When starting out as an entrepreneur you may not think twice about your startup name, but a brand name has the power to make or break your business. These days, there are countless alternatives to every product or service imaginable, so this fact is more true today than ever before.
Also considering the fact that if your name isn’t memorable you can be easily forgotten so it’s best to come up with a name that can easily be remembered.
Every business may have special offerings and differentiators that make them unique, but many look the same to the customer from the outside. When it comes down to it, the main differentiator ends up becoming their brand name and how memorable it is over time.
Our world is full of distractions, and consumers no longer have the attention span to research what they buy thoroughly. This is why well-named and marketed brands rely heavily on triggering an emotional response. Big businesses spend billions of dollars every year on their branding alone because they understand that customer perception is everything.
As a new entrepreneur, you likely don’t have the budget to invest in spreading the word about your startup like that. So naming your company the right way from the start will be such a crucial piece to your success. If you want to learn how to choose a great name for your startup business, read on!
The Basics of Naming Your Startup
Back in the 90s when Apple and Amazon were named, it was vital to pay attention to where you would fall in a phone book. But now that you don’t have to worry about that, how do you choose a company name that will serve you for years to come? Where do you start to show customers the value of your products and services and why they should choose you over your competitors?
To come up with the perfect business name, let’s narrow down your ideas using the five steps below.
Consider the Meaning
Determine if there are any alternate definitions of words in your business name, whether they’re used as slang or if they’re words from another language. Your business name could mean one thing in your language but it could put you in hot water with other cultures. Some of the worst business names in history experienced this problem.
Grab the Domain
Once you’ve found the perfect name, you need to secure the domain name for it before you commit to it. We now live in a tech-savvy world where every business needs a website and email address to function. This means it’s crucial to have a domain that matches your business name.
Don’t just grab any random extension like .net, .org, or .co, always make sure you use the .com domain.
Search for Conflicts
A crucial step when you’re learning how to pick a great business name is checking to see if there are any potential conflicts with other businesses. Start by doing a web search to see if there are any existing companies already using that name. If there are, check to see what they’re selling and what industry they are in.
Say it Out Loud
When you’re thinking of a business name, it can be easy to get stuck in the weeds and focus on how it looks, the meaning behind it, and how it represents your products or services.
Ensure the name is short, simple and pronounceable.
Test it Out
Don’t keep the name you like a secret. Talk to other people about it. Mention it to your friends, family, coworkers, or neighbors for valuable feedback. Ask for their first impression because that’s likely what your potential customers will be thinking about when they first hear your business name.