How to Choose the Best Name for Your Business

When choosing a name for your business, start by deciding what you want it to communicate. To be most effective, your company name should highlight the key elements of your business. So the first and most significant step in choosing a name is deciding what your business is—knowing what your business’ unique selling point will help you choose a name that advertises that.

Keep in mind, the more your name communicates to consumers, the less effort you must put to explain it. According to naming experts, you should give priority to real words or combinations of words over fabricated words because people prefer words they can relate to and understand.

Naming specialists also be careful about choosing a name that's too hardly defined. Common downside are geographic names or generic names.

Precise names make sense if you intend to stay in a narrow place forever. If you have any desire of growing or expanding, though, you should find a name that's wide enough to contain your growth.

Before you start thinking up names for your new business, try to define the qualities you want your business to be identified with.

Namestorming

Begin your brainstorming search for a business name by looking in dictionaries, books and magazines to create ideas. Get your friends and relatives to help if you like; the more minds, the merrier. Think of as many feasible names as you can during this creative stage.

The trials you put your names through will vary depending on your concerns. Some considerations are fairly universal. For example, your name should be easy to pronounce, especially if you plan to rely a lot on print ads or signs. If people can’t pronounce your business name, they'll avoid saying it. And nothing could be more counterproductive to a starting company than to strangle its potential for word-of-mouth advertising.

Other considerations depend on more individual factors. For example, if you’re thinking about marketing your business globally or if you're located in a multilingual area, you should make sure your new name has no negative connotations in other languages. Lastly, make sure that your name is in no way embarrassing.

The major function of a name is to make a distinction of your business from others. You have to consider who’s out there already, what type of branding strategy they have taken, and how you can use a name to disconnect yourself. If any of your potential names is too close to that of your competitors', you should most likely get rid of it.

After you’ve narrowed the field to, say, four or five names that are memorable, expressive, and can be read by the average grade-schooler, you're good.

Final analysis

If you’re fortunate, you’ll end up with three to five names that pass all your tests. How do you make your final choice? First, remember all your first criteria. Which name best fits your objectives? Which name most precisely describes the company you have in mind? Which names do you like the best?

You could ask other people’s opinions. Or you could doodle an idea of what each name will look like on a sign or on business stationery. Read each name aloud, paying attention to the way it sounds if you foresee radio advertising or telemarketing in your future.

Once your verdict is made, start constructing your interests for the new name right away. Your name is your first step on the road to building a strong company identity, one that should last as long as you’re in business.