Choosing a business name is a critical step when starting your business.How To Choose A Business Name That’s Right For you .
It’s the identity in which you’ll build a relationship with your customers, as well as a reflection of your brand. It can help you stand out in your space in the years to come.
Determining a name for a business can be true art, and you also have to take into account practical limitations like if the domain or trademark is available. You might not end up with the exact name you envisioned.
It’s similar to house hunting. You may find an offer was accepted for your dream home, but eventually, you find your next dream home. Then, you move on to finding your next dream home.How To Choose A Business Name That’s Right For You
Here are some steps to take to help you find the right name for your business.
How to Choose A Business Name
,Many business advisor choose a name that instantly communicates what the company does. Tripa for example, communicates that you can get advice on trips. However, it’s not easy to come across names that aren’t already taken, and available ones may come at a significant premium.
Alternatively, you can choose a name that represents a value your company believes in, or an idea that resonates with your audience. Take Tesla, for example, named after Nikola Tesla who helped design the modern AC electricity supply system. The name represents a world run on electric e
On the other side of the spectrum are names that are catchy, but don’t have obvious meanings, like Google or Yahoo.
When thinking about naming your business, is it important that your business name has meaning? If it is, make that a key consideration in your process. If not, it creates more options, but can also make your choice more challenging.
Break it down to expose your brand’s core
It’s important to understand what your brand represents. Write down what your business will do, why exists, and how it will operate. It might sound basic, but you’ll start to understand the personality behind your business.
Thinking of a business name without a clear vision of what you want the business to represent will get you nowhere. Going through this exercise will flood plenty of words, ideas, concepts, and even feelings that will help you brainstorm names for your business.
Start brainstorming in a group session, which can include a cofounder or early employees. Armed with individual lists of the what, how, and why of your business, each participant should share what they came up with. Write it all down and work together to come up with a statement on who your company is.
Once you have the final version, start suggesting names. You can suggest all types of names. If you need to narrow your options, limit it to only names with meaning, for example, or value-driven names.
The idea here is that the names should relate to or arise from the company declaration. This means your naming ideas will be grounded and representative of your business, product, and mission.
Put all the names in an excel sheet, and over the next couple of days, you and your team can add to it as more naming ideas come to mind.
Once you agree that there are a sufficient number of suggested names, let your team rank the names in the excel sheet, enabling you to further narrow the list of names that get the highest approval.