Naming Your Business
Now that you have made the decision to go into business for yourself, you will want to choose an effective business name. A business name is an individual decision you will want to consider carefully. Below are at least four categories to consider
when selecting a name:
— Descriptive business names
— Personal name
— Brandable business names
— Domain names
DESCRIPTIVE BUSINESS NAMES
Generic, descriptive names make it easy for potential customers to identify what product or service your business provides. Descriptive names run a slight risk of not being able to ‘stand out from thecrowd’, although the examples to the left didn’t seem to have any trouble in making their mark!
BRANDABLE BUSINESS NAMES
Any company name can become a brand. Simple, ‘nonsense’ words are probably the easiest to brand though, especially if they are easy to remember. Brandable names have popular appeal—would Google have enjoyed the same rise to popularity if it was called ‘The Search Engine Company’? The biggest problem with ‘nonsense’ names like these is educating your potential customer as to what services you actually provide. Remember that building a brand takes time and usually requires significant resources.
USING PERSONAL NAMES
Naming your business after yourself is relatively easy to do. Some say it adds credibility to your business. It could be your full name, first name or surname. Using all or some of your initials is also fairly common. The business may be a partnership of two or more people, which provides more possibilities. As with brandable business names, a disadvantage to using a person’s name is that it is not immediately apparent what products and services your company offers.
COMBINED BUSINESS NAMES
A combination of descriptive terms and personal names is also fairly common. It allows you to add a personal touch but also to include your products or services in your business name.
It is wise to check the available domain names before choosing a business name. Good domain names are harder and harder to find, so it pays to make sure the domain name you want is available before choosing your business name. Choosing a domain name is an important part of setting up your business, so take some time to research it and select wisely.