(Source: Newtek – The Small Business Authority, Forbes: http://www.forbes.com/sites/thesba/2015/10/06/how-to-choose-a-winning-name-for-your-business/#48be3bd1109f)
Naming your business is one of the most important but tricky task you’ll experience on the road to establishing your organization. The wrong decision can send your business spiraling into the ground, while the right decision can send you soaring through the clouds. So, what sets some business names apart from the others?
These days, there is more to take into consideration when naming your business: is the domain name available? Can you use your name on social media? Can you trademark your name?
All these little factors are just as important as choosing the words to describe your business. Some businesses use professional naming firms, but those can be super pricey (up to $80,000!!) so before you leave this important task to somebody else, take some time to sit down and try it yourself.
To begin, get a marker and paper and just start writing. Let the ideas (both good and bad) flow freely to make a list of words or phrases that come to mind when you’re trying to describe your business. Once you have a healthy list, take a closer examination of the words/phrases you have to work with. Here are a few tips to follow when coming up with a name:
- Stay away from cheesy adjectives and puns that only you understand
- Avoid location-based names, you never know if your business will expand or relocate
- Try stating what you do in your name. (ie. If you have a hardware store, try putting “hardware” or “tools” in your name)
- Avoid crazy spellings. Strange or unconventional spellings, make it hard for people to search for your business on the web
- Make sure your business name is able to be trademarked and there is a matching domain name available to use
- Try imagining how your name would look as a logo. If you can write out your name in a fashion of a logo, you might be able to see what works visually and what doesn’t. This might sway your decision in taking a name
We understand, naming your business is really hard. Your business is your baby, and when you name a baby, it has to be a perfect fit. So it should come as no surprise that this is difficult process and will take some time. Try making a naming board (like an inspiration board or Pinterest board) have a designated area where you can physically display your name options so you can visually take them, put up colors and images. Your name is the initial start to creating your brand, it will create a the personality and expectance of your business, if your name ties in with everything you want out of your business, your marketing will thrive easily .