By Grant Polachek, guest author
What’s in a name? Well, if you’re trying to make it as an entrepreneur, quite a lot! The name of any business can impact its success or failure, so coming up with one that is the right fit and can compete with others in your industry will be essential.
When starting a business from scratch, one of the first things you have to decide is what your business will be called.
Even if it’s not your first entrepreneurial venture, chances are that you’ll still have some difficulty whipping up the perfect name for your new business. So hopefully, this piece on how to come up with a business name will help you brainstorm more effectively and choose the ideal moniker for your company or startup. And while you are at it, remember to invest in positive customer experience because it impacts 73 percent of customers’ purchasing decision.
Know your purpose
Having a business name is important. It helps customers remember your brand and what it stands for. A business name generator can help you crank out names that are clever and memorable. There are many sites that offer free resources to help with this process.
In order to excel in business, you must also understand how to keep up with new ideas by being open-minded when brainstorming different names so that you can eventually find one that matches your company’s needs.
Naming a business is not rocket science and should not have to be difficult. With some practice, you’ll know exactly what steps to take when coming up with the perfect business name. A business name generator will provide you with plenty of unique options to consider before finalizing on the one that’s right for your business.
You should create a list of attributes that suit your company and narrow down which would work best as potential business names.
Do some research
Naming a business can be tough, especially if you’re looking for something that is catchy and memorable. To make things easier, consider these tips for naming your business; brainstorming sessions with friends or coworkers and researching potential names with a business name generator.
Start by brainstorming business names with friends and coworkers. You may be surprised by what happens when you start tossing around new ideas. Plus, it’s always helpful to leverage a fresh set of eyes in your brainstorming session.
Utilize an online name generator as well to help take some of the pressure off. Simply enter keywords that you want in your company name and allow the tool to come up with a list of suggestions. Sort through them until you find one that suits you best!
Consider your target market
Naming a business can seem like a simple task, but it is actually one of the vital decisions you will make for your company. The name you pick will be at the forefront of your branding and marketing efforts and should be carefully considered in order to attract your target market.
Here are questions to ask yourself when coming up with the perfect business name:
- If I could only describe my business in three words, what would they be?
- What does my business do?
- What are my products or services?
- Who are my customers? What other businesses are similar to mine?
- What makes me different from everyone else out there?
- Why should people buy my product/service over others?
Regarding why people should choose you over your counterparts, keep in mind that 77 percent of customers patronize brands that align with their values.
Think about these questions when naming your business, and consult a professional if you need more help. Try using tools such as a naming contest or online name generator which has a variety of options for names based on specific criteria.
Make it memorable
Naming a business can be challenging. The process can be tedious and time-consuming, but if you want your business name to reflect your company’s personality, work ethic, and goals, it’s worth it.
Here are simple steps to help you brainstorm a perfect name for your new company.
1. Come up with names in three categories
Write down potential business names based on your industry, who you’re targeting, and what you sell or do. For example, The Power Company might be a good choice for an electrician, while Sunny Day Bakery might be more appropriate for an ice cream parlor.
2. Try some brainstorming techniques
Doodle words together or combine two words together (like Woodies furniture store). Write down as many possible combinations as you can think of in 15 minutes or less. Put them all on paper or use the business name generator tool. Put them into different piles, sorted by category.
After 15 minutes is up, look at each pile and ask yourself would I feel proud calling my company this? If not, go back through each pile and find the best option for you. Keep tweaking the chosen business name until you love it. You’ll know when you see it.
3. Avoid common mistakes
Naming a business is regarded as a central aspect of starting a business. However, it can also be tasking. Here are some mistakes you should avoid when naming your business.
- Don’t use numbers in your name.
- Don’t use acronyms or abbreviations.
- Don’t use words that are overused in your industry
- Avoid using negative language (e.g., kill, die) – Include keywords in your name if they help people find what they’re looking for
- Go with something descriptive if you can’t think of anything catchy
Naming a business is no easy task, but it’s worth investing some time into brainstorming. The perfect name will reflect your company’s values and goals while still being memorable and easy to pronounce. It can seem like a highly intimidating task, but there are ample resources out there that can lead you in the direction of getting the right name for your business.
Grant Polachek is the head of branding for Squadhelp, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.
From the Coach’s Corner, here are related strategies:
The Correlation: A Simple Logo and Branding Success — Some of the world’s most-successful companies have simple logos. That’s the conclusion from a study by a UK logo-design company, Small Business Logos.
Winning in Branding, Sales – The 6 Key Characteristics of a Logo–– One key element for a company’s branding and sales that often gets short shrift is a great logo. Whether you’re an entrepreneur entering a brave new world or an established company needing profits, a great logo helps ensure top-of-mind awareness.
Branding, Marketing Your Biz as Green — Checklist — Consumers love environmentally sensitive businesses. You might think it’s a slam dunk for businesses to market themselves as green. Well, yes and no. There are precautions to take.
Strategies – Beat Competitors by Telling Your Brand’s Story — Buying decisions are based on emotion. So, to engage your target audience, it’s in your best interest to start by effectively telling your brand’s story.