The strategy behind choosing the right name for your small business can make either your business stand out in your industry – or make you just another dime a dozen, forgotten guppie in a sea of more strategic sharks. The keys to a successful brand name seems simple enough: make it creative, descriptive and valuable.
But when you’re cashing out your piggybank (literally) and giving your startup all you’ve got, it’s important go the extra mile to ensure you’ve got the most coinable, effective and strategic name. Below are some additional thoughts to consider when building your new business and brand.
Consulting with a branding expert or professional naming company can be expensive, but ultimately will pay off. These experts know the ins and outs of working around trademark laws and have complex systems in place that generate creative, unique names. Additionally, many companies create logos and more as part of this process – which you’ll need later down the line.
Create a list of many different names
If you’re going to go about building your name alone, spend plenty of time putting pen to paper with as many ideas for names as possible.
- Write down any ideas you can possibly think of – and enlist the help of family and friends.
- Come up with the most extensive list you’ve ever written.
- Once complete, come up with your key top five to ten names as your finalists.
Test each name
Now that you’ve got your top ideas for names, it’s time to do some research. While your state government may or may not require your business to be trademarked, we recommend that you hire a trademark search company or attorney to make sure that you aren’t violating other companies who actually have your chosen name trademarked.
We’ve spoken to many failed businesses who did not want to spend their money on evaluating trademarks and later wound up broke and bankrupt for violating another company. Don’t let this be you!
Choose the most strategic name
If you still have a few options at the end of your test analysis, consider yourself lucky to have the options. Now, remember your original key determining factors upon deciding on a name:
- What name best fits your company’s missions and goals?
- Which name provides clarity into the description of your company?
- How does each name sound when you say it aloud?
While professional naming companies take months to finalize a name, you should make sure you are at least spending a few weeks going through the process on your own and not rushing to pick the first available name that you find. Pick the name that most resonates and go with your gut. Whatever your gut tells you is probably the name you should go with.
For more information about choosing the right brand name, visit Marketingmo.com.