How To Name Your Business
So, you have decided to start your own business, great! You know what you do, how you do it, why you do it, where you do it and who you do it for - now all you need is the perfect name that sums it all up.
This is one of the first stumbling blocks for many new businesses. Some people have a eureka moment and find the perfect name almost instantly, that just happens to have a free domain name and free social media profile waiting to be launched. For most businesses, finding the right name is a long (sometimes) painstaking process that can take days, weeks, months even.
I have put together some top tips to help you find the perfect name for your business:
Most businesses will want to get the name sorted straight away, because it makes your idea more tangible and it also helps you start spreading the word about your exciting new venture. Pause.
Before you think about naming your business, define your brand:
Once you have answered these questions - you can start brainstorming ideas.
If possible, get some people to help you at this stage, it is good to bounce ideas around and get a conversation going.
A flip chart or big sheets of paper
Start by drawing up a list of all the keywords associated with your business. This could be products, services, brand values, location, industry. A good way of doing this is for each person to take some post it notes and a pen and then you all get 5-10 mins to write down as many keywords as you can.
You then stick all the post it notes on a big sheet of paper and look for prominent words that appear multiple times, but also look out for words that have a fresh appeal.
Once you have selected 10-15 words from the activity, start mind mapping.
This is a great activity for generating names, it can be done alone or in a small group. Write one keyword at a time on a large piece of paper or flipchart and start writing down words associated with that word (see example below) - you can use a thesaurus if you get stuck. Once you run out of words start with next key word and so, until you have done them all. This helps generate fresh ideas and opens new avenues.
Now you have all the words that you associate with your business, whether it’s related to the names of people involved, services, products, geography, colour association - you can start to draw up a list of possible names - try to 10-15 names.
Here are some name types you might want to consider
Founder names: e.g. Morrisons
Popular for professional services where the reputation, knowledge and experience of the owners is key to the success of the business.
Product or Service names: e.g. hotels.com
Does what it says on the tin approach, great for search engine optimisation and keeps things nice and simple.
Metaphorical Names: e.g. Orange
With so many names already taken a metaphorical name can be the perfect way to project the essence of your brand and help you stand out from your competitors.
Random names: e.g. Apple
Sometimes a name doesn’t have to mean anything. Companies like Apple have chosen random names which didn’t have any obvious attachment to their products or services and now they are household names.
Mashed-up names: e.g. MailChimp
Quirky and fun, mashed up names are also good for unique domain names and social media profiles.
Super short, abbreviated names: e.g. Fedex
The shorter your web address and Twitter handle the better, that’s why companies like Federal Express have been shortening their names and their web addresses
Made up names: e.g. Twitter
Can’t get the name you want – make one up. Misspelling, mashups and names plucked out of thin air are all over the internet.
Now you have your list be careful not to get to attached to anyone one name, it might already be taken. If there is another Sam’s shoe shop in Peru, it’s probably not a game changer, but if it’s in the same town, county or country – you probably need a rethink.
Can you get the matching social media profiles?
Are there any other companies registered with the same name?
Is the name registered or trademarked?
TONE OF VOICE/BRAND AWARENESS
At this stage, you might have lost some or all of your names, you will probably have 5-10 potential names to take forward. Now you need to start thinking how each name works in relation to your brand.
If you are offering professional services, such as legal services, a mashed-up name could appear silly and unprofessional.
If you are opening a soft play for children a founder name such as Bill Wright Associates would be misleading.
You can test names by setting up a focus groups or distributing a survey. Ask questions like:
How does it make you feel?
Once you compiled all your research – Choose a Name.
I hope that is offered you some guidance on selecting the right name for your business.
If you have any questions or would like some help branding your business, get in touch.