How to Choose a Company Name
One of the most important and possibly difficult steps of starting a business is picking a business name.
For some, choosing a business name is the first step tackled because it is simple, quick, and sometimes obvious to the business owner(s). For others, it is a struggle to identify a business name that truly captures the essence of the everything the business stands for. Because of this, I am going to give you a few tips on how to pick a name for your company.
What is the Essence of Your Business?
The best way to start the process of choosing a name for your business is by reviewing the essence of your business. Think about your mission statement, your business plan, and your unique selling proposition (USP). And try not to forget to think about the customers you want to serve and what you have gained in your market research.
Having the right questions on your mind can help you make that important decision about what your company should be called. You might want to think about questions like what message do you want to portray through your business name? Or possibly what are your biggest priorities for your business name? Do you want it to be easy to pronounce? Maybe different or unique? How directly related to your products and services will you name need to be?
When you can answer some of these questions you can start to home in on a name that suits your business.
Conduct a Brainstorming Session
Once you have a sense of what you want your business name to represent, it is time to get creative. In fact, the more creative and free-thinking you can be during this point in the process, the more ideas you will generate, and the more possibilities you will have to choose from. Conduct a series of brainstorming sessions, some with just you, some with a colleague or partner, to come up with as many business names as you physically can.
During your sessions, keep the essence of your business in mind, but also let your ideas flow unrestricted. Some tried and tested ways of starting a brainstorming session are brain dumping, list-making, mind mapping, and word association.
Give it Some Time
Now that you have finished your brainstorming session(s) and have a list of possibilities, it is time to review and assess your results. God through your list and remove any non-contenders, sort similar names, and mark the names that immediately click with you.
A few things to keep in mind when analysing names could include how the name indicates what the business is about. There are plenty of examples of businesses that do not have their name coinciding with what they do, it might make it easier to sell yourself to customers and other businesses.
You might also want to consider how your name sets you apart from the competition, how easy your name is to remember, is it easy to pronounce? This has recently become increasingly important because voice assistants are growing in popularity. And finally, does your business name fit with the tone and branding? If you have an edgy brand, it might not make sense to have a name that does not scream edgy to your customers.
Ultimately, there is a great range of variables that you need to take into account when picking a name for your business. But with the right input and creative energies flowing and assessing your name accurately, you will have the perfect name for your operation soon enough. The effort is well worth it as well because this will be the face of your business and brand.