Explore: Developing a Business Name
Your startup needs a name! This may seem a silly and frivolous
task, but it may be the most important decision you make. The name of your
business has a tremendous impact on how customers and investors view you, and
in today’s small world, it’s a world-wide decision. Right or wrong, the name
you choose, or don’t choose, speaks volumes about your business savvy and
understanding of the world you are about to enter.
1. Make it Unique and Unforgettable
In the trade, this is called “stickiness.”
But the issue of stickiness turns out to be kind of, well, sticky. Every
company wants a name that stands out from the crowd, a catchy handle that will
remain fresh and memorable over time. That’s a challenge because naming trends
change, often year by year, making timeless names hard to find.
2. Avoid Unusual Spellings
When creating a name, stay with words that
can easily be spelled by customers. Some startup founders try unusual word
spellings to make their business stand out, but this can be trouble when
customers "Google’" your business to find you or try to refer you to
others. Stay with traditional word spelling and avoid those catchy words that
you love to explain at cocktail parties.
3. Easy to Pronounce and Remember
Forget made-up words and nonsense phrases.
Make your business name one that customers can pronounce and remember easily.
Skip the acronyms, which mean nothing to most people. When choosing an identity
for a company or a product, simple and straightforward are back in style, and
cost less to brand.
4. Keep It Simple
The shorter in length, the better. Limit it
to two syllables. Avoid using hyphens and other special characters. Since
certain algorithms and directory listings work alphabetically, pick a name
closer to A than Z. These days, it even helps if the name can easily be turned
into a verb, like Google.
5. Make Some Sense
Occasionally, business owners will choose
names that are nonsense words. Quirky words (Yahoo, Google, Fogdog) or
trademark-proof names concocted from scratch (Novartis, Aventis, Lycos) are a
big risk. Always check the international implications. More than one company
has been embarrassed by a new name that had negative and even obscene
connotations in another language.
6. Give a Clue
Try to adopt a business name that provides
some information about what your business does. Calling your landscaping
business “Lawn and Order” is appropriate, but the same name would not do well
for a handyman business. Your business name should match your business in order
to remind customers what services you provide.
7. Make Sure the Name Is Available
This may sound obvious, but a miss here will
cost you dearly. Your company name and Internet domain name should probably be
the same, so check out your preferred names with your State Incorporation site,
Network Solutions for the domain name, and your country’s patent office for
Trademarks.
8. Favor Common Suffixes
Everyone will assume that your company name
is your domain name minus the suffix “.com” or the standard suffix for your
country. If these suffixes are not available for the name you prefer, pick a
new name rather than settling for an alternate suffix like “.net” or “.info.”
Get all three suffixes if you can.
9. Don't Box Yourself In
Avoid picking names that don't allow your
business to move around or add to its product line. This means avoiding
geographic locations or product categories to your business name. With these
specifics, customers will be confused if you expand your business to different
locations or add on to your product line.
10. Sample Potential Customers
Come up with a few different name choices and
try them out on potential customers, investors, and co-workers. Skip your
family and friends who know too much. Ask questions about the names to see if
they give off the impression you desire.