Naming your new business

The name you choose for your new business can make the difference between a company that people talk about and a company that sinks into obscurity. But before you can name your company, you need to decide what your business is all about. What does your company do? Who are its customers? What image do you want to convey? Crafting your business plan will help you answer these questions, so it’s a good idea to do that before you start thinking up names.

With your business’s mission in mind, you’re ready to begin coming up with names. Start by thinking from your customer’s point of view. In most cases, it’s best if names are meaningful words that easily convey what your company does, as opposed to your initials or your name. “The Software Store,” for instance, conveys what the company does more clearly than “ABC Technologies” or even “Smith’s Software.”

Also consider your future expansion plans. A name that’s too narrowly defined might not work as your business grows. For example, “World’s Best Pizza” might work if you plan to keep focusing on pizza, but what if you want to expand to other Italian foods?

One way to create a name that’s specific but not too narrowly focused is to think about the emotion you want people to feel when they hear your business name. Suppose you’re opening a women’s clothing boutique focusing on low, low prices and super-trendy items. “Under $15 Fashions” conveys that idea, but if you want to move beyond that price point later without changing your business name, a moniker like “Discount Diva” conveys the same message, but has room for growth.

Choosing a name that isn’t already taken has become more difficult than ever, so you’ll need plenty of possibilities. Start brainstorming by writing down everything that comes to mind. Use books, magazines, dictionaries, the internet and ideas from friends and family.

Once you’ve got about 20 or 25 names that you feel fairly good about, put them through the wringer. Are they easy to pronounce and spell? If walk-in traffic is key to your success, consider how names will look on a sign—are they easy to read from a distance? Do the names have any double meanings or negative connotations? Especially if you’re targeting a multicultural audience, make sure your name doesn’t sound like or translate to anything silly or offensive in another language. Also consider the names of competitors—you don’t want to sound like you’re copying someone else or, worse yet, have customers go to the competition by mistake because your names sound similar.

Check whether the URLs of the names you’re considering are available or already owned. If your business name is longer than customers may want to type, is there a shorter version of it that would make sense as your URL, and is it available?

From this list, you should be able to come up with five to 10 names that pass all these tests. Do a trademark search (start online at uspto.gov) to eliminate names that are already owned.

The final decision comes down to your gut. Live with the name for a while to see how it feels. You can ask focus groups of potential customers what they think. Or have a graphic designer create alternate logos with various names and see what looks best.

Once you’ve made your final decision, it’s a good idea to trademark your name. After all, your name is key to your image and brand. Protect your hard work and investment.