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BizHelp24 Edition No. 146
 Tuesday 17th November 2005

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November 2005 - Small Business News
 


Small Firms Giving Up Family Names
 

The number of small firms using their family name is shrinking; as business owners become more aware of the importance of a good company name. Research by British Gas Business shows that 74% of small businesses now prefer memorable names unrelated to any family ties.

Over recent years, small businesses are becoming increasingly aware of the role that a good company name plays in attracting new business; with 60% of those surveyed saying that their choice of name should appeal to new customers.

Yet despite the importance and difficulty of naming a business (Over 50% found it hard), the average small business took only one or two days to choose their name! It appears that a large number of starting businesses need to spend more time looking at the possibilities and advantages of their potential names.

British Gas Business’ commercial director, Adrian Harvey said “Small businesses have to punch above their weight to compete against larger competitors with more established brands. A company’s name plays an important role in doing this as it can quickly inform a potential customer of the product or service on offer. If a name is not carefully thought through and does not properly reflect what you do, potential customers will go elsewhere.

“Small business owners should also remember that web usage is increasing all the time, and free online listing services are becoming the search method of choice for many consumers. This may go some way to explain why family names are now not so prevalent, as it more important for small business owners to make their company names as memorable and as relevant as possible. ”

You should remember however, that for certain businesses; having a family based name can be a strong advantage. If you provide a product or service to a local area, then having a family name can imply a friendly personal service; as well as a sense of trustworthiness. Or if your product is traditionally based, it could also give it an authenticity that a modern memorable brand name cannot.

 More information on choosing a name is available from our article here.
 











 

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BizHelp24 – UK business and finance information, news, help and services for small businesses BizHelp24 is a UK business and finance resource providing Small Business Help, Start up Information, news and services; for individuals and Sole Traders. Comprehensively covering a wide range of key business, finance, and service topics. Employment and personal information includes Work Times and Break Entitlement, Body Language, employee Holiday Entitlement and Employment Contracts. Credit Policy information includes Letter of Credit, useful Credit Notes, Business Loans. and Cash Flow Control. Other information areas include Bankruptcy, Homeworking, Business Failure, Company House and Company Names,

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