How to Name a Business
The right name for a business can easily make or break it, so you should take the time to put in the essential thought and study before settling on one.
While deciding what to name a business, you have two options available to you. You can either coin a made-up word or phrase, or you can use words you would find in the dictionary. Which direction you should take is a matter of individual choice, as both options have their advantages and disadvantages.
If you prefer to go with a name using known words, there are a few things you should keep in mind. First of all, what do you want your name to say about your business? Ideally, when you name a business, you should select something that briefly shows what your business is all about. If you sell high-end goods, your name should reflect that. Likewise, if you sell severely discounted goods, your name should reflect that. If you name a business what it is, you can begin branding it from inception.
While selecting a name for your business, it’s helpful to make a list of possibilities. Professional naming companies are often hired by large companies and startups with a lot of money. These companies typically come up with a list of hundreds of choices to name a business and then whittle it down.
Small businesses that can’t meet the expense of to hire a naming company can do this process independently. All you need is to keep in mind a few principles. Good names are easily pronounced, evoke some type of meaning and are not trademarked. Additionally, you want to make sure whatever you name your business will have a broad enough meaning to match how you predict your business will grow. Otherwise, you might have to change your name if your business expands into other products or services.
If you name a business a made-up name, you can keep away from concerns of trademarks, but even coined names should evoke some meaning. Consider the root words in your made-up name as well as any similar sounding words that might be confused with it. Also, remember that with a made-up name, you will have to devote more time to branding, as the name will likely have no scientific meaning when you first coin it.
