A business name is as important as the business itself. Here are key considerations before picking a name for your cannabis business or company.
Alongside other reasons, the main reasons for picking cannabis name are when starting a new cannabis business or company or when changing the name of an existing cannabis business or company.
Recreational and medical marijuana legalization is opening up opportunities for marijuana investment. Existing medical marijuana businesses could be changing their names to encompass the sale of recreational marijuana.
It is not that easy to pick a name for a cannabis business or company. With the marijuana illegalization at the federal level, you would want to land into trouble with the authorities unless you are prepared for hefty fines that could throw you out of business.
Whether you are changing the name of your cannabis or prospecting to start a new one, the following considerations would help to ensure you land on the right name.
Keep the federal government in mind
Although most U.S. states are constantly legalizing medical marijuana and some recreational marijuana or both, marijuana is still illegal at the federal level.
Whereas it may be easy for traditional companies to choose a name for their businesses, it might be perplexing for marijuana brands to settle for the right name meeting federal government requirements.
You are fighting stigma
Despite ongoing marijuana legalization, part of society still looks down upon cannabis. Legal medical and recreational marijuana is relatively new to the market.
You don’t want to settle for a name that would defame your cannabis business.
Cannabis Business name is your identity
Clothes are identified by their dye, cannabis businesses by their names. Get it right the first time!
You need to get the name right. It is the brand identity for your business.
Whatever name you consider for your cannabis business should mirror the image of your company. It is the image of your company to your potential customers.
Is trademarking important to you?
Unless you aren’t planning to grow your cannabis business, trademarking is important to you. It is a business decision rather than a personal decision.
Your cannabis company name might focus on reinforcing stereotypes surrounding marijuana or seeking to lean away from them.
The name you choose should reflect the path you choose for your cannabis business.
What about marketing and branding your cannabis business?
Whether you are running an existing cannabis business or planning to start one, branding and marketing should be part of the plan.
Would you want to pick an inappropriate name and spend a fortune on it?
Unless you are a charity, your aim is to leverage revenues. Even if you are a charity, it is not wise to unnecessary spend on branding and rebranding every other time.
Choosing an ideal name will save your business from unnecessary rebranding that you would avoid or minimize as your business grows.
You are carving a niche
Are you planning to work on a particular line of products? Whereas there are benefits of dealing in both medical marijuana and recreational marijuana, there are immense benefits in specializing in either.
If you were planning to specialize in medical marijuana products, your name would preferably be different from the name you would settle for in the recreational cannabis marijuana business.
Ensure the name you choose is an accurate representation of the market niche you are curving.
How is your competition doing?
Unless you are a monopoly, keep your competitors in mind as you choose a name for your cannabis business.
There is always a meaning behind the name of a cannabis business. Understanding the message behind the names of your cannabis business competitors can help you decide on the most competitive name.
A cannabis business with an ideal name is likely to perform better compared to its competitors.
Select a name that will enable you to compete favorably.
Know your customers
If you don’t know your customer target, you better not start your cannabis business. The cannabis consumer market is rapidly widening more so with the continued legalization.
You are not choosing a name for yourself; you are doing it for your customers.
Are you choose your cannabis business name, stick to your niche and identify the needs of your customers and then come up with a name to carve out your unique market segment.
Why are you in business?
You are not starting your business for the sake of it. Let your name speak your purpose. Do not underestimate the vision and mission of your cannabis business. Ensure the name accurately reflects your business goals. Always remember your number one business goal is to offer value to your customers.
Can your name attract serious investors; win the confidence of your community and collaboration with local government?
As much as you may want to amuse your customer with a spicy name, keep potential investors in mind.
Can your name attract potential and serious investors? Can it win collaboration with the local government? Can the name you choose for your marijuana business with the trust of your community?
Your name is not all about customers. It is about every party that might come across or seek collaboration with your business at any capacity.
Can your name survive the dynamic business environment?
Times and seasons change. You need the flexibility to thrive in a fast-changing marijuana business environment. Are you ready to change your name every other time?
There is one aspect of your business that might be permanent. It might be a good choice to associate your business name with that aspect.
Whatever plan you have for your business, ensure you choose a name that gives you the opportunity for diversification. For instance, if you are settling for a medical dispensary with plans to expand into recreational marijuana upon legalization, you may consider a name that allows flexibility without having to change the name in the future.
Always remember the name you choose for your cannabis business should stand the test of time. It should harness the potential to attract investors, collaboration from local authorities, and reflect a positive image in the community.