With the idea, market research and draft business plan out of the way; now comes the exciting, creative and at times frustrating bit - a name for your business baby.
How do I choose a business name? Should I name my business after myself? you ask - all part of a series of questions on the same thread. I implore you to read on.
How do you create a unique business name? Why is it important?
A name conveys a lot. It has an emotional impact so it’s important to take time to assess the psychological nuances of a name. It’s everyone’s first introduction to what you do, how you do it and why. Ideally, you allude to or convey both the business and its unique position within the industry in the name (hard, I know).
It’s important to be happy with the name you finally arrive at. Be sure to not drive yourself crazy in quest of the perfect name. Here are a few tips to guide you along the way and get you closer. Hope it’s an enjoyable ride.
Research naming rules
Depending on how you structure your business - as a sole trader, partnership, limited company and where you start it - basic guidelines apply. For example, you can find the information you need to set up your business in the UK here.
Brainstorm in its truest form
Really understand your business; what it stands for and what sets it apart. Pick a time of day when you feel the most positive, at a place with good vibes. Where do you do your best most creative thinking? Mine is on walks at a beautiful park close to home, listening to music or podcasts that have nothing to do with productivity or work. Put down anything and everything that comes to mind. Be literal, be descriptive, anything goes.
Take inspiration from words in your business plan, keywords bandied around your industry or market – whatever speaks to you. Use a thesaurus or any of the numerous free online business name generators like Namelix and BrandBucket. AI-powered generators tend to throw up generic names but are a good place to start. Some provide you with a logo and let you know if a domain name is available for purchase. Others allow you to search based on keywords and filter for name style and industry.
Strike, strike, strike to shortlist
To shortlist, ask yourself if a name captures your business and its essence. Is it easy to spell? Is it easy to remember? Is it visually appealing? Is it catchy? Say it out loud to make sure it sounds good and rolls off the tongue easily. Also, keep in mind if it could translate into a logo well and display nicely on a search engine’s results page.
Play with name styles
Name styles go in and out of fashion and follow trends like everything else. For more on the topic; here’s a wonderful read by Stephen Moore for the Marker - the 20-year ‘disemvoweling’ trend of naming startups is giving way to a return to normal names.
Here are a few trusty methods for finding a business or brand name style that works -
Go literal and call it what it is (possibly more of this in the years to follow)
Name it after yourself, use a moniker or use initials
Make up a word and work towards turning it into a verb (think Google, Xerox)
A word of caution when coming up with a word - check it isn’t something unsavoury in another language or different context.
Secure your domain and social handles
Now that you have your shortlist, it’s time to check for availability of the domain and social media handles. You want to keep your business’ name consistent across all your digital platforms as far as possible.
When choosing a domain name extension (the bit at the end of the address .com, .net and the like), make sure to select the one that works best for your business. Certain extensions tend to be favoured by a sector and have specific uses. For example, new tech startups like .io quite a bit these days. While .com is still the most popular because it’s been around a while; a .com domain may be tough to secure. Don’t lose heart though and consider other extensions that may also pair better with the names shortlisted. An industry-specific extension like .design or a geographic extension like .berlin may just be for you.
Test your name
The previous step likely narrowed your shortlist down to a couple so it’s time to get some feedback. Would highly recommend you seek feedback from only a select few you trust - else the opinions and recommendations will keep coming. Make sure to include those outside your industry and market in your focus group. It’s best to choose a method of testing that allows you to see participants and gauge their immediate response.
Give the process time
Detailed above are merely guidelines - there are no rules. Brainstorm and have fun. Mash names, keywords, add a prefix or suffix, drop a letter, add a letter, go wild! Invent a word, turn to history, wordplay, use a metaphor, a thesaurus and a name generator.
Get feedback on the name but not too much, because it’s subjective and excessive feedback could deter you from making a decision. Go with your instinct. Most definitely consider the rules of business structure, existing trademarks, and availability of the domain and social handles.
A 2006 Princeton study found that easily pronounceable stocks could potentially fare better after an IPO than those not as easily pronounceable (wow!). Try to keep the name simple, short and sweet at 10 characters or less and easy to pronounce. This leads to fewer chances of misspellings on merch, business cards and generally while engaging in digital marketing for startups.
Impress potential clients with a name that tells a story or can segue into one. Choose a name you can grow into. Let it be scalable - you never know where your business journey will take you.
That’s it for now. Here’s hoping you find the perfect name for your brand or small business!
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