How Do I Choose a Business Name? Three Crucial Factors To Consider
An ideal name for your company must be unique, memorable and self-explanatory
Every entrepreneur knows how important it is to pick the "Right" name for their business. I mean, there is tremendous power in a name. Well, the right name. So what makes a great business name?
There are varying opinions out there but most folks agree that a business name should be unique, short and easy to remember, can be closely associated with the type of business you are in, etc. Nobody will wonder what the International House Of Pancakes does.
To find a fitting name for your business, it helps to first figure out what your company's trajectory will be. Do you plan to, eventually, offer more products beyond your initial product, or do you plan to be the purveyor of a single product or service? What are your company's strengths and core competencies? Will you be introducing a new type of offering, something that no other company sells? Figure out what words best describe your business or product.
Try to come up with a name that is easy to say. One that can be written, etched, engraved, embroidered, etc. Your business name is best if it is one word. This helps when engaging in creative branding opportunities and collaborations with other organizations. Below are some points to keep in mind when trying to come up with a name for your business.
Easily Associated with a product
Like I stated before, naming your business such that most people can easily associate it with a specific product is great for marketing. This strategy is advantageous if you plan to offer a single type of products or a slew of related products.
Check for the .com version
Once you have landed on a few catchy names for your business, conduct a quick search to ensure that you can secure the .something versions of this new name. These days, you can have many options for a website domain.
Although it helps to have the .com name as those are still the ones most folks will type into a browser. Being able to secure the .com name for your business becomes even more vital if you are going to execute, or at least initiate most of your transactions on your website.
Get feedback
One, often overlooked aspects of naming your company is checking to see what people think of the name. Try to present your short list to as many trusted friends, business associates, customers, etc. as possible.
Try to organize the feedback process so you get quality, quantitative results. Instead of asking a bunch of folks what they think about your business names, ask specific questions, like " What comes to mind when your hear XYZ Inc?"