Years ago, entrepreneurs and businessmen love to name the companies they have set up based on their family names.
But today, more and more small businesses are no longer seeing the importance of family connections in naming their company.
This was the result of the latest research by British Gas Business , which showed that fewer small business owners are choosing to use their family name in naming their company. It was revealed that 74 per cent of small businesses now prefer more memorable names that are unrelated to any kind of family ties for the companies that they wish to set up and operate.
Small businesses know that the role their company name plays in attracting new business is very crucial. The study revealed that 60 per cent said that the choice of name should illustrate the product or service being offered.
Other findings of the survey were:
* Over 50 per cent of respondents found it hard to choose a business name
* Small businesses would only take one or two days to find a name for their business
* 72 percent of UK small businesses said that they think that the choice of business name should be memorable
* 60 per cent said that the business name should appeal to new customers while 59 percent said that the business name should give customers an idea of the product or service being offered.
* 78 percent of business in the North of England place the biggest importance on getting the name of their company right. Twenty-eight per cent of Welsh business placed the least importance on the right business name and 72 per cent Scottish businesses found it the easiest to name their company.