Would Donald Trump be as successful if he’d called Trump towers, ‘Tower on the Park’? Would Rachel Ray be as merchandised if her show was called ‘Cooking in the Kitchen’ instead of ‘Everyday with Rachel Ray’?
There is a lot in a name and sometimes there is no better name than your own.
By literally naming Me Inc. after yourself you immediately give yourself notoriety which in turn builds a brand that people come to recognize.
Example:
A small restaurant in downtown New York opens. It’s called 51st&3rd. 51st&3rd does great business over the next five years. They build up a steady base of clientele and get a great Zagat rating.
The owners, a husband and wife couple work hard to keep the business afloat and manage successfully to build a mini empire.
Then something unforeseen happens, their building gets bought out and they have to vacate.
Can you have a restaurant on 42nd & Lennox called 51st&3rd? No.
Had they called their restaurant after themselves they could pick up and move on. They could have franchised and built a mini restaurant chain in different states, countries, an off shoot catering business, a selection of cookbooks, cooking seminars.
Now I’m not saying that every business should be named after the owner. Some owners prefer to remain anonymous. Some might even argue that to name the business after themselves can diminish its on-sell price. To that I have one word: Walt Disney.
People pay money for a brand not a business.
The most important thing is to build that brand quickly and efficiently. A locally, globally recognizable brand sells itself.
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Wow, you make a really good point with the restaurant, I’ve never considered that scenerio. I originally thought of naming my business after my name, but it’s way to long, hard to pernounce and just sounds funny really.
However, without a doubt some of these entrepreneurs like Trump have a name that is now a BRAND and that’s really big. If Trump put his name on my company right now, I would be a millionaire in less than two years, if that long. So you make a very strong and clear point-Really good job with this article!