Creating a business name is among the first steps of starting a new business. Coming up with a good name may be easy for some, but many others would struggle with the task. Whether you are starting a local, global or an online business, you need to have an attractive and inviting name. Here are some basics of creating business names.
Let us look at the four basic ways:
Personal or Family
This is reliably easy to do. This could be your full, first or your family name. You can also use initials, or if you have a partner your names together. Examples: LL Beans, McDonald's, RM Williams, Gillette.
These are generic names and make it easy for the potential customers to identify what kind of business or service your company provides. Examples: International Business Machines (IBM), British Airways.
Combined Personal and Descriptive
This is a combination of personal / family with generic descriptive names. Examples: Ford Motor Company, Dell Computers, Dunlop Tires.
These are simple 'no-sense' words or combination of words. Examples: Amazon, Google, Microsoft.
You can use any of these four basic methods to name your business. You can also combine two or more methods and generate a creative and attractive name. When creating a business name here are some important things to remember.
- Do not be too local – unless you have a particular reason. If you ever want to expand, this will prove to be a big bottleneck.
- Make it easy to understand, spell and pronounce. A company name should be hard to forget and easy to spell.
- Avoid very generic names, such as Joe's Saloon, Sam's Bar, etc. They are not very memorable.
- During the naming process, Google search by entering your chosen name inside double quote marks. See if there are any other businesses with the same name, particularly in the same country or local area.
- Check availability of domain names – even if it matter only in distant future. Make sure that YourCompanyName.com or whatever is available, and get it registered once you have finalized your business name.
Choosing a business name is a marketing decision. So, choose simple and straightforward over complex or clever.