The number of people starting their own businesses skyrocketed in 2020, marking a 13-year high in the number of entrepreneurs setting out on their own.
Now, you want to join their ranks, but there’s only one problem. You have no idea what to call your company.
Naming a business is a delicate task—you want it to convey precisely what your company does, but you want it to be clever and unique, too. Luckily, others have mastered the art of company names, and they have some good tips for those learning how to name a business.
Consider these four tips as you search for the perfect business name.
Chances are, you have a rough idea of what you want to name your business. However, you should take some time to brainstorm and bounce off of that original thought.
Grab a piece of paper and start writing down all of your different options. If you’re wanting for inspiration, think of words that have to do with your industry or service. What will you offer your customers that no one else can?
2. Keep It Simple
Apple. Sprint. Starbucks.
The most successful businesses out there have simple names. Your potential customers or clients will have an easier time remembering something that’s short and sweet. So, cut out any extra-long name options—or edit them down so that they’re quick and easy to recall.
3. Check the Web
Once you have narrowed down your list to a handful of short but impressionable options, log onto the web. Does any other company have the same name? You can use sites like opstart.ca to find this out—and redirect your naming process if your top title is already taken.
On that note, you should make sure a corresponding URL is available for your chosen business name. So, brainstorm a few of those to go with your potential business name. Then, search the web—if there’s already a site where you want yours, you might have to re-think your company name.
4. Avoid Limiting Descriptors
You never know what will happen to your new business. Perhaps it’ll take off and grow in ways that you didn’t imagine possible—just look at Amazon if you need proof that it’s possible.
Now, imagine if Jeff Bezos had named Amazon something like “Seattle Books.” That would have stopped many a customer from buying from the site before they knew that the company could send anything anywhere.
If you plan to keep things local, then a geographical descriptor is fine. However, if you’d be open to expanding eventually, don’t let your name limit you to one area.
Try and find a name like “Amazon,” one that isn’t so specific that it pigeonholes you. That site started as an online bookstore, but now it’s just a retail giant—and Amazon fits in both scenarios.
Master the Art of Naming a Business
Naming a business is not an easy job. Now, though, you have four actionable steps to get you closer to a title for your new adventure.
So, sit down and start brainstorming. Don’t forget to check back with us for more ideas on how to transform your vision into a fruitful business venture.