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How to Come Up with a Business Name

If you’re planning to start your own business, the first thing you will need to do is choose a good name for it. This is arguably one of the most important steps to launching a new business. The name that you choose will ultimately affect your ability to promote and market your products or services to your target audience. If the name isn’t memorable or unique, you may struggle with branding and sales. Today we’ll look at the basics of how to come up with a business name.

How to Come Up with a Business Name

Does your Business’s Name Really Matter?

Yes, your business name is very important! Research shows that more than three-quarters of consumers make purchasing decisions based on a brand name.

Your business’s name will also affect its customer retention rate. With a good name, customers are more likely to remember your business, resulting in a higher customer retention rate.

Make It Unique

When choosing a name for your business, make sure that it’s unique and not taken by another business, especially a competitor. You can use the United States Patent and Trademark Office’s (USPTO’s) trademark search tool to see if another business has registered your desired name as a trademark. Of course, this only reveals trademarked names, but not all businesses trademark their name.

A simple Google search for your desired business name should provide you with a better perspective of its usage. If you discover another business using it, you should go back to the drawing board to come up with a new name. Your business’s name must be unique so that customers will associate it with the products or services that you sell.

Make It Easy to Pronounce

An effective business name should also be easy to pronounce. If it’s a complex name, it may not have the desired effect on your target audience. After brainstorming a list of possible business names, say them aloud to ensure they are easy to pronounce.

Make It Relevant

Your business’s name should also be relevant. In other words, it should reflect some aspect of your business, such as the products or services it offers or its background.

Google, for example, is called “Google” because it’s a misspelling of the word “googol,” which is a mathematical number of 10^100. The company’s founders chose “Google” since it reflects the near-infinite possibilities of their search engine.

This article was brought to you by Intrepid Private Capital Group – A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our website.

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Intrepid Private Capital Group • October 3, 2018

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