When creating a business, your business name is going to be everything. If you’re in the process of brainstorming a name now, here are some things you can do to create the best company name ever.
Be Relevant or Be Catchy
If you take a look at most business names, they are either going to be relevant to what they do or just some random, wacky name. For example, Google has nothing to do with search engines, and Apple isn’t about selling buckets of fruit. If you want to be straightforward, make sure people know what your business is about. On the other end, if you want to be catchy, make sure the name sticks.
No, this isn’t the band that we’re talking about. KISS, short for “Keep it short and simple,” is a golden rule that every entrepreneur should follow. If you have a long business name, it can cause confusion, be hard to pronounce or impossible to remember. When creating a name, try to keep it less than 10 words.
Whatever sector you plan on getting into, check out the competition ahead of time to see
what names they are using. With these names, create a list and see if it can spark any ideas. While you don’t want to copy them, it can be a great way to create a name that sticks out above the crowd.
Don’t Limit Yourself
If you plan on opening a graphic design company, you don’t want to call yourself “Bob’s Graphic Company.” If you were to do this, you would limit yourself in the future. So if you wanted to expand to web design and marketing in the future, customers probably wouldn’t think you offer these services.
Before you choose a name, it’s always best to write down at least 10 to 20 names. With these names, talk with friends, family and strangers on the internet to see what people like. The more people you survey, the easier it will be to find a name that is popular.
Did you know that some banks quickly turn away from you because of your company name? It’s true! In fact, you could have the strongest company ever, and the bank’s database may ignore you because of particular keywords in the name
So for example, real estate investments tend to be a risky field. If your name was “Bob’s Real Estate Investments,” the bank would probably skip to the next loan. However, if you were to name yourself something that didn’t relate to the industry, you could increase your chances of getting a loan.
Lastly, a customer should be able to visualize your company. So if you saw the name “Sally’s” on a business, you probably would have no idea what this business is about, making it hard to visualize something. However, if it said something along the lines of “Sally’s Delicious Cupcakes,” you would instantly be able to visualize something.
When choosing a business name, always make sure you take your time. If your business is successful enough, this could be a name that sticks with you for years, if not generations to come.