At a some stage, every new business / startup faces the daunting question of “What do I name my new startup company?” For some, the business name is an afterthought, like putting the wrapping on a present, the final touches on the actual package of goods and services. For others, it’s a big decision that will determine the success or failure of the the endeavor. The truth typically falls in the middle — naming a startup is pivotal to the success of your new venture, but the best company name in the world won’t make a bad business model work. So take a well deserved and relaxing breath, and let’s look at what it takes to successfully name a new business.
STEP 1: What are your visions, values and passion?
- Your business name should clearly reflect your vision, values and passions.
- What is your vision? What is the legacy you want to leave behind?
- What are your values?
What is really important to you in your work and how you work with others? Is it about your expertise and professionalism, quality of the materials, innovative solutions, playfulness, affordability, sustainability, made by hand, working in partnership, or what…?
What are you more passionate about? Who or what inspires you?
STEP 2: Does it reflect your niche market?
A business name reflects exactly who you are and which ideal clients you want to attract.
Just like your own given name, it is often the introduction and description to your business. Before people meet you in person they will see your business name.
- What do you do and for whom?
- Who do you want to attract?
- Will it be clear to your potential clients what you do or for whom?
Are you using words and language that will really attract your ideal clients?
STEP 3: Get More Inspiration
At the time of researching you will get more really interesting inspiration to see how many people had named their creative business after their gran, pets or children!!
STEP 4: Reality Check
You need to keep some of the things into consideration with naming your business:
Is the name easy to spell or read? Avoid quirky spellings such as ‘gr8’. Although it is the most common names that can be hard to spell like Johnson, Jonson, Johnsson! And if you use ‘and’ how will you spell that; and, & or +?
Is the name easy to remember? People want to be able to find you name easily on the web. If you have a memorable name that will make it far easier.
Are there any restrictions on the business name? Certain words are not allowed or are protected. You can find a list of sensitive words on the Companies House website easily.
Is the name still available? Check out if anybody else is using the name through a Google search and also check the Companies House website for a detailed business name search. Check if ‘your’ business name is not already taken by someone or if there is any some Facebook or twitter account associated with that name.
STEP 5: Making your Business Name Legal
This is the step most creatives like to avoid, but it is essential. To register or use your business name there are a couple of legal formalities.
While finding the perfect name for your startup it might seem like a daunting process, using this methodology will help you craft the perfect memorable name. Don’t forget to have fun with it – it’s not every day you get to name your own business!