How to Name a Business
So, you own a business. You've already made a business plan, have your equipment on its place and you are ready to go. The only thing that your business still lacks is a name. Meanwhile, a brand name is an extremely important point that can mean the difference between successful enterprise with tons of clients and income and a dull company no one knows about. Have you ever decided not to come into a store just because its name sounds lame? I bet you have, especially if there are some alternatives for this store around. And also, have you ever visited an online store with a fancy name even if you had no idea what they sell? Again, many people do that. Thus, choosing the right product and company names are absolutely crucial. Let's find out how you can pick the best name for your business.
Know the requirements
First of all, there are some requirements for your business' future name. It should be really appealing and catchy to attract the customers, but not too pompous. They should be easy to pronounce and spell, so avoid long words or word combinations of 3 or more elements.
Make sure it sounds right
Another thing you want to keep in mind is avoiding awkward associations (unless it's made intentionally, for example if you own a sex shop or something offensive). This is the mistake that many entrepreneurs make. If you think your business' name sounds perfectly innocent, ask other people if they think the same.
Get the words
You can start with writing down the brand names of similar businesses and find out what words are used in these names more often. You'd better not use these words in your name in order to stand out from the crowd. Make a list of words that describe your business using nouns, adjectives, and verbs. After that, try to play with these words to create a compound name.
Alternatively, you can use different suffixes and prefixes like Uni-, Mega-, Super-, Inter-; Able, -Point, -View-, and add them to a word that you've chosen as a key word. Be creative and play with different, even the most unexpected variants.
Try to keep it short
Apparently, picking a catchy short name is more difficult that giving a compound name, but it's also more efficient.
Once the variants are chosen, you should check if they are legally available and choose the best variant. Ideally, you want it to be short, sound good and be easy to pronounce and memorize. It should reflect the specifics of your business but it shouldn't be too obvious.
- Don't use the names that sound similar with other famous companies' names, especially if these companies are your competitors.
- Don't use too common words if you launch an online business or planning on the online promotion. It would be really hard to promote a liquor store named "Liquors"…
- Don't use your last name in your company's name unless you have a stainless reputation.
- Don't use the name that confuses people and distracts them from what you are really doing. Roughly speaking, don't name a car wash "Donuts".
So, naming a company is a duty that cannot be exaggerated. Imagine if your parents were careless about naming you, and you came out as Paedon, Oreo or Smokey. Typically, professional brand managers make the list of 2000+ names per project! And they have their reasons for that. It is absolutely crucial to consider all the possible variants in order to make sure your company has the best name, because from here, it may or may not blossom.
Authors total: 33