate it with your niche, ranking high in search engine results is crucial for a developing business.
SEO is becoming more important than ever in an increasingly digitized and competitive market. If the internet is your principal sales channel, branding and SEO must work together to build long-term brand recognition.
We’ll go through some of the most effective SEO methods in the next part to ensure that potential clients know and remember your brand.
1. Control Your Search Results
Almost every SEO business journey begins with a search on Google. As a result, it’s only natural to think about how your site will appear in branded search results.
Structured data can include items like the website search box in search results. The way you build your site might also aid in the appearance of specific important pages beneath the homepage link on the search results page.
Having a Google My Business account and supplying as much valuable information as possible will aid your knowledge panel, which appears on the right in some search results.
Controlling what shows in search engine results for branded terms allows you to provide visitors with the greatest possible experience. The way your site appears in search results can aid in the formation of that link between your business and its products or services.
2. Deliver The Best User Experience
There are numerous aspects to SEO. On the one hand, there’s all the technical SEO on-site stuff. The other strand of SEO is concerned with aspects of user experience.
Improve website load speed: Have you ever visited a website that took a long time to load? Perhaps you became frustrated and left the site. This issue can be resolved by lowering your server response time and improving your website theme for speed.
Your material should be accessible within three clicks of the homepage: Your website should be simple. This entails ensuring that you can access material across your entire website. All of your content should be within three clicks of your homepage.
Maintain brand consistency: Create a style guide for your site that specifies the colors, fonts, and artwork you’ll employ. Design a distinctive logo and place it prominently on your website – usually on the left side of the menu. Make sure you use it consistently on your website.
Track the customer’s journey: Use Google Analytics or a similar tracking tool to track what users do on your site. Try to identify and fix the problem when encountering an issue, like a page with a high exit or bounce rate.
A potential customer’s initial contact with your company will be through your website. The better the user experience, the more likely a visitor will return to your site, buy products, or share your content.
3. Identify Relevant Keywords
Getting your content to rank for the terms that matter to your organization is the keystone of leveraging brand SEO to grow brand recognition. Building a meaningful list of keywords to target is the first step in this procedure.
Start by making a list of words that are related to your industry. Then, for each term or phrase, use internet keyword research tools to check the number of searches and keyword difficulty.
There are free alternatives available. The Google Keyword Planner is a good example, but consider that ‘Competition’ refers to advertisers bidding for the keyword, not the level of difficulty required to rank organically.
Using Keywords Everywhere, you can save time by displaying your browser’s search volume for terms. Once you’ve compiled your keyword list, utilize a tool like SEMrush to determine the keyword difficulty – specifically, how many links you’ll need to get that content to rank in the search results.
4. Invest In Link Building
Your SEO strategy is essential to your SEO strategy because of backlinks from high-domain-authority (DA) and trust-flow websites. Backlinks from high-quality websites increase your brand reputation and help it rank better in search results. Getting websites to link to yours is known as link-building.
Backlinks are one of the top three ranking factors on Google, according to Ahrefs, although 66.31% of web pages have no backlinks. Ahrefs also discovered that the number of backlinks a page has is related to its traffic.
Hence, the more backlinks a website has, the more monthly organic search traffic from Google.
Incorporate a quality link-building plan to improve your Google rankings and brand recognition online. Here are some strategies to help you get started:
- Make valuable resources available to others in your business or niche.
- Pitch guest blog posts to relevant websites with connections to your site, and invite others to guest post if they have an online authority presence in a related field.
- Fix broken links on your site and external sites that link to yours.
- Request a backlink from any mentions of your brand on the internet.
- Create engaging content that others will want to share.
- Encourage others to talk about you on social media.
Other strategies for increasing backlinks to your site include forming reciprocal linking arrangements with other relevant website owners, putting your company in relevant internet directories, and participating in industry forums.
5. Use Google Ads In A Strategic Way
Google advertising for pay-per-click (PPC) plays a well-rounded SEO brand recognition plan. Paid and organic marketing should, ideally, complement one another.
According to a study conducted by Google and Ipsos MediaCT, search advertising increased top-of-mind brand recognition by 6.6% on average. Even though the buyer didn’t visit the company’s website, it influenced unaided brand recognition.
Begin by bidding on a few of your most important long-tail keywords. Do you recall those keywords with little competition and high volume? Those should be your targets. Consider using the following methods in your paid advertising campaign.
Customers that look for your brand or a specific product name are more likely to purchase. As a result, you must make it quick and easy to find what they’re looking for, or you risk losing them to compete with better SEO.
Using PPC to bid on your keywords can be a wise move. Why? Your competitors will if you don’t. Even if a potential buyer searches for your brand name, this could result in the ranking above you in Google results.
Bidding on competitors’ branded keywords is a debatable approach, but it’s one that many organizations employ.
The benefit is that it exposes your brand to consumers who would otherwise be unaware of it. It’s usually a low-cost PPC tactic, and the clicks you obtain are more likely to come from clients who are ready to buy.
The negatives include a poor CTR (clients searching for a single brand are likely to be committed to purchasing from that brand) and the possibility of initiating a bidding war with your competitor.
6. Use Content Marketing
One of the best strategies to improve your website’s search engine rankings, establish brand recognition, and attract quality leads is regularly publishing excellent, valuable content.
Content marketing can aid in the development of consumer trust and the education and awareness of your products and services.
Focus on providing your audience with what they require to build a foundation of exceptional content. Answering popular queries, providing unique viewpoints on industry-related topics, or creating interesting pieces that people can’t wait to read are all examples of fantastic content for brand recognition.
You’ll need to evaluate the type of content you should write after creating your keyword list. The simplest way to do this is to go to Google, type in the search term, and then look at the first few pages (SERPs).
Keep the following information in mind:
- What type of content is the most popular? Are these product pages or blog posts?
- What format should you use? Do you see a lot of comparison and list posts?
- The number of words in the article. What are the lengths of these articles?
- Headers in HTML By glancing at the headings, you can see how the pages are organized.
It’s time to start creating content when you’ve done your research. Make sure your writing is well-written, free of spelling and grammatical errors, and informative as the top-ranking content.
It takes a long time to establish yourself as the go-to brand for the product or service you provide. It takes much effort backed up by research and data, and consistency to achieve the brand recognition that generates income for your company.
SEO is an excellent way to get there. You obtain organic traffic to your website or physical presence when you dominate search results.
People will comment positively about your brand if you attract more clients and deliver the best experience with each transaction. You establish a name for your company when people talk about it positively and consistently.
The 10 Best Business Plan Software For 2022
Business plan software makes it simple to organize your company’s finances and present them to banks or investors.
The fundamental objective of a business plan is to allow you to critically examine your strengths and shortcomings, your Unique Selling Point (USP), and compare your product or service to the competition.
Of course, even the best business plan is based on estimations and guesstimates, as it is impossible to anticipate market changes, advancements, and future performance under such circumstances.
Finally, a business plan will demonstrate why your company is a sound enough investment to risk investing in and show that you have extensively researched your industry and detailed the genuine possibilities of new business opportunities.
We’ll break down ten of the best business plan software solutions in this guide so you have all the insight you need to choose the best option for your company.
nTask goes above and beyond traditional business planning in various ways.
Yes, you can plan your business or any project you’re working on, but the best part is that nTask’s powerful planning capabilities arrive in bursts.
It would be an understatement to claim that nTask is only a business planning program. The tool was created to assist project managers, home users, contractors, and multinational corporations with their everyday routines.
In nTask, you can create numerous workspaces to streamline multiple projects simultaneously. The cherry on top is the affordable pricing and a visual Gantt Chart feature that you can use to manage timelines and define task relationships.
Features of the nTask:
- Multitasking by using one app to manage many workspaces, projects, and teams
- Collaboration on a Project: Real-time team communication and multi-user management
- The nTask software allows users to create, organize, allocate, and manage an unlimited number of tasks.
- Tracking and managing issues
- Implementation of a risk assessment matrix
- Timesheets and other time-tracking software
- Billing systems (billable and non-billable projects), budget management, and financial summary are all part of the budget tracking process.
- Ability to use interactive Gantt charts to show business and project progress
3rd party software connectors like Zapier, Zoom, Slack, Google Calendar, and Outlook Calendar allow you to invite stakeholders to view your projects/businesses.
Enloop is a business plan software that runs in the cloud with nearly 300,000 users. It is a beautiful alternative to consider if you want software that can help you design a strategy tailored to a bank or an investor quickly.
Enloop is a tool that can help create a clear plan by providing a slew of useful features.
- AutoWrite and TextSync features provide introductory personalized text for your business plan, including ten essential components for any grand strategy.
- Enloop’s Forecast Modules allow you to develop a business strategy using one of two forecast modules.
- Financial forecasts in Enloop allow you to include how your business will perform financially in your business plan. You may pick between an annual or 36-month option, including a profit and loss forecast, balance sheet, and cash flow forecast.
The tool collects personal financial information as well as industry financial data. According to studies, such elements aid in creating financial reports and ratios that can be studied and used in your Plan.
ProofHub is a powerful, award-winning business plan software that includes project management and communication tools.
Over 85,000 teams use ProofHub and enterprises from all over the world to plan and track their projects. ProofHub also includes fantastic team collaboration capabilities in addition to project planning. It connects all of your teams, projects, and communications to keep everything in one place and secure.
- You have the option of using pre-existing project templates or creating new ones.
- With features such as project timeframes, task dependencies, and more, Gantt charts may help you plan your projects more effectively.
- With its sophisticated work management tools, you can effectively manage teams. Kanban boards can construct bespoke workflows, while task lists can manage simple chores.
- A built-in chat facility for team communication and a dedicated location for real-time conversations.
- It has a reporting tool that generates project and resource reports to help you manage your resources and plan your projects more successfully.
- Integrates with third-party apps such as Google Drive, Dropbox, Box, Freshbooks, and others to provide one location where you can access all of your favorite tools.
Bizplan can assist you with your business plan. The program includes functionality and enhanced graphics to make your plans more memorable.
Bizplan assists you in developing business plan software that are tailored to attract investors and allow you to obtain funding for your company.
Features of the Bizplan:
- Financial projections enable you to include and provide a solid economic case for your business concept.
- Bizplan takes your financial data and gives you a choice to build various reports that you may review by month, quarter, or year and then download to use in your presentation.
- The Step-by-Step Builder function in Bizplan guides you through generating a business plan in an easy-to-follow manner.
- The progress tracker feature lets you see how much of your business plan has been completed, ensuring that you keep on track and don’t miss anything vital.
- Bizplan’s templates allow you to include features such as market size and charts, content, benefits, team, reports, and difficulties.
LivePlan from Palo Alto Software has been around for a long, and there’s a reason why so many people still consider it the most excellent option available.
The software is a comprehensive company planning tool with various customizable features, learning resources, and online assistance.
Features of LivePlan include:
- LivePlan’s financial forecasting tools include a walkthrough of each piece of economic data, allowing you to integrate all relevant facts into your estimate. This tool will enable you to construct annual and monthly budgets.
- You may turn your financial data into more appealing visual aids using LivePlan’s Charts and graphs feature.
- PlanGuru provides in-built video tutorials to help you navigate the software and create your business plan.
- PlanGuru provides you with the ability to export reports to Excel, Word, and PDF.
- LivePlan has over 500 templates, making it one of the best in this category. Templates can be used as a starting point for creating your material, or they can be utilized as is, with the language already included.
- LivePlan compares your financial estimates to industry benchmarks, applying them to your business plan.
PlanGuru is one of the most popular forecasting and budgeting programs. As a result, it’s more of a financial reporting tool than a business plan software.
PlanGuru, on the other hand, has earned a spot among our top recommendations because of its features.
PlanGuru has the following features:
- PlanGuru offers financial tools, predictions, and computations, allowing you to create various analytical reports for your business.
- PlanGuru includes video training to guide you through the program and the process of writing your business plan.
- PlanGuru allows you to export reports to Excel, Word, and PDF formats.
GoSmallBiz is a user-friendly business planning program with built-in advice modules and step-by-step templates. GoSmallBiz, which Fran Tarkenton founded, allows you to create the exact documentation you require as a business owner.
Features of GoSmallBiz include:
- The step-by-step wizard on GoSmallBiz will help you through each step of generating an excellent business plan.
- GoSmallBiz provides everything you need to prepare financial statements through financial projection.
- Create various reports based on the financial data you provide for your business plan, providing you with a visually appealing tool to help you draw attention to your strategy.
- Templates provide you with a starting point while constructing a business plan.
IdeaBuddy is a cutting-edge business planning program that guides you through the whole planning process, from basic concept to investor-ready company plan.
Aspiring entrepreneurs can use IdeaBuddy to develop their ideas, build a business model, validate a business concept, and generate an effective business plan. It comes with a business handbook that helps them better comprehend the planning process and ensures they have covered all bases.
Features of IdeaBuddy include:
- Idea Plan assists you in swiftly sketching out your business. Their business canvas guides you through creating a business model by allowing you to submit concept notes until you’ve covered all of your business’s features.
- The Business Guide is a step-by-step guide that will walk you through the five stages of business planning.
- A financial plan makes it feasible to acquire accurate financials without doing the tedious arithmetic yourself.
- As you complete each stage of your business plan, a business plan is automatically generated. You’ll have an excellent, customized business plan without having to do it twice this way.
- LivePlan’s financial forecasting tools include a walkthrough of each piece of economic data, allowing you to integrate all relevant information in your forecast.
- This tool allows you to construct annual and monthly budgets.
- IdeaBuddy has templates for many types of businesses that can help you get your business off the ground faster.
BizPlanBuilder was previously known as JIAN for over 30 years. They later changed their name to something else.
Regardless, the tool is helpful whether you’re working on a growth strategy or a fundraising approach.
Features of BizPlanBuilder include:
- BizPlanBuilder gives an explanation tab and video for your education and advice whenever you start a new business plan section.
- BizPlanBuilder offers a class to assist you in learning what investors are looking for in a business plan.
- There are dozens of templates to pick from to help you get started with your business plan.
- You can make a pitch deck with this feature.
- Ability to construct a financial model for the next five or ten years.
Upmetrics is a well-rounded business planning program that can assist you with every aspect of producing a business plan, from sketching out your main idea to financial forecasts and creating pitch decks to pitching your idea to investors and team members.
Over 50,000+ entrepreneurs use Upmetrics to plan their businesses, connect with remote teams, and build visually appealing pitch decks that can capture anyone’s attention. Additionally, the program makes it easier to keep track of your tasks and tailor your plans to meet your specific demands.
It also includes helpful business model canvases to assist you in brainstorming ideas and developing effective and efficient business models.
- From anywhere and at any time, plan and collaborate.
- You no longer need to bounce from one software to the next; instead, you can locate all of the tools you require in one spot.
- Get helpful hints to aid you in the planning process.
- Your team can provide real-time comments and suggestions.
- It is affordably priced with a straightforward pricing structure.
- Upmetrics has 200+ industry-specific sample business plans to help you with your planning.
- Assign tasks and monitor their progress. It enables you to delegate portions to team members who are best suited to write the section.
- Get instant feedback, collaborate on projects with your team, and share your business plan with banks, investors, or anybody else via a fast link. Additionally, the software makes exporting your Plan to Doc and PDF formats a breeze.
- Our financial forecasting program provides a detailed projection based on your data in minutes, making financial planning less time-consuming and overwhelming.
- If a typical business plan isn’t for you, several business model canvas options might help you plan more quickly.
- It aids in creating impressive business pitches that will help in the effective communication of your ideas.
- And, if you get stuck someplace, each part includes helpful hints to get you through.
Choosing the right business plan software is vital to your success. With the right software, you can create a professional-looking plan that will keep your investors happy. We have talked about the ten best business plan software to use in 2022.
Business Name: How To Successfully Create One In 2022?
If you’re looking for a business name, it should be memorable and embody the feeling of your brand. Unfortunately, paying someone to find that perfect company name can cost thousands of dollars but don’t worry!
You can tap into your creativity instead and get inspired on your own by brainstorming or asking friends for help. This article gives you tips to deal with how to come up with a business name.
- Tips for coming up with a business name
- Things to be checked before finalizing a name
Tips for coming up with a business name
Source – link
Many major companies use acronyms instead of their full names. For example, AOL and BBC are both well-known examples of this practice. Therefore, if your business is called Pearce Marketing Agency, you might want to consider going by PMA (Pearce Marketing Agency).
What are two or three words that you and your business can combine in a meaningful way? One example is TripAdvisor, which comes from “trip” and “review.” Another is Evernote (from “forever” + note) which produces an app known to save everything.
Netflix derives its name from combining the internet with movies = Netflix. A great example of this technique would be ‘SaladGo,’ a restaurant specializing in salads-to-go. It fits on just three syllables; this is a potential answer to how to come up with a business name.
Draw inspiration from mythology and literature
Nike is one of the most iconic brands in Greek mythology. Other well-known companies like Oracle, Hermés, and Mars have mythological names.
One option to channel your name’s origins with Nike is to research other well-known companies’ origins and see if there are any that might match what you’re looking for. There’s a wide range of options available, such as Bacchus for wine shops or Aphrodite for beauty stores.
Use your own name or Mix things up.
Another way to solve the mystery of how to come up with a business name is by using your own name. Make your business feel personal by incorporating your own name. Many well-known brands use the creator’s name – like Ben & Jerry’s ice cream, Boeing (named after its founder William Boeing), and even Mc Donalds.
If you’d like to try blending numbers five and six, see if you can come up with something by combining parts of your name with other words. For example, Ikea combines the founder’s name Ingvar Kamprad and his hometown Elmtaryd Agunnaryd.
Use nicknames or try to tweak the spelling
Consider using your own name or child’s name for a personal touch. Or, use the nickname of someone you love for an impactful brand that will make them sentimental. After all, Mercedes was named after the founder’s daughter.
Add or remove a letter or change the spelling of a word you are already using to create an eye-catching business name. Flickr and Tumblr dropped the “e” at their names to develop concise, attention-grabbing brands. Or invent new ways to sell your company’s reputation by choosing essential words for your business like Reebok did–the athletic brand was inspired by “rhebok,” meaning antelope in African languages.
Use a symbol or Abbreviate
How can you come up with a business name? You could draw inspiration from an essential element of your work. A good example would be Naturol, which communicates what the company is and is easy to remember (Small business win-win).
A great business name should not be too long. If there’s a word or phrase with a definite meaning to you, think about using part of it for your brand name. Take Cisco; the founders were inspired by their founding location, San Francisco.
Look at your product from another angle.
Sometimes when it comes to your product, you have to step back and see if your phone looks like a Blackberry! Or maybe designing makeup palettes with flowers. Why not use the idea as part of the brand name?
Source – link
Tell your story or Make it descriptive.
Another way to solve the mystery of how to come up with a business name is by using your own name. Why not get creative and pick your unique story-telling name like Virgin (the founders’ way of saying they were completely new) – we’ve seen this many times.
What are the words that best describe your business? Think about this and write down all of the options. Consider 7-Eleven’s logo, and they use their company name (7-11) to tell people what they offer: 24 hours a day service.
Your business name is a way of reminding yourself (and your employees and customers) what you believe in. A name like Nomad immediately conjures thoughts about travel, adventures, and the idea of wandering freely without any limitations.
Things to be checked before finalizing a name
The next thing to take care of after dealing with the question of how to come up with a business name is a checklist of things before finalizing.
Source – link
Is the name hard to spell?
You don’t want potential customers to have difficulty finding your business online. It makes sense to avoid being constantly reminded of the misspelled version of your name when you are told it’s wrong or asked how it’s spelled. Keep things simple.
What you want for your business is a name that’s not too boring but also not too “out there.” You want it to be something everyone can say without hesitation and something the target audience will resonate with.
Is the name limiting your business growth?
Narrowing your company’s name too much may cause you problems. Imagine if Jeff Bezos had picked a more specific name like “OnlineBooks.” Choosing something vague and applies to many different products, like Amazon, would have been better. So avoid titles such as “Wedding Dresses of San Francisco” or “LugNuts Unlimited.” You don’t want to limit your business to one product or just one city.
Is the name available?
When you have finally settled on a name you like, search the web. More often than not, there will be someone who has already taken that business name as their own. Search USPTO.gov to get an idea of whether you can get a trademark or service mark for the name.
Before registering your business, search the Secretary of State’s records to ensure that the name won’t be confusingly similar to the one already registered. If it is too similar, the Secretary may not allow you to register it. Your corporate lawyer can help with this kind of search.
Is the domain name suitably catchy?
Customers tend to associate a “.com” name with an established business. Undoubtedly someone will already own your desired “com” name, but many domain owners are willing to sell their names for the right price.
Does the name convey some meaning?
Your business name should be clear and meaningful. Can people instantly figure out what the purpose of your business is? While names like “Google,” “Yahoo,” or “Zappos” are catchy, they will cost you more to brand. Some examples of good domain names are Canny.com, Cling.com, Afire.com, and Administer.com. A domain name such as ‘OnlineTickets’ conveying meaning about a company’s work may be genius for search engine optimization.
First of all, make sure your name is available by ensuring it does not match a competitor’s. If you are downright lucky and find your business has an original name, secure the matching domain right away, set up an Instagram handle, and even consider applying for a trademark.
Once you have a name for your business, start promoting it with some marketing materials. Display your company’s logo on postcards and more so that customers will easily recognize it. Keeping the font consistent along with the logo is also essential to create a cohesive experience from start to finish to stay true to its brand identity.
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