Choosing the Right Business Name in the Right Industry

Choosing the Right Business Name in the Right Industry

Starting the right business in the right industry with the right business name sounds easier said then done. Learn a few great tips on just how to do it here.

Over the years we have seen it all, the good, the bad and the ugly. Through these experiences we’ve identified some pretty clear patterns exhibited by successful start-ups. We’ve also have identified the characteristics of failed ventures. One of the biggest mistakes made by entrepreneurs is starting the wrong business in the first place.

We’ve seen entrepreneurs enter mature industries, with fiercely competitive markets, undifferentiated products and razor thin margins. We’ve seen other entrepreneurs raise their chance for success by entering a growing industry with a highly targeted product mix.

It sounds simple, but choosing the right business in the right industry is a critical factor that could make-or-break your business.

You may have a great concept, but the concept must translate into economic viability. You’ll want to complete a break-even analysis to see the minimal threshold of sales activity for your start-up.

While there are opportunities in every marketplace, the survival rate for start-ups varies wildly from industry to industry. For example, 56% of start-ups will be around after four years in the health services sector, whereas only 37% of start-ups will be around in the information sector.

It all comes down to doing your homework. Entrepreneurs who have done the research on their proposed business and industry have an increased propensity for success.

You’ll want to start a business that you’re passionate about, but it’s essential that the concept be viable, the target market be adequately researched, and the industry thoroughly analyzed.

Brandings has everything you need to hit your start-up targets every time. We offer a wide range of services including company naming, premium domain names, strategic planning, corporate identity and design, testing and research, trademark screening, all custom tailored to meet all your specific start-up needs.

Brandings is a leader in domains for the Luxury Product and Services market. Here are just a few of our available names:

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