Jessica has finally settled on a name for her - a full three days after pitching the idea to her family and friends. She’s so excited to have a name that she just filed the paperwork with the city and purchased a website domain name. Her business model is still being developed, growing as she figures out what exactly she’s aiming to offer, yet she believes the name is set in stone. Fast forward a month and Jessica decides her business model will need to change a bit. The small changes she implements suddenly make her selected (and registered) name for the business feel a little confusing and unsuited. Jessica realizes she will have to register another name that coveys her business more clearly.
Roadblock: Creating an official name too soon.
You want to start something new, and of course it needs a name. But naming it too soon can lead to more problems down the road. People tend to think that they haven’t officially started something unless it is named and registered, but that isn’t really the case. Through the process of Customer Discovery, you might end up implementing an idea that is different than what you originally thought you would do. You’ll likely want the name to reflect what you’re doing. So you might end up wanting to change the name, and if you’ve already registered a name, you’ll need to do it again. Not the worst thing in the world, but it is time consuming, and annoying, and it wastes money. So if you can avoid it. Avoid it.
Solution: Create a temporary name.
Find a name for what you are working on. After all, you do need to call it something. But hold it loosely and don’t get too attached to the name. Don’t go through all the hoops and cost to make it official. You don’t actually need to register anything until you have something in the marketplace for people to experience. Eventually, you’ll officially name it, but it is best to know what “it” is first. Once you’ve done some customer discoveryan d worked out your business model, you’ll be in a much better place to decide on a name that will resonate with what you are doing and draw others to it.
If you have already hit this roadblock or you can see it coming down the line, don’t worry. Sign up for coaching and we’ll walk you through the customer discovery process, help you develop your business model, and then help you name your organization or business something that will resonate deeply with you, your customers, and your mission.