By Owen Fay . Posted on December 1, 2022A name for your business can have a big impact on awareness, recognition, and growth. If it’s done right it can help the brand succeed, if it is done wrong it can take months or reword and thousands of dollars to fix the mistake. It is the first impression you make on potential customers and partners, and it will be a part of your brand for years to come. Choosing a name is not a decision to be made lightly – it requires careful consideration and thought.
The name will depict the level of trust your customers have for the business. It can also attract and retain investors due to the professionalism it exudes. In this article, we will cover the steps you need to take to choose a perfect business name.
Why A Name Is Important For Your Company
Your company name is one of the first things that potential customers will learn about your business. It is important to choose a name that is easy to remember and that represents your company well.
Consider the following when choosing a name for your company:
- What is your company’s mission?
- What are your company’s values?
- What is your personality?
Your company name should reflect these things. For instance, if your company’s mission is to provide the best way for users to find discounts online, you might want to consider a name that portrays value, savings, or speed.
Once you have narrowed down your list of potential names, you will need to get feedback from your target audience to find the perfect name.
The Different Types Of Names You Can Choose For Your Company
There are four main types of business names you can choose from:
1. Descriptive names
Descriptive names are exactly what they sound like: they describe what your company does. For example, if you started a company that sells software, you might want to include the word software or words that are similar to the industry in your business name.
The main advantage of descriptive names is that they are easy to understand and remember. The downside is that they can be a little boring, and they might not be as unique as you’d like.
2. Suggestive names
Suggestive names are similar to descriptive names, but they don’t describe your company directly. Instead, they hint at what your company does. For example, if you started a company that sells software, you might want to include the word code in your business name.
The advantage of suggestive names is that they are a little more interesting than descriptive names. The downside is that they might be confusing for some people.
3. Metaphorical names
Metaphorical names are names that use a metaphor to describe your company. For example, if you started a company that sells software, you might want to include the word cloud in your business name.
The advantage of metaphorical names is that they can be very unique and interesting. The downside is that they might be confusing for some people, and they might not be easy to remember.
4. Acronyms
Acronyms are names that are made up of the initials of your company’s name. For example, if you started a company that sells software, you might want to use the acronym SS for your business name.
The advantage of acronyms is that they are usually easy to remember. The downside is that they might be confusing for some people.
How To Come Up With A Name For Your Company
Choosing the right name can be tricky, but it is important to take your time and consider all of your options before making a decision.
There are a few ways you can go about coming up with a name for your company.
- You can brainstorm with a group of people, or you can come up with a list of possible names on your own.
- Use a brand name generator that uses your keyword or industry and AI to give you a list of potential names.
- Think about your industry and competitors to come up with a name that fits your products and services.
How To Test If A Name Is Right For Your Company
Testing a brand name is the best way to validate it with your target audience before you launch the business. You will get actionable feedback from real users in a matter of minutes, it can be used to compare options and find a winner, or to get feedback on a single name.
With built-in templates, panels that represent your audience, and actionable results you will be able to find a business name that reflects your values and that your users can relate to.
Brand name testing is used by businesses and consumers around the world to quickly and cost-effectively find a name that will grow with their business and differentiate themselves from the competition. The benefits of testing your brand name with a remote and unmoderated platform include:
1. Data-Backed Decisions
You have all of the information you need to unite the business behind a brand name. It is hard to dispute the winning option when you have all of the feedback to support the decision. Testing reveals which brand name is most popular, allowing you to finalize a name and convince your team to roll with it.
2. Understanding The Target Audience
You can divide your audience into demographic groups to understand how they react to each option. You can look into how different groups (age, gender, location, etc.) think about each of the possible brand names by filtering the survey replies.
3. Iterate Quickly
By frequently undergoing brand name testing through agile processes, you can finally get the perfect brand name. Testing and retesting different options of the brand name will help you find the best one.
4. Time And Money Well Spent
Your brand name has such a significant impact on your brand image, the ability to find the best brand name for your business at a low cost and under an hour is always great.
The Legal Aspects Of Choosing A Name For Your Company
There are a few things you need to consider from a legal standpoint when choosing a name for your company.
You’ll want to make sure the name isn’t already in use by another business. Likewise, you can do a search with the U.S. Patent and Trademark Office to see if anyone has already registered the name you’re considering.
Avoid names that are too similar to existing trademarks. Even if the name isn’t currently in use, it could be confusing for consumers if it’s too similar to another business’s name. For instance, you wouldn’t want to name your company “iPid” because that’s too close to the well-known trademark “iPad.”
Another legal consideration is whether the name might be offensive to any group of people. You don’t want to choose a name that could be seen as controversial or otherwise discriminatory.
Once you’ve chosen a name, you’ll need to register it, this will give you legal protection for your business name and help to ensure that no one else can use it.
How To Trademark Your Company Name
Your company name is your identity and first impression to the world. It is important to choose a name that is not only memorable but also one that you can legally protect. The best way to do this is to trademark your company name.
There are a few things to keep in mind when choosing a company name:
- It should be distinctive and not too similar to other existing trademarks.
- It should not be generic or descriptive of your products or services.
- It should not be offensive or imply anything that could be seen as negative.
Once you have a name in mind, you will need to do a trademark search to make sure it is available. You can do this yourself or hire a trademark attorney to do it for you.
If the name is available, you will need to file a trademark application with the USPTO. This can be a complex process, so again, you may want to hire an attorney. Once your trademark is approved, you will need to renew it every 10 years to keep it active.
Bonus Tips
- Choose a name that is meaningful to you and your business.
- Consider what your business represents and what values you want to communicate with your name.
- Keep it simple as a name that is easy to remember and pronounce is more likely to be successful than a complicated one.
- Avoid using industry jargon or inside jokes that only you and your team will understand.
- Make sure the name you choose is available as a domain name and that you can secure the social media handles for it.
- Do a search on Google and social media to see if there are any negative associations with the name you’re considering.
- Test your name with an online testing tool to get feedback or validate decisions with the help of your target audience.
Frequently Asked Questions
What are some things to avoid when choosing a company name?
There are a few things you’ll want to avoid when choosing a company name. Some of them are steering clear of anything that could be seen as offensive or that would limit your potential customer base. You also want to make sure your name is easy to pronounce and spell, as this will make it more memorable for potential customers. Lastly, try to choose a name that’s unique and not too similar to other businesses in your industry.
How important is it to have a company name that’s relevant to your industry?
While it’s not essential, it can be helpful to have a company name that’s at least somewhat related to your industry. This can make it easier for customers to remember your name and to find you when they’re searching for businesses like yours. However, if you have a great name that’s not related to your industry, don’t rule it out; it could still be a great choice for your business.
How can I come up with a good company name?
There are a few ways you can come up with a good company name. You can brainstorm with friends, family, or other business associates. Another way is to employ professional services like PollthePeople. Finally, you can look for inspiration in other businesses, either in your industry or outside of it.
What should I do if I can’t decide on a name?
If you’re having trouble choosing a name, it’s OK to take some time to think about it. You can also ask for feedback from friends, family, and other business associates. Once you’ve narrowed down your options, you can run a Google search to see if there are any businesses with similar names.
How do I know if a name is available?
Once you’ve come up with a few potential names, you’ll need to check to see if they’re available. You can do this by searching for the names on Google, running a Google search, and checking to see if the domain names are available. If you’re still not sure, you can always consult with a lawyer or trademark attorney.
Conclusion
The most important thing to remember when choosing a business name is to make sure it is reflective of the products or services you offer. A good business name should be easy to remember, spell, and pronounce. It should also be unique and not too similar to other businesses in your industry.
With so many factors to consider, choosing the perfect business name can be a daunting task. But with a little creative thinking and some help from brand name testing, you can find a name that perfectly represents your business. Aside from thinking about your business name, you can take your business growth to the next level by enrolling in the best online courses for business.
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