When you start up your own business, one of your initial considerations, and certainly a very important one, will be what to call it.
It may be a little bit too much to say that choosing the right business name is going to make or break your chances of success, but it is certainly a crucial factor in maximizing your growth. There really is no specific scientific method behind choosing your name, and there are loads of ways of going about this. Here are some tips, therefore, that should help you come up with cool business names.
You need to know exactly what the purpose of your company is and what you are trying to communicate to your potential target market. Not only should you be thinking about what you do as a company, but also about who you are and what you represent. Choosing a name that encompasses what you and your company are all about is extremely important.
You need to consider the specificity of the name you choose. For example, if you are working in a very specific niche market then you may want to choose a name that incorporates this. If, however, your products, services, or overall purpose is more general, or you believe that you may expand into other areas, it may be a better idea to choose a name that is much broader and more generic.
You need to think about the specific qualities that are important to your company. For example, do you want to try to demonstrate that you are trustworthy through your name, that you offer high-quality service, that you are reputable, that you are affordable, and so on? Try to pinpoint what your Unique Selling Proposition (USP) is and work it into your name.
Depending upon the scope of your company, you need to consider whether any specific name has alternative implications to other cultures, or in other languages. For example, you may come up with a name that you believe is perfect in your native area, but which may be insulting or completely inappropriate in another.
If you’re working within a local market and you’re trying to set up a local enterprise then using a very personable name may be a good idea. Consider incorporating your own name into your company name. For example, if you are setting up a grocery store and your name is Gary, consider a company name like Gary’s Groceries.
It is a good idea to test out any names that you think of. Conducting market research and getting a general opinion is important. For example, once you have a list of potential names, approach people in the local market and see if you can get their preferences. If possible, get specific feedback and you will come up with even more ideas to work with.
Once you have compared cool business names, choosing a name will be easier if you say it aloud on a frequent basis. Get it written down and imagine how it is going to look at your business cards, on the front of your store, on your website, and so on.