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Idea threads

Is buying a brand name for $5895 a good idea?

  • NO, AVOID AT ALL COSTS

  • Probably shouldn't

  • Probably should

  • DO IT


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elijahfry

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I have been looking for a good brand name for a few days and I finally found something today but it is selling for $5895, which includes a logo design and domain registration. What do y'all say to this? Is it dumb to pay that much for a name you really like?

The business is online and needs to be easy to remember and describe the business well. This name does both, very effectively.

Since execution is what matters, not ideas, here is the link to the actual name I am looking at.

Follow up question, assuming I don't have the cash to spend how stupid would it be to get a business loan for this purchase?
 
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ChrisV

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Jeez.. tough call. It depends on the idea. I mean if it's a killer idea, then go for it. If you're not sure, then I don't know. Can't you come up with a similar name and have a logo made on fiverr? How's your business experience? A lot of people have tough times at first when learning the ropes. I'm like 60/40 against here.
 

SD Entrepreneur

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How viable is your business/idea? Have you proven a need in the market? There would be a ton of research and questions I'd ask before committing 6k for a domain and logo... even if I knew I could grow the business or have started making sales I still would likely not drop 6k for a domain/logo like that.
 

biophase

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What are you using it for? For that name, I'd say no way. That's not really a brand name. But what is your track record so far in business. When I first started I didn't pay for any domains, but now, if I find one that I like I will pay for it.
 
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ChrisV

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Yea I think that's the big question. If this is your first business, I wouldn't. Don't mean to be harsh but most people's first business is simply a learning experience.

Okay here's my suggestion. My official suggestion. Start the brand with a different, but similar name. If it's successful, then invest the $6000 back and rebrand everything. But don't take out credit just for a brand name. Bootstrap from 0. Try to spend as little money as possible until you have revenue.
 

1step

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I can’t imagine they will ever get $6000 for this. I feel like you could do better with a domain/brand that’s not registered already.

Assuming you have no cash, spending $6k on a domain is insane. Going into debt for this is even more insane
 

elijahfry

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Jeez.. tough call. It depends on the idea. I mean if it's a killer idea, then go for it. If you're not sure, then I don't know. Can't you come up with a similar name and have a logo made on fiverr? How's your business experience? A lot of people have tough times at first when learning the ropes. I'm like 60/40 against here.

It is a killer idea, of that I am sure. I also think I am uniquely qualified to execute on it. I have been trying several similar names but none that I found are as sticky as this one. My business experience is pretty slim, so I think I will wait on it and maybe rebrand later.
 
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ChrisV

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You can even buy helpalong123.com (or whatever) then rebranding will be a snap if and when it's successful.
 

elijahfry

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How viable is your business/idea? Have you proven a need in the market? There would be a ton of research and questions I'd ask before committing 6k for a domain and logo... even if I knew I could grow the business or have started making sales I still would likely not drop 6k for a domain/logo like that.

I have a very high certainty on the idea, but I haven't yet made a trial version and tested the product itself. Through discussions though there seems to be a lot of excitement. It is really high... but it captures the ides SO WELL!
 

elijahfry

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I can’t imagine they will ever get $6000 for this. I feel like you could do better with a domain/brand that’s not registered already.

Assuming you have no cash, spending $6k on a domain is insane. Going into debt for this is even more insane
I feel the same, I feel like something like this is one of the big benefits to already having had successful ventures, you can expedite things like this without worrying about it.
 

biophase

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It is a killer idea, of that I am sure.
I also think I am uniquely qualified to execute on it.
I have been trying several similar names but none that I found are as sticky as this one.

My business experience is pretty slim, so I think I will wait on it and maybe rebrand later.

Helpalong is not a sticky name. It's also worth maybe $1000 at the most.

I wouldn't even know what your website did if I saw Helpalong. com somewhere, so you really would need a tag line. But if you need a tagline, then the domain wouldn't matter as much right?
 

biophase

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I feel the same, I feel like something like this is one of the big benefits to already having had successful ventures, you can expedite things like this without worrying about it.

Even if you were successful, you shouldn't be overpaying for a domain.

Having successful ventures gives you the experience to know that your starting domain may not matter, experience to have patience to pick this domain up for $100 down the line and experience to know when a domain or any asset is worth it or not for your business.
 
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ChrisV

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I dunno.. i think helpalong is a catchy name. I wouldn't know what Facebook or Instagram or Google did without an explanation.
 

Raveling

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It depends. In some cases, it's worth its weight in Anti-matter. In others, a waste of money.

If you don't have enough cash without taking out a loan, I'd say F*ck NO. Spend $5895 less domain registration and trademark fees of your time brainstorming an equally effective name.

If everything else is in place, your product is ready to go and all that's left is a great name AND you have good evidence that you'll lose that sum or MORE in opportunity cost or REAL income, it MAY be worth it.

If you have nothing ready, refer to my first response.

That cash could buy a LOT of stuff that could lead to making that much cash OTHER THAN being the proud owner of a catchy name, in debt for it AND still at square one for execution.

timbgreen
 

socaldude

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i have no idea what your business does with that name. there are lots of alternatives that are available that are brandable
 
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Walter Hay

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@elijahfry If you stop and think for another 24 hours you might come up with a name just as suitable. I saw your post and thought up a domain name which I found on Internic is available.

Brandbucket seem to overcharge for domains that you can register yourself for under $20, simply because they attach a logo to it. Many of their logos miss the market IMO. I have sent you a PM with the domain name that I think just might suit you.

You quite likely won't want to use it, but it might set your creative mind working so that you come up with something better and costing you a few thousand less than you would pay Brandbucket. I have not the slightest interest in registering names myself, so I hope you do like my suggestion.

Regarding branding, here are a couple of posts that might help you:
INTRO How Amazon Ruined My Life
EXECUTION Steps to Building a Fashion BRAND - Beyond Simple Logistics


Walter
 
Last edited:

PizzaOnTheRoof

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Maybe you can put like $300 down + a percentage of revenue over a certain time?

You get the name cheap and he potentially gets more money for it.
 

Walter Hay

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Maybe you can put like $300 down + a percentage of revenue over a certain time?

You get the name cheap and he potentially gets more money for it.
I hope you don't think I am offering to sell the domain name. It is not registered, and is open for anyone to register for a normal fee which would depend on which domain registrar they choose.

I have simply passed on the domain name idea to the OP and he can use it or discard it, but I get nothing out of it except the satisfaction of helping.

Walter
 
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Brewmacker

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Hey OP I have been playing with branding when I take a break from learning coding.

It is a nice distraction and sometimes too distracting. I came across a website that simply allows you to develop a template logo for your brand.

Free Logo Maker - Get Custom Logo Designs in Minutes | Looka

I have done mine through this website and stole the logo with pride by using the mac picture snipping tool to generate a x.png file of the generated and edited logo.

I would pay for it if I was ready to release the MVP (or maybe not), but for now while I am learning to build websites and apps it wil do. In the end a Logo here is inexpensive and generic.

In the end I will sketch my logo by hand and give it to someone on fiverr to bring it alive.

Not sure if you know this, but thought I would share it to save you a few bucks.
 

elijahfry

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Hey OP I have been playing with branding when I take a break from learning coding.

It is a nice distraction and sometimes too distracting. I came across a website that simply allows you to develop a template logo for your brand.

Free Logo Maker - Get Custom Logo Designs in Minutes | Looka

I have done mine through this website and stole the logo with pride by using the mac picture snipping tool to generate a x.png file of the generated and edited logo.

I would pay for it if I was ready to release the MVP (or maybe not), but for now while I am learning to build websites and apps it wil do. In the end a Logo here is inexpensive and generic.

In the end I will sketch my logo by hand and give it to someone on fiverr to bring it alive.

Not sure if you know this, but thought I would share it to save you a few bucks.
Very cool! Thanks! Yeah I actually really liked the one they generated in that link so I will probably steal it for now until I come up with something better. What’s your experience with fiverr? Have they delivered what you wanted?
 

Brewmacker

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Very cool! Thanks! Yeah I actually really liked the one they generated in that link so I will probably steal it for now until I come up with something better. What’s your experience with fiverr? Have they delivered what you wanted?
I have not used fiverr yet, only studied the potential they have on there, of which so far I was impressed by.
It is still too early in the development the process, both for my business and my education.

At this moment I consider it a waste of money to pay for anything other than for educational purposes. I will save my cash until I have well learned and established method for the web & app generation.

Only then I will begin validating my idea via a MVP. An once validated, only then will I begin to invest.
 
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funnybunnyvj

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I have been looking for a good brand name for a few days and I finally found something today but it is selling for $5895, which includes a logo design and domain registration. What do y'all say to this? Is it dumb to pay that much for a name you really like?

The business is online and needs to be easy to remember and describe the business well. This name does both, very effectively.

Since execution is what matters, not ideas, here is the link to the actual name I am looking at.

Follow up question, assuming I don't have the cash to spend how stupid would it be to get a business loan for this purchase?
The answer is very simple: if you believe it will pay off - definitely do it. If you have any / some reservations - I wouldn't do it if I were you. Remember you're paying just for the name, which doesn't have any background, it's unknown and you'll have to work hard to make it work.
 

FastNAwesome

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Personally, I'd keep looking for an available brand name.

But - if you decide to buy one, you can at least counter the offer.

Another thought - could you offer to lease/rent it for a monthly fee, with an option to buy? So that way you could test and see if that name and business works out for you before buying the domain.
 

Walter Hay

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Hey OP I have been playing with branding when I take a break from learning coding.

It is a nice distraction and sometimes too distracting. I came across a website that simply allows you to develop a template logo for your brand.

Free Logo Maker - Get Custom Logo Designs in Minutes | Looka

I have done mine through this website and stole the logo with pride by using the mac picture snipping tool to generate a x.png file of the generated and edited logo.

I would pay for it if I was ready to release the MVP (or maybe not), but for now while I am learning to build websites and apps it wil do. In the end a Logo here is inexpensive and generic.

In the end I will sketch my logo by hand and give it to someone on fiverr to bring it alive.

Not sure if you know this, but thought I would share it to save you a few bucks.
I cannot emphasize enough that a logo is only a very small part of branding. To get an idea of what I am talking about see this post: INTRO How Amazon Ruined My Life

If you choose a logo such as one generated on Looka it will be of no help in getting your message across to the potential customers. And.... if you hand over your design concept to a graphic artist, it could even be worse. You could lose control over your logo design and the result might look pretty, but will it help sell your product?

I typed in a product type on Looka, and a page full of totally irrelevant an unsuitable logos appeared.

If you want to see what a well thought out branding, labeling, and packaging plan can do for you, and at the same time learn how emotion rules in marketing, have a look at the contents list of my labeling book here: PUBLISHING - Forum Members and Their Books!?

Walter
 
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Brewmacker

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I cannot emphasize enough that a logo is only a very small part of branding. To get an idea of what I am talking about see this post: INTRO How Amazon Ruined My Life

If you choose a logo such as one generated on Looka it will be of no help in getting your message across to the potential customers. And.... if you hand over your design concept to a graphic artist, it could even be worse. You could lose control over your logo design and the result might look pretty, but will it help sell your product?

I typed in a product type on Looka, and a page full of totally irrelevant an unsuitable logos appeared.

If you want to see what a well thought out branding, labeling, and packaging plan can do for you, and at the same time learn how emotion rules in marketing, have a look at the contents list of my labeling book here: PUBLISHING - Forum Members and Their Books!?

Walter

Hi Walter,

Thanks very much for the information & for the heads up to the others. I fully accept that I know very little about branding, therefore I will definitely follow up on your links.

As I said at the bottom of my post, Looka is only my choice for a 'freely' generated logo placeholder for MVP production & testing. This is only an alternative suggestion rather than paying $6000 for an unproven/untested idea. At least for me that money can be better spent elsewhere.

When the concept of what I offer proves valuable most likely through iteration, then I will definitely make my own logo based on the path I end up taking, with the help of some Fiverr whizzkids.
 

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