How To Come Up With A Business Name ?
Date : Jun 15, 2021
Author : Isaac Addo
Categories : Business Tips
On a summer day, a software developer and his team were working on designing software for selling books online. Fast forward to a couple of years. The developer no longer delivers books from his garage. Instead, today he is indisputably one of the richest men on this planet.
As some of us might have guessed. The story is about the founder of Amazon, Jeff Bezos.
Now imagine what if Bezos named his brand as “Online Book Store” instead of Amazon? Do you think that name would have allowed him to expand his venture to its present form?
This example should be enough to comprehend the importance of a catchy business names.
Coining a name is hard. It’s a zillion times harder when it’s your business name. Often business owners rely on random AI-powered name generators to find new business names. Sorry to break it to you, but these random business names can ACTUALLY hurt your sales.
Business names give your brand identity. They are the first factor that creates an impression about your business in the minds of customers.
Often, business names sum up the entire purpose and function of the brand and represent the company in the niche industry.
How can you come up with business name ideas?
After all, not everyone is an eponym like Henry Ford. If you have clicked on this blog after reading the title, then you must be someone who needs to name their business or need some business name help.
While we can’t name your business on your behalf. We can take you through the step-by-step process so that you can do the needful of coming up with a new business name yourself.
So let’s begin the walk of ideas for finding the perfect business names
1. What is Your Brand All About?
Before you decide on a new business name, you need to figure out what your business embodies.
- It’s about finding the ideal purpose behind your brand – are you a solopreneur trying to establish a personal brand? Or do you have a team of professionals trying to sell your service or product?
Being clear about the purpose you want to serve and how you want to go about it will help you understand the true motive behind the existence of your business.
This knowledge will help you decide whether to use your personal name or come up with a catchy business name.
- In general, using your personal name or surname as your new business name is best suited for solopreneurs or influencers who are trying to market themselves and get their content out to consumers. It’s beneficial if you don’t have a specific niche and want to explore different sectors as you grow.
- Using a catchy business name, on the other hand, is best for business owners who are dedicated to solving specific problems. It can also help brands that want to sell a niche-specific product in the market.
2. What Is Your Brand’s True Identity?
A catchy company name is the first factor that forms an impression of your brand.
So it’s important that your business name reflects the values of your company. The easiest way to do this is to find out your brand’s mission statement and purpose.
What is the ideal purpose that my business should serve?
What problems do I want my services/products to solve?
Probably, the most underrated method of finding business name ideas. But these methods can be useful for service-based businesses where the purpose of the brand is to educate, inform and help.
For example – The online headline maker has named its brand “Capitalize My Title”. When you read the name, you can easily understand the purpose behind the existence of the brand.
Pro Tip – Use verbs for the problem your business is trying to solve. Arrange the verbs so that they form a concise summary of your company’s function.
3. Find The Perfect Words
What you say matters. But how you say it matters even more, especially in the business world. The art of choosing the perfect words is often the most underrated virtue of business owners. The ability to choose the perfect words can help you come up with the perfect business name ideas.
When choosing the perfect words, you need to make sure that the words are not difficult to pronounce or spell. In the age of digitalization, brands survive by selling their products and services worldwide through the internet. Refrain from using multiple words or long phrases. They limit your online searchability. Also, using difficult words can make it hard for people to remember your brand.
Here are some tips to find the perfect words for your business name:
Choose the niche-specific keyword of your service/product
Example – The brand, based on art and literature, named their company Electric Literature. Thus they cleverly used the word “Literature” which is the main keyword of their niche.
Use acronyms for your brand
They are easier to remember and quirky. Especially if your brand name is made up of multiple words or it is your personal name/surname. Using niche-related words and acronyms works for every industry and makes your business stand out from the crowd.
Example – The famous fashion brand Hennes and Mauritz AB is known by its acronym H & M.
In the beginning, we saw how the name “Amazon ”, which has almost no relation to an online bookstore, indirectly helped Bezos grow his business and expand it into its current multi-dollar form.
Using niche-specific words is a great way to convey the function of the brand. However, using extremely specific words can cause you to lose opportunities to outsource and expand your business.
Therefore, you need to come up with a catchy company name that is niche-specific but also provides the opportunity for expansion.
4. Is Your Business Name Marketable?
You can have the best service or product that you offer to your customers. But no one will come to your business if you don’t market yourself well.
Marketing is the most important aspect that can decide the fate of your business.
In this age of digitalization, it is very important for business owners to come up with catchy company names that will not only resonate well with customers but also have a good chance of being marketed.
READ ALSO: QUICK STEPS FOR AUTHENTIC BRAND BUILDING
To find business names, companies need to:
Check domain name availability
Let’s face the hard truth. The year is 2021, and if you don’t have an online base for your business, you will lose a base of thousands of customers. So before deciding on a unique business name, business owners need to confirm that it has appropriate domain availability.
This is beneficial for any type of business, especially e-commerce businesses that aim to open e-stores and sell their products online.
Ensure social media username availability
Social media has an active user base of billions of people. Marketers predict that they will single-handedly dominate almost every existing marketing strategy in the next decade. They are the best platforms for various marketing strategies like content and influencer marketing.
To take full advantage of this immense potential.
Business owners need to create their business accounts on various social media platforms. For this, they need to check the availability of their business name as a username on them.
Having the same name on all platforms provides consistency and helps build trust with the audience.
Check the legal loopholes
Businesses don’t like legal violations. Especially when it comes to intellectual property loss or copyright issues.
So, it is always safe to check the trademark of the business name idea before deciding on one.
This can be easily done by checking the availability of the name in various local, national, or international trademark organizations.
Pro-Tip – If you want to avoid the tedious process of legal trademark documentation. You can simply go to Google and type in “your region” Trademark. With this option, you can also register your business name and find out its availability.
Building a business is like building an empire. One brick at a time. After years of planning and struggle, you will finally see the empire shining before your eyes. Among the thousands of decisions, you will have to make as a business owner. Finding a new business name helps and deciding on your business name is the first and most crucial one that begins this journey.
Regardless of which industry you choose, there is a high probability that there will be extreme competition. This oversaturation of the market is often extremely detrimental to the fate of a business. A memorable business name that reflects the purpose and values of the brand can help avoid this.
This is because a brand name is not just a mere identification factor. It is one of the most important factors that establish the company’s unique position in the oversaturated industry.
It is an incredibly short summary of the brand and reflects what it can offer to the market. Therefore, every business owner needs to start investing time and effort behind the business name before actually inaugurating their business to the world.