Coming up with a name for a business can be a fun and creative process. However, not every name is a good name for a company. If the following tips are followed, nothing can go wrong.
Finding a proper name for your own business is one of the most creative and exciting things you get to do when starting out as a freelancer. However, it can also be a very stressful process, since the result you get is likely to stick around for at least a couple of years. Finding the right name that sits perfectly between interesting, attention-grabbing on the one side and understandable plus simple on the other, is going to be tricky at best. This article aims to help you find that balance and cover the other most important things you should consider when brainstorming ideas for your business name. Here are 5 steps to help you find the perfect name:
1) Convey what you do
The first and most important step when looking for a business name is to think about how you can represent your work with a few, simple words. It is important what field your business is. Where credibility and professionalism are above all, like if you are a financial advisor for example, playfulness is probably not what you should be looking for. If you want to be edgy and original, make sure the field you're working in actually appreciates that kind of stuff. A descriptive name can often be very helpful when starting out, but should still not be anything too generic in order to set your business apart from others.
2) Simplicity is key
When trying to build the right kind of name that does everything at once, ending up with more than three words can often happen. Long names are a very bad idea most of the time. You want something that is short, easy to remember and doesn't take time to explain. Maybe you've thought of some genius wordplay or a particular word to spell a word emblematic for your field. Just make sure you won't have to spend ten minutes explaining that name whenever talking about your business. A great company name is simple to spell, pronounce, and understand.
3) Consider the future
As mentioned at the very beginning, your business name is likely to stick around for some years. On the one hand, try to avoid phrases that seem a bit outdated, because in ten years they might be really out of fashion which won't help your business. Think about the possibility of expanding or going international and whether your name can handle that transition. It is a good idea to check if the words you chose don't happen to mean anything offensive in another language. Nobody knows what the future will bring, but think about the possibility of selling your business at some point as well. If the name is too strongly affiliated with your person and consists of your initials, for example, it might be unfit for selling, expanding, or doing a partnership with others.
4) Check availability
After considering something and drawing up a few ideas, you should always check whether the name is still out there for taking. Nobody wants to deal with any legal trouble that comes with an already existing and registered company name. It might be very disappointing to find out someone else already came up with the idea you just had and that's exactly why you want to have a few backup names as well.
5) Test it
If you have reached this step and have finally found that amazing business name that you feel will grab the attention of anyone that catches it, just go on and ask them. Big companies in the making often do expensive and huge marketing analysis with test groups to see what kind of response their name gets. Any freelancer can do this on a smaller scale when starting out. Whether you already have a few potential clients, someone you know in the field or just your friends and family, stress-test your ideas with them. If most of them understand and feel positive about a potential business name, you are definitely headed in the right direction.