Methods for Creating a Business Name
Express your story
Connecting with others via storytelling is important. Because a fantastic tale arouses certain feelings and emotions, any company name associated with it may take pride in its success.
Consider the conquest of Ben & Jerry’s ice cream worldwide. Today, the name honors two individuals named Ben and Jerry who never gave up on their aspirations and achieved local success. Ben and Jerry founded their first ice cream scoop shop in a rebuilt gas station in Burlington, Vermont, with a $12,000 investment (of which $4,000 was borrowed) and a $5 correspondence course in ice cream-making from Penn State, according to the company’s website. They produced a thing that personifies the values of labor and tenacity by including themselves—and hence their special story—in the company name.
Examine it in front of a crowd
Reaching out to friends, family, partners, and investors for their opinions is a useful method to validate the name of your company. At this early stage of your company, speaking with them might inspire you further or cause you to reconsider your choice of name.
Offer a list of inquiries for them to respond to during these discussions, such as What sensations does the name offer you? & Is spelling something you find simple or difficult? A more positive response could result from calling their attention to these factors.
If you find yourself needing to provide a lengthy and intricate explanation of how you got your name, think of it as the opposite of what you were hoping to achieve. The name of your company should be catchy and memorable without needing an explanation if you want it to be the first thing people think of when they hear it.
Obtain a business name generator
As we already discussed, employing a company name generator speeds up the brainstorming process. Write down your business kind, a term you wish to use in the name, and a brief description of your brand as a starting point. Be careful to take these into consideration as you work with the algorithm because they are only a few of the numerous elements that go into naming a company.
You should consider the message you want your company name to convey while you brainstorm descriptive phrases. Start by looking for phrases that are probably related to your goods or services. For instance, you might want to use phrases like “raw,” “green,” “fresh,” or “organic” if you’re starting an internet business that sells natural goods. The same approach may be used to come up with a name for a restaurant.
Allow the program to generate a lengthy list of possibilities when you write these phrases. You may conduct market research to find out what your rivals are naming themselves and if it’s working for them or not to assist further restrict the options. For ideas, look at these top company names.
Make a mix-up
Combining two words may provide a unique combination that is both unusual and alluring, in addition to being entertaining. Because of this, mash-up names for companies, like Groupon (group and coupons) and Instagram, perform remarkably well (instant camera and telegram). These portmanteaux are not only more intriguing than the words in our dictionaries, but they also serve a useful purpose.
Write down terms connected to your good or service to start making your own mash-up. If your company has more than one concept, this is a wonderful time to make sure that both concepts are reflected in the name.
The first word’s last syllables and the initial few syllables of the second word should then be cut out. Your frankenword should be written down and visually scanned once. Does your recently coined term have the personality or is it ugly?
Consider changing the names’ spellings to give it more polish if it needs more work, like Netflix (internet and flicks). After all, this name will create a lasting impression on your formal business plan paper, so make sure it appears credible and professional.
Keep things simple
Your brand awareness will increase if you select a name for your company that is simple to speak and remember. Don’t use names that are difficult to spell since they can turn off potential clients. Due to a lack of clarity, you don’t want to constantly correct other people’s misspellings. Avoid being generic while yet coming up with a unique business name for your endeavor to set it apart from those of your rivals.
Identify the interests of your audience
A memorable name should generate interest in the company and its product. Consider the large grocery chain Whole Foods, whose name alludes to health and wellbeing for its core audience while remaining inclusive enough to appeal to all food buyers.
Your company name should not have a clear definition, but it should evoke strong emotions in your audience by appealing to their interests, memories, or feelings.
Think about the name’s acronyms
Consider the acronym that will come next when deciding on a business name, bearing in mind the maxim “make it short and simple.”
A term created from each word’s initial letter in a sentence is known as an acronym. Indeed, several multi-billion-dollar businesses, like IBM (International Business Machines) and CVS, are better recognized by their acronyms than by their actual names (Consumer Value Stores).
Although you might not want to, your clients or other businesses might nonetheless use the initials of your company name. To avoid an unpleasant outcome, take the effort to carefully research the acronym of your name.
Watch out for trends
One characteristic of companies that have effectively changed through time is that they have avoided falling prey to fashion traps. Something new and enticing might easily turn out to be old news in a world that is changing so swiftly.
Consider the current “drop the vowel” trend and the popularity of names like Flickr, Grindr, and Scribd as examples of this phenomenon. Even though it may have appeared cool or trendy at the time, there are still difficulties with it, such as how difficult it is to speak, spell, or identify internationally. As opposed to going with the “flavor of the week,” you should find a balance between picking a name for your company that is both modern and timeless.
When releasing it to the public, run it through one last time. Can you imagine the name being broadcast on a billboard or in the news? Try to see that occurring while closing your eyes. This will enable you to determine whether it is a good fit.
Let the concept sit on your mind for a day, a week, or perhaps a year. Before registering as a DBA, you can always do business under that name. Keep in mind that updating it later—in legal papers and branding assets—will be far more difficult than doing it now.
Naturally, we believe that you have the knowledge and abilities necessary to advance your business endeavor. After all, is said and done, make sure you personally like the business name you choose, regardless of how you came up with it.
