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Queries on starting Pharma Marketing company

Query: Sir, we are 4 friends willing to start a Pharma marketing company . We initially planned a budget of total 4 Lakh. We chosen 5 tablet items and 3 IV products which run on regular basis.  Following of the queries I wanted to share- 1) Is 4 Lakh budget is sufficient for initiating this project?(8 items). 2) How do we introduce general IV products into Private hospitals and nursing homes? 3) How long it will take a time to run this business smoothly and grow? Response: 1) Is 4 Lakh budget is sufficient for initiating this project?(8 items). Best way to know about this is that, you can take rates of your proposed products from manufacturers and calculate your costing. You would have better idea about your budget then. 2) How do we introduce general IV products into Pvt hospitals and nursing homes? We hope you have experience and knowledge in those molecules. You just conduct a market survey about prices at what these products are sold in market and you can sell those at what rates t

How to Find Unique Name for Business?

How to Name your business

(Step 5 of Our How to set-up New Business Guide)
Name is the identity for any individual. Same is applicable for businesses. Name is identity for any business. There may be thousands of companies for a single product but name differentiates everyone from others. Having a unique business name is essential for you setting up your business so it may differentiate you from others in your industry and give you a unique identity along with brand image.

Experts have different opinions while putting a new name for business. Some experts advice that name doesn’t matter, it’s like a clear slate. Whatever image you give it, it becomes. Some expert’s advices that name should be profession so it should give information about your business. So you need to decide by own which type of name you want to fix for your business because any name can become brand if you have good marketing strategy.

While you are setting up a new business, you need a unique name that doesn’t resemble to any existing brand (so you don’t have to place any legal complication) as well as give technical and professional sense. Before proceeding to fix a name for your business, you should consider following things.
  • It should give identification to your business in niche you want to start business.
  • It should be unique, easily remember able and pronounceable.
  • You should avoid any silent alphabet in your name.
  • It should be short.
  • You should give priority to real names but you can also choose coined name (words made up by adding different words having no real sense but meaningful).
  • It should be technical and professional by nature so give sense of business niche you are going to start business and require less effort to convey massage to clients about business.

Caution:

But before fixing any name for your business, you should check it all possible ways so it should not resemble to any existing business name or product/service name. There are many ways to check these and few are discussed below:
  • Sort out four to five names and search at search engines (e.g. google, bing etc) for any existing business with same name specially in your business niche.
  • Search at intellectual property website i.e. http://ipindiaonline.gov.in/tmrpublicsearch/frmmain.aspx at trademark search section for any existing trademark or registered trade names related to these names.
  • Search in business niche related business directories.

Method of choosing business name:

You have many options to fix name for your business. Few are mentioned below:
  • You can choose from any real names like sun, flower, any city name, any country name or any other meaningful name, or
  • You can fix your business name based upon your family surname or any person first name, or
  • You can fix name based upon faith or religion you follow and their characters, or
  • You can fix any coined names, or
  • Any other method of fixing name that you consider suitable
Some examples of real names are: Sun Pharma, Apple, Himalaya etc
Some examples of names related to family are Bajaj, Haldiram etc
Some examples of faith or religion names are Dhanvantri, charak etc
Some Examples of coined names are Elzac herbals, Biocon, unichem etc

Above mentioned are generally used ways to fix name for any business. But at present time there are very less possibility that any real name that isn’t registered or trademarked by any individual or company. Family related names and religious names don’t also sound profession. In this scenario, coined names are most popular one. Coined names are names that aren’t real and made up by adding two or more words that give some real or business sense.

If you want to fix your business name based upon real words, family, faith then you can choose from easily available words from different types of languages, country and cities names, your family and ancestor’s name etc. That will not be difficult for you to choose from, only you need to check availability of that name in your business niche.

You can also fix your business name based upon your business related words pronounced differently in other languages. For example if you are doing business related to herbal products then you can fix name based upon herbal word pronunciation in any other language.

Now check the 

Method of naming a business through coined name:

Step 1: Make a list of name related to your business niche or common words e.g. Herbal, Duck, desktop etc.

Step 2: Write down complete word or initial/last letters of these words e.g. Herb, Duck, top, desk, herbal etc

Step 3: Try to make a sensible word from these letters like herbduck, herbtop, herbdesk, deskherb etc

Step 4: Add or delete any letter to make it meaningful word like herboduck, herbotop, herbodesk etc.

Step 5: Made up atleast 15-20 names by this way for your business.

Step 6: Shortlist 4-5 best names from these.

Step 7: Check availability of these names as discussed under caution section.

Step 8: Choose name that is not resembling to any other existing name and best suitable for your business

Step 9: Add suffix or prefix based upon your business niche or requirement as per name you choose.

Tips for fixing a business name:

An ideal business name should have following character sticks:
  • It should be technical and professional based upon business niche.
  • It should give reflection of related business niche.
  • It should be short and simple.
  • It should make sense and should be easily remember able and pronounceable.
  • It should be straight forward and not be misleading.
  • It should be unique and shouldn’t resemble to any existing one
  • It should have prefix or suffix based upon business need if name don’t have any inclusion of word related to industry.

Other Steps:


Hope above information is helpful for you to fix name of your business…


Keywords: creative business name generator, unique business name ideas, business name ideas list, creative business name ideas, catchy business name ideas, business name generator free online, business name generator by industry, business name generator

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