Selecting a name for your business is an uphill struggle. It’s not only overwhelming but also a confusing task for most of the entrepreneurs. By naming a company, you decide its identity, personality, and eventually its future.
This decision of coming up with a name for your business should be taken with extreme care and clarity as every aspect of your business depends on it.
5 Suggestions To Come Up With Great Business Name
“No, I haven’t heard of it.” & “No, I don’t like this name.” are common phrases among customers who are asked to buy a product of a new brand. A brand name is among your first communication devices. Here are few tips to help you come up with a good brand name.
Short & Easy To Remember
People tend to forget names which are unrelated, difficult to remember, and/or are long. Although your brain’s capacity to store information is unlimited, it still faces challenges in retaining information such as names because of many reasons. These include:
- Not in their own language
- Difficult to understand, etc.
Even though most of you must have read about the full form of BMW, very less would actually remember it; just because it’s too hard to remember.
Brevity is beautiful. Keep your business name short and easy to remember. Trying to include too much information in the name hinders memorability, the fluidity of speech, and catchiness.
Suggest Brand Identity
Your business name should be able to suggest your brand identity. This doesn’t mean that the name has to be related to the industry. It can represent your business’ vision (Nike is the Greek Goddess of victory) or can be completely neutral which can be assigned an identity to it (like Apple).
But make sure that the suggested message is clear and not layered.
Easy To Spell
Make sure your business name is easy to spell. Opting for a misspelt word for your business isn’t a good idea is it often leads to confusion. Words with difficult spelling also lead to confusion and are hard to remember.
Focus On Present And Not The Future
Your future is dependent on your present and not the vice versa. Don’t select your business name solely on a presumption of how you see your business in another 15 years. Focus on the present and select your business name based on your current brand identity and positioning strategies.
Ask Yourself The 5 Big Questions
It is always advisable to select 5-10 names before finalizing the name for your business. Once selected, use the negation technique to select the best name for your business. Ask yourself these 5 questions:
Is it original?
Being original is one of the most crucial (and difficult) tasks. You don’t want to be named as a copycat or want some other businesses to influence your brand image through their actions. Make a thorough research online and offline just to be sure of the originality.
Is it future-proof?
A name which looks good today may become outdated tomorrow. Choose a name which doesn’t depend on the current business environment, the current trend, and the exact products you’re dealing in. Suppose you deal in men’s t-shirts at the moment, but can try to dive into the women’s t-shirts market in future. Choosing the name like beardo for your brand wouldn’t be helpful in this case.
Does your team love it?
Do you love it?
Does your team love it?
You can only build a story out of it if you have full conviction in it.
Is it available?
Your online presence is as important as your offline presence. Make sure that the name you select has an available .com or your country specific domain name.
Is it economical?
Names are expensive. Domain names make them expensive. Insurance.com was sold at $35.6 million in 2010. Make sure the name you choose is in your budget.
No matter what you choose, remember one thing: You can make mistakes and can rebrand any time. But rebranding costs companies a lot. Make sure you do your research before selecting the best business name for your company.
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A startup consultant, dreamer, traveller, and philomath. Aashish has worked with over 50 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing.