Starting your own business is an exciting step in life, but before you get started, you need to know how to come up with a business name. Your business name does so much, and it can be the difference between a great success and an unfortunate failure. From the start, your business name can have an enormous impact on your investors and customers.
With the huge competition out there today, you need to make sure your business name resonates with your audience. It’s a huge task to take on, but one that has to be handled. To make the process as smooth as can be, we’ve got the tips you need, right here.
Characteristics of a Great Business Name
A great business name is one of the most important things you can do for your business, so it’s important to consider what makes a business name great. These characteristics will help with a business name that shines among the competition.
Uniqueness That Sticks
In the business world, stickiness refers to how well a brand resonates with a customer, and for your business name, you definitely want it to stick. You want a name that stands out from the crowd but is also timeless, which is a challenge. But don’t worry, later we’ll cover tips on how to come up with a business name.
Short and Sweet
Simple, short, and sweet names will stick, are easy to search, and easy to remember. Think Nike, Apple, Facebook, Instagram, etc.
It’s a good idea to avoid names that limit you to certain locations, products, or services. You want to give your business room for growth and expansion.
In today’s world, your business needs an online presence. When you’re thinking of a business name, remember to pick a name that can be easily turned into a domain name. This will help people find your business easily.
A great business name takes time and lots of thinking, and sometimes the right name comes with a story. Take Amazon’s Jeff Bezos, who scanned the dictionary looking for the right word to name his business. When he came upon the word Amazon and learned that the Amazon river is the largest in the world, he chose it to represent Amazon’s vast selection as the times biggest bookstore. Now, Amazon sells everything and is arguably one of the biggest businesses in the world.
A story like this is not only a great way to come up with a name but a great way to connect with your audience.
This relates to the importance of a unique character for a great business name, but it’s important enough to get its own spot. Don’t be afraid to come up with your own language when making a great business name. If you create your own words, remember to keep it simple, simple to spell, and easy to remember, like Google.
Benefits of a Great Business Name
Now that we’ve covered some key characteristics to consider in making a business name, let’s look at the benefits that come with a great business name.
A Great First Impression
First impressions are so important, and a great business name means a great first impression. The first thing an audience sees when they are introduced to your business is your brand name, and if that name conveys the right message and makes an impact, a customer will remember you when it’s time to make a product or service purchase.
Your brand and your business name make your business different from all the other ones. A name that stands out and is easily recognized and brings your business to the top of the competition.
Easy Product Introduction
When a business has a name that is known and well received, releasing new products becomes all that much simpler. With the loyal brand following that starts with a great name, your audience will be ready and waiting in anticipation for your next big thing.
A great business name is a big part of the reputation your business builds, and the story it tells. It all starts with a name, and if the rest matches, you’re on your way to a loyal customer base.
Everything comes together with credibility. The brand awareness that comes with a great business name leads to credibility with your customers. This credibility brings with it more recognition, loyalty, competitive edge, and profit. People want to buy products and services from a brand they connect with and trust.
Tips on How to Come Up with a Business Name
Ready to find the perfect name for your business? It will take some time, but remember it’s so worth it. These tips will make the process a whole lot easier.
Create acronyms by using the first letter of every word in a phrase. You can also use parts of words or names as a great way to come up with a business name that is unique and sticks. Think of Addidas, a company whose name was created from founder Adolf Dassler’s nickname Adi and the first three letters of his last name. Plus, Addidas is also an acronym for “all day I dream about soccer.”
Even if your audience is limited to one geographical location, foreign words can make your business name unique and memorable. Audi is a great example of this.
Use a Map
Many well-known brands, like Adobe, Amazon, and Fuji are inspired by landscape features like rivers and mountains. If you need a little inspiration, look at a map and find an inspiring feature or place.
Make a Match
Another tip is to mix multiple worlds. For example, Evernote comes from the combination of the words “forever” and “note”. And Groupon is the combination of the words “group” and “coupon”.
Mythological figures are epic, memorable, and a force to be reckoned with, so it can help to channel that in your business name. Think of Nike, named after the goddess of Victory.
What does your business do that’s unique, and how can you describe that in a name? Think of 7-Eleven and how their company name immediately shares they are open from 7 am to 11 pm every day.
Use Your Name
If no other name sounds right to you, you can always opt to use your own name. You can also use your nickname or the nickname of your inspiration. It worked for brands like Bayer and Boeing, companies that are both named after the founder. And, Cadillac was named after the French explorer Antoine Laumet de La Mothe, sieur de Cadillac.
We mentioned before that you want to keep your business name short and sweet, and abbreviating your favorite thing or place, can be a great way to go about it. That’s exactly what Cisco did when they came up with their business name by abbreviating San Francisco.
Create or Alter Spelling
Another way to make a unique and memorable business name is by creating your own spelling or altering the spelling of a word. That’s what Reebok did when they changed the spelling of the Afrikaans word “rhebok” which is an African antelope.
Share a Message
A business name that shares a message is a perfect way to resonate with your audience and help your business be remembered. Virgin did this when they used their business name to represent that they were completely new to the business world.
Check for Availability
Whatever your amazing business name is, you need to check for availability. If you plan on trademarking your name, do a search to make sure the name isn’t already trademarked. For your domain, make sure the domain name will be available.
If you find the unfortunate truth that the perfect name you come up with isn’t available, don’t worry, you can still make it happen with some adjustments. Think of big brands like Flickr and Tumblr who both ditched their last vowel.
Before you choose a name, it’s important to see how people receive it. Come up with your top picks and share them with friends, family, and other people you trust. If you can, try to run the names by people who fit into your target audience.
Take Your Time
For coming up with a great business name, patience really is a virtue. It might be appealing to rush through the naming process, so you can create your business, but that can lead to settling for a mediocre name and hindering your success.
Picking a great business name is a big deal, and it’s no easy task. You need to give your business name the time and attention that your business deserves. Whether you choose to tell a story, represent your inspiration, or get really innovative with your business name, the right name is the first step to success.