Starting a business and running it requires an astonishing amount of work and dedication. Having a catchy name that communicates your business sets you up for success; after all, you only have one chance to make a great first and lasting impression.
Businesses have failed primarily due to a name that doesn’t work and fails to connect with consumers. According to Betty Lum’s Business Strategies for Small Business Survival, half of all new small business owners close their doors before their 5th anniversary.
Choosing a name is a significant task and making the wrong decision may result in business and legal complications. Your business name will appear in the headlines of your adverts, and all your potential clients must enter your domain name to connect with you and check out your online presence. It is vital that your business name perfectly fits your online presence, matches its concept, and makes your company successful. It is, after all, your business identity.
That somber foreword isn’t meant to deter you; instead, it is intended to encourage you to undertake due diligence and ensure you have a great start and protect yourself as well.
So, how do you come up with a winning name for your business?
1. Brainstorm business name ideas
- Take the time to sit down and, on a piece of paper, create a brain dump section where you write down all the words you can think of that are relevant to your business. At this point, write as many descriptive words as you can think of without being too selective. Try and keep the terms simple, avoiding lengthy and hard-to-spell words that can confuse a prospective client.
- Technology can help you with this next part. With the help of an online dictionary, find synonyms for your words, and if any are not on your list, add them. Be very selective here. Go ahead and eliminate any that are irrelevant to your business.
2. Create a list of the best business names
- For you to narrow down this list, ask yourself these questions:
1. Does the name make sense? Is it relevant, and does it convey meaning?
2. Is the name memorable?
3. Is the name easy for people to spell?
4. Does it look appealing and sound good when said out loud?
5. Does the name limit my business as it grows?
6. Is the name limiting my business to one geographical area?
- Answering these questions will help you narrow down to a few names you like. To avoid names that appeal to you, it is important to seek outside opinions from family and friends. This will confirm that the words are not only catchy but will have a lasting impression on your potential clients.
3. Check if the name is available
Now you are getting close to having an active business name, so now it is time to check the availability of your names.
- With the rapidly changing times, every business needs an online presence. Your domain name should ideally match or be as near to your business name as possible. Therefore, the next step you should take is to do a domain name search. There are numerous tools available to assist you in this endeavor, and once you have confirmed the availability of the names, you can move on to the next step.
- Now that you have ensured domain availability, you need to provide that no one else has trademarked your business name idea. If you have a name that is too similar to another already registered, you may not be allowed to proceed. The good news is that this is a straightforward step since you get assistance from a trademark search system. The specialized search engine will enable you to type in your business name idea, which runs a trademark search to confirm the availability of the name.
4. Register your business
We are finally at the last step of the four-step strategy to find you the perfect name. This means that you are now ready to register your business name and make it officially yours. After the registration process is done, try and snag as many relevant domain names as possible, which is a great way to prevent others from buying similar alternatives.
Finding the perfect name for your business is challenging but not unfeasible. Since your business name will be the initial contact for your clients, you need to give this process the time and effort it deserves.