Thinking about developing a name for a business? You’re not alone. Thousands of names and ideas are being crafted every day to start off new ventures online as well as with physical brick-and-mortar stores.
The American Dream doesn’t happen with owning a home; it happens by starting and successfully maintaining a business. And a unique, powerful business name is gold in the modern digital world today.
Here are some tips to keep in mind when using a company name generator like what Namify provides or hiring a service to do the same for your company.
- Don’t make the business name impossible to spell quickly or remember. Complexity might seem uber-professional and a step above Happy Burger, but in reality, you’re making it harder for customers and consumers to remember who you are. The phrase, “keep it simple, stupid,” really applies here.
- Think about how your business might grow. If your name is too specific or narrow in application, it could be a problem later on when you want to diversify your business. Clearly, Wal-Mart is a name that could sell anything, but Kragen’s Auto Supply is pretty specific to just one product field. If Kragen then wants to get into the fast-food market as well, the name isn’t going to work for that kind of venture.
- Search, Search and Search Some More – The last thing anyone wants is to go through the work of registering a great business name only to find someone else already has it. Do your due diligence and get help if needed. For example, Namify’s company name generator also includes checking if the same name generated is available as a domain too.
- Buy That Stake – Once you have a good name and the domain is free, snap it up. Even if you can’t do anything with the address yet, own the name immediately. If you don’t spend a few dollars on it now, it’s guaranteed someone else will buy it later to sell the name back to you for far more.
- Make Your Name Mean Something – People should get an immediate sense of your product or service from a name. While it’s true that a number of Internet businesses use nonsensical names, most successful companies tie their name to a meaning that is associated with the desired solution.
- Trademark Work – Once a name is completed and figured out, then it’s time to protect it. The trademark process with the federal government is key in this step. Understand it and apply. The legal protection will be priceless.
- Watch Out for Similar Comparables – If your proposed business name is really, really close to another business, even if unique, it will likely get rejected by various state registration offices. If you’re going to operate as a corporation or limited liability company, registration is a must, so these offices will have a final say on the matter.
- Focus Group the Name – Don’t just trust your own opinion. Once you own the name and confirm its research, test it out with a group for feedback. Does the name make sense? Does it convey meaning? Would it turn into an embarrassing joke? The creativity of negative people is amazing, and you don’t want your company name to be an easy target for them. Focus groups help spot these issues before you go public.
Finally, when all the above is said and done, before you push the button to go final, say the name out loud a few times to hear it yourself and make sure you really like it.
Once confirmed, your company will be stuck with the name going forward unless it goes through more legal hoops. So, choose wisely. Namify can help if you need other ideas as well.