You can't have a business if you don't have a name for it!
However, coming up with the right business name that is both catchy and expresses what your company is all about is no simple task. Businesses have failed in the past as a result of a bad name, so it's critical to get it right this time.
If you want your business to be successful, you need to pick a strong name that will set you apart from your rivals. Customers link a company's name with the value they receive.
Here are 7 tips that you should keep in mind while choosing a name for your business
Conduct a Brainstorming Session
It's time to get creative with your business name once you've decided what you want it to symbolize. In fact, the more creative and free-thinking you are at this point, the more ideas you will produce and the more options you will have.
To come up with as many business name ideas as possible, have a number of brainstorming sessions, some with just you and others with a coworker or partner. Keep the essence of your business in mind while brainstorming but allow your thoughts to flow freely. Brain dumping, list-making, mind mapping, and word association are all typical techniques to start a brainstorming session.
Here's a tip: write down terms related to your business on pieces of paper, then mix and combine them in different combinations to come up with business ideas.
Avoid hard-to-spell names.
You don't want potential consumers to be perplexed about how to discover your company on the internet. You don't want to have to keep correcting the misspelt version of your name. Keep it as straightforward and memorable as possible.
Avoid plain words.
Plain words make it harder to set your firm out from the competition. When we came up with the term Crowd Spring, for example, there were numerous logo design firms all over the world. Many of them were named Design or Logo Design.
There are exceptions; General Electric is one of the world's most successful corporations, yet its name is made up of two simple syllables. It was also one of the first firms in its product or service area to be allowed to adopt a simple name that is still recognized today. The firm has spent billions of dollars on marketing and advertising since its beginnings. Unless you are certain you will be the next G.E., it is always better to be cautious than sorry.
Avoid obscure words.
The names of companies that assist in the telling of stories are strong and distinctive. Obscure terms or allusions, on the other hand, might be difficult to spell or pronounce. If you're aiming to reach a large audience, such as via the internet, be extra cautious. Obscure or created brands can work—Xerox is a good example—but they usually need a large marketing budget and a lot of effort. When developing your brand, keep in mind your most essential quality, value, or aim. ThinkThin Protein Bars and Cruelty Free Cosmetics are two examples of this technique.
Use related words in a creative way
Don't make the mistake of stuffing keywords into your company name. Using simple keywords like General Motors is no longer effective. However, if a slightly adjusted version of linked keywords communicates what your business is about, it frequently performs effectively.
Using alternate forms of common phrases connected to the service you're giving is a fantastic approach to come up with creative, memorable business names. The name Attensa, for example, is ideal for a content aggregation platform.
The name is a pun on the word "attention," which is a good fit for the service. Digg (dig), Flickr (Flickr), and Compaq (Compaq) are some such instances (compact).
Remember when every company was just a regular word spelt incorrectly? Or back when every business name ended in -ly? Yes, I do. Trends are great while they last, but they may quickly become stale. You'll want your company's name to change when trends change, so keep an eye out for them and actively participate in them. Don't forget the domain.
It's critical to double-check that your industry's competitors aren't utilizing the same name. In diverse sectors, it's not unusual to discover names that are close, if not identical, but this causes confusion for your consumers and vendors. It might potentially result in a lawsuit or a threatening cease-and-desist letter.
Look for a business name that may also be registered as a domain. This is not always simple due to the popularity of.com names, and you may have difficulty finding domains that fit your company name.
Don't make the mistake of operating under one name while having a URL that points to a separate identity. Many consumers may experience a crisis of trust as a result of this, since they are concerned about web security and avoiding spam.