To make their first dollar, most businesses have to settle on a name for their organization. Here’s how to choose a business name that will last you well into the future.
Before you’ve hired the accountant, bought the office chair or spent 20 bucks on some gold-plated business cards, you need a name for your business.
Get it right, and your business name will be an asset that will:
- Send out a clear message about your brand
- Be memorable – for all the right reasons
- Encourage customer loyalty
- Grow with you
Get it wrong, and you’ll be stuck with a name that could cost thousands or even millions to fix.
In this article, we’ll look at the elements of a great business name, the reasons why getting it right is worth so much effort, why buying a domain name for your new brand is essential – and more.
There are even links to a few tools you can use that will help you get your business name deliberations off to a strong start.
Why take my word for what makes a good business name? Because names have been my bread and butter for almost two decades. I help businesses buy premium domain names when they want to launch a new company or sub-brand.
When you oversee domain name transactions that sometimes run into six and seven figures, you get to see first hand just how valuable a great name is.
Key takeaways
- A great business name will be an asset for years to come
- Matching up your name, logo and brand identity requires serious attention
- Choose between catchy or quirky
- Make sure you can secure a domain name so your online customers can find you
Understanding the Importance of a Business Name
A great business name is essential for establishing your brand and attracting customers. It doesn’t always have to be serious (there’s a popular UK TV channel called ‘Dave’!), but it does have to make sense – usually.
For example, if you’re selling luxury hats, a name like Grabbing Monkey would be just plain weird. Likewise, a bargain grocery chain would be unlikely to call itself Sumptuoso. There’s a mismatch that is just confusing.
Your business name should convey the essence of what your company does and what sets you apart from competitors. The right name can evoke emotions, tell your story, and create a connection with your audience.
Conversely, a hurriedly chosen name can be confusing, forgettable, or even off-putting.
What Makes a Good Business Name?
A good business name is memorable and easy to pronounce. Think of your international audience, too – French people, for example, struggle to make sense of LinkedIn, pronouncing it “lin-ked-een”.
Ideally, it should be relevant to your industry, distinctive enough to stand out – and yet simple enough to be easily understood. Consider the following when evaluating potential names:
- Clarity: Does the name clearly convey what your business does?
- Simplicity: Is it easy to spell and pronounce?
- Uniqueness: Is it different enough from competitors’ names?
- Relevance: Does it connect with your target audience?
- Availability: Is the name available as a domain, social media handle, and trademark?
How to Come Up with a Business Name
Start with a Brainstorming Session
Begin by gathering your team for a brainstorming session. Promise a pizza break halfway through to make sure everyone is comfortable and keen to contribute. Try the following techniques to generate ideas:
- Word Association: Jot down some words related to your business and see where your mind takes you.
- Mind Mapping: Create a visual representation of ideas branching out from a central concept.
- Abstract Thinking: Consider metaphorical or symbolic names that represent your brand values.
Use Name Generators for Inspiration
If you’re stuck, consider using an online name generator – Shopify has a free one, for example. Or try businessnamegenerator.com.
We asked the Shopify tool to come up with a name for a premium domain name brokerage brand and it suggested some pretty decent ones, including Brokera and Acquireo. These tools can provide creative suggestions and help you think laterally.
Consider Your Brand Identity
Your business name should align with your brand identity, which includes your mission, vision, and values. Actually pulling this off, however, is easier said than done!
The takeaway here is don’t choose a brand name that just feels wrong. Reflect on the qualities you want to communicate and how you want to be perceived by your audience. Are you aiming for a cute business name, a professional firm name, or something entirely unique?
Evaluate Your Options
Once you have a list of potential names, it’s time to evaluate them. The best way is to try them on 10 people and get them to score each one. Analyze each name based on the criteria we discussed earlier: clarity, simplicity, uniqueness, relevance, and availability. A winner should emerge.
How to Choose a Business Name and Logo
Ensure Availability
Once you have a name you like… stop. Before you get locked into it, you need to check if it’s trademarked and that it’s available as a domain name. If the .com domain name you want has gone, think twice before settling for an inferior suffix such as .info. The .com domain name still reigns supreme.
If the .com you seek isn’t available, a domain name buy-side specialist such as NameExperts.com can explain the process and costs of trying to secure it. Names that have already been bought by someone are resold all the time.
Design a Complementary Logo
Once you’ve chosen a name, work with a designer to create a logo that complements your brand identity. The logo should reflect the essence of your business and be versatile enough to use across various platforms.
There are multiple free logo design tools to get you started, such as the aptly-named freelogodesign.org and Canva.
Test Your Name and Logo
Before making your final decision, test your name and logo on some friends – ideally the kind of people who could also be your customers. Gather feedback and make adjustments if necessary.
Real-World Examples of Unique Company Names
Creative and Catchy Names
Here are some examples of businesses whose names seem perfect for their business:
- Google: Derived from the mathematical term “googol,” which is a nod towards the vast amount of information the search engine can handle.
- Etsy: This playful and unique name really stands out in the online marketplace space. It’s meaningless… but it works.
- Zappos: A name inspired by the Spanish word “zapatos,” meaning shoes. Why? Because the company’s original focus was on footwear.
Unusual and Distinctive Names
For businesses looking to stand out with unusual names, take inspiration from these examples:
- Slack: A messaging app that conveys ease of communication and collaboration.
- Haagen-Dazs: A name that evokes a sense of luxury and indulgence – despite being a made-up word.
- Kodak: An invented name that is easy to remember and pronounce, with no specific meaning.
Final Thoughts on Naming Your Business
Choosing the perfect name for your business is a big decision. Would McDonald’s have become the brand we know and love if had been called Macgillivray’s?
Would Amazon have been as successful if it had gone with another famous river, such as Thames?
Remember that your business name plays a major part in your brand identity and can have a lasting impact on your company’s success.
Whether you’re launching a startup, renaming an existing business, or just exploring ideas, take the time to choose a name that works today, tomorrow and well into the future.
And above all, choose a name that feels and sounds right.
Pick the right one, and your business will be off to a great start. And you’ll have a fighting chance of standing out in the marketplace for all the right reasons – as our client Monday.com did after a tactical rebrand.
About the author
Joe Uddeme is Director and Principal of Name Experts, one of the world’s leading domain name brokerage services. He has overseen domain name sales and acquisitions totaling more than $150 million and is renowned worldwide as a go-to expert in buying and selling premium domains. Contact us at: [email protected]
