Are you considering doing a startup? You can’t have a business without a business name! You’ll need to spend some time thinking about the right name. Finding the right name can be part of the overall success of your business. Using the wrong can result in business failure as well as legal hurdles. In contrast, a clear, powerful name can be beneficial in your marketing and branding efforts.
Here are eight tips on how to come up with a perfect name for your business.
Pick a Name That Suggests What You Do
If you want your name to be easily associated with what you do, it’s best to pick a name that suggests what your business focuses on. By naming your business after what it does, you can better grasp the work you do, and you don’t have to compromise on vague terms.
For example, if you are doing a roofing business and you want your name to suggest that you also do insulation, it’s best to go with “Insulated Roofing” as a name.
You may be in an environment, work environment where the “perfect” name has already been taken. If this happens, you can still have a good and unique name that people can say or write on without fear of trademark infringement.
Make Sure Your Name Isn't Already Taken
While it is nice to do your due diligence by doing a search on the names of companies like Uber or Airbnb to see if your potential name already exists, it’s not a practical or sustainable way to come up with a unique name.
Make sure your name sounds fresh and exciting! Your business name must resonate with your target market, not just yourself. Be sure that you consider choosing a unique name and reflects the specific business you’re trying to start.
Pick a Name That Refers to Your Target Market
According to ‘revenue cycling management,’ 35 percent of businesses fail in their first year. For that reason, it is crucial to start with a good name! Your name will be your first impression in your target market. When your target market can recognize your name, they will be more likely to purchase from you. It’s easier for them to relate to your name than to see your face and voice.
When considering web domains, try not to hyphen the name in your name as they aren’t very professional.
Pick a Name That Is Memorable and Easy to Spell
Think about how people will remember you by the name you have chosen. If they cannot easily remember your name, they won’t associate with it.
When choosing the perfect name, focus on words that are both easy to spell and memorable. Most importantly, make sure that your chosen name is descriptive and can be instantly understood.
If you don’t have a clear idea of what you will call your business, then try and imagine what people will think of it. Consider your competitors and how they are named, and what the name implies. If you can do this, then you are halfway there.
Make Sure Your Name Doesn't Have Negative Associations
The name you choose has the potential of being a big problem to your brand. As a general rule, it’s best to avoid words with negative associations.
Spend some time thinking about the impact that a domain with negative connotations can create. While a younger demographic might like domain names with a strong shock value, older audiences will most likely be offended. Names can be multiple layers of potential meaning. Study semantics and make sure that your name doesn’t bring to mind anything that suggests fire, injury, death, hopelessness, etc.
Avoid Names With Legal Restraints
Be very cautious about names that have potential legal restraints. You don’t want to end up in a dispute that can last for years. Some words have legal restrictions on them. For instance, bars have limitations on their names. Commercial names of real estate properties can also be restricted.
Are you considering doing a startup in the restaurant industry. There can be legal implications there. The legal name for a small restaurant is “bistro.” For several years, bistro was the name of a famous restaurant in Amsterdam. However, soon the name bistro was challenged by a similar restaurant named bistro in the Netherlands. Their names are different in two languages, but competing in the same market are the same. The owners of bistro in the Netherlands won the case.
Find a Unique Name
You should find a name that is ahead of its competition. Consider other business names and why people would choose them over yours. There is little chance that your business can succeed if people think that your business is the same as others in the long run.
Think about the following before settling on a name for your business. The best type of name would be something that can be a noun or a verb, such as GoGet or DeliverStake. All of the above are self-explanatory.
The best type of business name would be based on a trending word or a buzzword, such as Uber or Amazon. There are many trending words, and the best one to follow for your business name is going to be heard around the world. Think about the trends in your industry.
Picking a Domain Extension
We suggesting buying your domain as a “.com,” not a .net, .org, or other domain extensions. It’s still possible to find a .com for a reasonable price if you focus hard.
If the .com isn’t available, try your business name with a local modifier at the end, such as “wnc,” “tri” or the nearest local city.
Picking a Domain Extension
Trying to come up with a domain that meets all of the above requirements can be challenging. Fortunately, many tools will help you do the job.
You can use GoDaddy or Domainsbot to find if domains are available.
You can also use different Domain Finder tools such as these:
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