Choosing a business name is one of the most important steps when setting up a business. The name you choose can make or break your business. A good name becomes a part of your brand and reputation in the long run. Choosing a poor name may put off prospective customers and lead to business failure.
When choosing your business name, you should try to be creative. Do not be like every other business out there. Statistics show that up to 72% of the best brand names are made-up words or acronyms. In other words, you do not necessarily have to go for common words and names. You can make up your own words just to ensure that your brand stands out from the crowd.
When choosing a business name, you want to brainstorm all the available options before settling on one that satisfies your heart. If you settle on a business name much earlier before your business formation date, you can preserve it to prevent another person from using it.
The good news is, several business formation companies now offer name reservation service at generous prices.
Below are some ideas that can help you decide on the best business name.
Combine Relevant Words in Your Industry
One of the easiest ways to choose a business name is by combining relevant words in your industry. Think of the keywords that pop up in the mind of your customers when searching for your products. These are the words they will be looking for in search engines. Such words are vital in creating branded names also that rank high in search engines.
Examples of brands that use these types of names include TripAdvisor (Trip and Advisor)and Netflix from the words “internet and flicks”. Such names are easy to relate to and give a customer an idea of what your business is about.
Use Your Name
Many businesses where owners use their names have flourished. Using your name might not be one of the popular ways of choosing a business name but it guarantees a unique name. If your name is common, you may consider abbreviating it or removing one letter to make your business sound unique. Businesses such as Ben & Jerry’s ice cream and Boeing were named after the founders.
Blend With Your Locality
If you are starting a local business, you could use a local name and blend it with other words in your industry. You may even combine your name with the city you come from. For instance, IKEA founder Ingvar Kamprad combined his name with his hometown Elmtaryd Agunnaryd. The other example is KFC, where the founder combined his home state of Kentucky with his product name Fried Chicken to come up with KFC.
Blend With Another Company
If you are trying to merge your business with another, you could find a name by simply combining the two business names. This is one of the easiest ways to come up with a name when merging businesses. For example, when the Twentieth Century Pictures and Fox Film Corporation merged, they changed their name to 20th Century Fox.
Use Descriptive Names
Descriptive names are among the most common business name ideas. While descriptive names are a good option, you should be careful not to use a generic description that does not add value to your brand. Even when using a descriptive name, try and be creative. A good example is 7-Eleven, a business name that describes the business model; they operate from 7 am to 11 pm.
Use Abbreviations
If you realize that your intended name might be too long, you may want to use an abbreviation. Abbreviations give you a unique name but also give your name meaning. Every business name should have a meaning and abbreviations that provide you with room for creating a meaningful name. A good example would be Cisco, an abbreviation inspired by its founding location San Francisco.
Change the Spelling of Your Words
Some of the common brand names you know may sound like a familiar word, but they are something different. You can change the spelling of words to come up with a business name with a good impression. Removing one letter or adding two letters to a word can completely give it a new look and appeal. For instance, Flickr and Tumblr use common words, but they eliminate the letter ‘e’, which makes the words sound unique.
Tell the Story of Your Business
The other common way of choosing a business name is by telling your story or your brand’s story. Many businesses are named based on the story of their foundation or the way the company was conceived. For instance, Virgin Atlantic was named by the founder, who was very new in the field.
Conclusion
When deciding on a name to give to your business, the aim should be to keep it simple and attractive. There are many ways you could use it to achieve your desired business name. Whichever way you take, make sure you settle on a name that communicates positivity about your business and appeals to your target clientele.
