The Hustler's Digest StaffWondering about how to come up with a business name and how it acts as a gateway that catches people’s attention and fits well with the type of business you have. Read more to know how important it is to come up and choose a catchy business name.
Although the question of how to come up with a business name is usually one of the many enjoyable aspects of beginning a business, one should take it seriously. A good company name sets one apart from one’s competitors, creates customer curiosity and stimulates further research. That is why it is critical to get it right.
There are a slew of business rivals, and the first thing that sets them apart is their company names. As a result, one can say that a company’s name portrays the company to customers in either positive or negative light.
A good name attracts clients and can help your business get off the ground in terms of creating a buzz. A company should have a business that relates to a unique value proposition and corporate personality.
Types of business names
Entrepreneurs employ a variety of ways to come up with a distinctive and unique name for their start-up company. Some tactics are more effective than others, but they all appear to coexist, so it is necessary to look at each one to get a sense of what’s available. The technicalities of choosing a business name are simple, but the ultimate decision is one of the most essential you will make as a business owner. The name of your business serves as an entrance to your products or services. It has to be nothing less than awe-inspiring.
With that in mind, here are the most frequent company name types, along with a few advantages and disadvantages for each.
The real word business name
Everyone is familiar with certain English names since they have become household names. They are products or services that we utilise on a daily basis. Everyone is familiar with the words like Quaker, Shell, and Twitter because they are actual words that have been assigned arbitrary meanings due to their association with highly successful enterprises. When a new company wants to capitalise on the familiarity of a word, it may choose to use an existing name as part of its new business name. Real-word business names are the finest way to explain these names.
The descriptive business name
A descriptive business name is one that essentially characterises a product or service by defining a key ingredient, attribute, or feature. While descriptor-based naming schemes are simple to grasp and instructive, they are far from unique and far from too prevalent. At best, descriptive names are dull, unappealing, and in the majority of cases, unworthy of trademark protection. Consumers may link descriptive names with a lack of imagination and innovation in the worst-case scenario. A descriptive name is a risky option unless you have an extraordinarily huge but quickly rise above the competitors.
The compound word business name
This is where things begin to get interesting. Many companies have had great success by combining two common terms to create a new name and concept.
Compound word business names are interesting and unusual, especially when new meanings may be generated by combining words that are not commonly used together.
Because of their originality and memorability, compound word business names are often easy for consumers to remember. One such example is Firefox.
In certain ways, the correct combination can elicit a lot of interest, which is always a good thing for a company. The options are nearly unlimited when it comes to compound business names, as there is virtually no limit to the number of winning combinations that may be developed.
It’s difficult to think of a disadvantage to choosing a great compound word for a company name, but if there is one, it’s the length.
Compound words have a higher character count than other types of business names. It may be difficult, but any compound name with more than ten letters should be avoided. You can’t go wrong if you keep things brief and appealing.
The associated word business name
Business names can sometimes be memorable because they combine two or more words, making it entertaining to imagine two unconnected products as one.
Associated word business names encompass a wide range of unique names that are simple word blends, words with prefixes or suffixes affixed, and even misspellings of other common terms. One such example is Netscape, which is a combination of net and landscape and refers to internet landscape.
The Power of a Brandable Business Name
Choosing a brandable business name is crucial for securing trademark protection and ensuring ease of use. These names are among the easiest to protect, offering a unique way to distinguish your product or service. The most significant advantage of a brandable name is its potential to create a strong brand identity. Over time, your name becomes synonymous with what your company offers as customers interact with and appreciate your product.
Both startups and established businesses constantly seek new strategies to boost brand recognition. A successful branding strategy often begins with the right brandable name. This is a significant benefit for any business in any industry, as it avoids the confusion that can arise from descriptive or common names.
Many people develop negative perceptions of a company simply because its name triggers unwanted associations. A unique or invented name helps your business stand out and gives you an edge over competitors with more generic names.
Your business name plays a vital role in your success. It’s not just a name—it’s the gateway to your products, services, and ultimately, your livelihood.
What to consider while choosing a business name?
One can not have a business if one does not have a name for it.
However, coming up with the perfect business name that is both catchy and communicates what your company is all about is no easy task. Businesses have failed in the past as a result of a bad name, so it is critical to get it right.
If you want your business to be successful, you need to pick a decent name that will set you apart from your competition. Customers identify a company’s name with the value they receive.
Legal considerations
You should have a clear notion of what type of business structure you will have before you begin your search for the appropriate business name. This is significant since the rules for registering a business name differ based on the form of your company.
If your business is a corporation, you must register the business name at the same time as the corporation.
Checking if the name is already in use is another simple thing to consider when naming your company.
The fundamental goal of a name is to explain the services you provide while also being easy to remember and, if feasible, unique. Here are some helpful considerations one should keep in mind while choosing a business name:
Do not be overly generic or imprecise in your description
Choose a name that is neither too broad nor too specific. Generic names are not just tedious to remember but also difficult to pronounce. Furthermore, it does not distinguish itself from other providers. Consider the name PhotoBucket: it is detailed enough, not boring, and unlikely to be forgotten.
Be creative with related words
Do not make the mistake of stuffing keywords into your company name. Using simple keywords is no longer effective. However, if a slightly changed version of linked keywords reflects what your business is about, it typically performs effectively.
Using alternate forms of common terms relevant to the service you are delivering is a smart method to come up with catchy, memorable business names. One example is Flickr (flicker).
Keep it simple
Make sure your business name is not too long or difficult. Your company name should be appealing to your customers. It should have a pleasant, familiar tone to it and elicit favourable sentiments. It should also be simple to say and remember.
Don’t try to copy your competitors
Choose a name that is not too similar to the names of other businesses in your field. It can make you appear unoriginal, which is bad for your brand’s image.
Do not use your personal name
Avoid using your own name unless you have a well-established brand. Your name says nothing about your company and will be meaningless to potential customers. This could generate issues if you ever want to sell your company or expand it. However, there are a few instances where incorporating the owner’s name into the brand name might be beneficial. One such example is PageRank, which is named after Google co-founder Larry Page).
Choose a scalable business name
Choose a name that will help you grow your company. If you only sell books, for example, you might eventually expand to include stationery and accessories. In addition, if your service is based in one city, you may expand to other cities.
Check to see if you have a related domain
After you have narrowed down your name choices, double-check that the name you choose is available. Check to see whether the name has already been trademarked or if it has been purchased by another company. If you intend to have an online presence, which you should, you should conduct a domain name check to ensure that the desired domain is available.
A domain name can have an impact on your internet presence as well as your marketing activities. However, just because an exact domain is not accessible does not mean you should discard a good business name. You can take the following considerations into mind:
- Consider purchasing it if it is a parked domain. It will almost certainly cost you money, but a search-friendly, memorable domain is well worth it.
- Modifiers should be added to the name.
- Use your creativity while choosing a domain. Businesses nowadays employ various top-level domains to make their URLs more memorable. One such example is postach.io.
Do not use acronyms
Many large corporations use acronyms for their business names. However, acronyms will only confuse your potential clients at the start of your business, when your goal is to develop your brand. Furthermore, there is a good chance that your company acronym may be confused with someone else’s, making it difficult for you to rank in search engines.
How do I name my small business?
The most difficult aspect of launching a new company for small business owners in the United States was not manufacturing goods or advertising to clients, but coming up with a name for the small business. Entrepreneurs might spend weeks, if not months, attempting to come up with the ideal name.
Starting a small business necessitates developing a brand that will entice potential consumers and drive traffic to your website or storefront, and the most crucial aspect of branding is deciding on a name. It must be innovative, unique, and descriptive enough for potential customers to grasp your business right away.
Length
The length of the name you choose for your small business is critical in determining how well it is perceived by potential clients. A short name may be more difficult to brand, while a longer name may be more difficult to recall and advertise. If at all feasible, keep the name of your small firm to three words or less.
Logo
The name you choose should, ideally, be instantly recognizable as a logo. Even more than your name, your logo will be the epitome by which your clients will recognize your small business. Your small business’s name will become associated with the logo, and you should be able to come up with a name that can be translated into a logo.
Invented phrases
Many of the world’s most successful businesses have prospered under a name that did not exist before the company was founded. While this can be an effective marketing strategy, avoid making up phrases that are difficult for your customers to pronounce or spell if you want people to be able to find your small business on the internet and in advertisements.
Research
Before you start the incorporation process, do some research on the name you want for your small business to make sure there is not anything similar in your field.
Connotation
The name of your small business should reflect the culture and philosophy of your company. For example, a toy business should have a colourful, whimsical name that appeals to the target market: children and of course their parents.
Choosing the ideal name for a small business should be a good experience that is given careful consideration. It is not right to change the name of a company once it is up and running, so a business plan that one likes and can have with for the duration of one’s business, it is highly recommended to take some time and choose an ideal and unique business name for one’s small business or company.
Changing a business name to transform sales
It is astonishing what a change in a business name can do for an existing company’s revenues. The following are some of the cases which may negatively affect one’s sales and modifying them could result in a huge increase in business growth.
Negative reputation
It is possible that your current company name has a terrible reputation. If this is due to poor customer service or poor product quality, changing the brand won’t help much. Unless you also solve these issues.
Low sales
You want to give the company name and brand a new image because sales have slowed. It is almost like a restart of a company. If you do decide to take that path, you must be prepared to provide clients and prospects with a rationale for the name change, even if the justification is made up. For instance, let’s say you are launching a new line of products and services.
Insufficient information
Your current business name does not immediately convey to potential customers what you do. Perhaps you will have to spend more money explaining to the market what your company does if you keep your current name.
Alternatively, you may be losing sales as a result of prospects avoiding your organisation. Simply because they don’t have the time or motivation to investigate whether your items or services are what they need. And your name does not immediately convey that.
To increase your market appeal
It is possible that you should widen your market appeal. However, it is recommended to be cautious when changing the company’s name because no one wants to squander his or her brand’s influence in the market.
Fear of changing the business name
One’s current business name does not appropriately explain what one does. However, it has been a success, and the fear of changing the business name is holding one back. So, one does not change his or her business name.
This issue can develop as one’s company expands and when adding additional sorts of products to the offering.
Selling new products is no less than a challenge. People often get confused as to why their new products are not selling. In many cases, not only the market but also their customers, are ignorant of the expanded variety. So, persuading people to alter their names might be challenging at times.
It can be tough to persuade people to alter their names in order to expand the brand. However, a radical change to a business name is not recommended at all because it could jeopardise the value of the original company name.
What to look for in a good business naming service?
Any new business owner understands how crucial it is to come up with the most memorable, brandable business name Any new business owner understands how crucial it is to come up with the most memorable, brandable business name possible in order to do honour to a business into which he will invest so much time and effort.
One does not require hiring an advertising agency and spending thousands of dollars only to come up with a business name that can kickstart the marketing efforts. For this, one should find a small business naming company that can provide individualised attention and truly understand the new business. This way, one can save a lot of money.
Importance of a good business name
The ideal name for your company allows you to stand out in a good way and get your brand in front of your target market. Because your brand depends on your company name, having the proper name makes the process of building a brand much easier.
Of course, a catchy business name will not make up for unsatisfactory products and services. It won’t miraculously raise one’s sales, either. Your company name will be the focus of the majority of your marketing efforts. Your image, brand, and reputation are all built around your name.
Conclusion
Choosing the right name for your business can be challenging, but it’s nothing to stress over. Gather ideas from friends, family, and potential clients. Diverse perspectives can offer valuable insights. Remember, your business name is just the beginning of building your brand. While a strong name makes a great first impression, your ability to meet client expectations is what ultimately drives success. Keep the focus on delivering quality, and your brand will grow stronger over time.
