Naming your business should be an enjoyable process, but for some entrepreneurs, it is really stressful. What if you pick the wrong name? What if no one gets it? These are valid concerns; after all, your business name will become your alter ego and is the main way you brand yourself, so you have to pick a name that reflects well upon you and your business.
How do you pick that great name? You have three options: You can pick a clear name, you can pick an obscure name, or you can hire a business to come up with a name.
The first method is probably my favorite because it always works well. What you do here is simply to pick a name that says exactly what your business is. No, it's not fancy, but it works. The important thing is that people know what you do when they hear the name.
So begin with what your business is going to do and what image and brand you are trying to create. Using this method, you would pick a name that quickly explains what the business is: Mr. Plumber, or Bill's Auto Repair. Boring? Maybe, but people will never have to guess what the business does.
Even better: Take this process one step further by adding a word or phrase to your name that expresses the benefits that people will get by patronizing the business – think Jiffy Lube or Kwik-E-Mart.
As you settle on a name, be sure it is not already in local use and it is not too similar to that of a competitor. Try and pick one that is catchy and memorable; alliteration often works well.
Be sure too to pick a name that is not difficult to pronounce or spell. When people try and Google you, you want them to be able to find you. For example, when one man started his business, he wanted to name his company Syzygy. Luckily, that name was already taken, so he settled on Atari instead (a word used in the Japanese game GO to warn opponents that they are about to be conquered).
Atari was using the second naming method: Picking a name that is totally unique - think Amazon.com or Xerox. These names are great because they are in fact so unique, and therefore, memorable. The risk though is that while yours may be memorable too, if you can't afford to get people to remember it, it may just be an odd name. One reason Amazon and Xerox are memorable names is because those companies had the wherewithal to get people to remember them. If you do not have a sizable marketing budget, picking an obscure name can be more of a curse than a blessing.
The last method for creating a winning business name is to hire a business to name it for you. There are companies whose business is to come up with business names and catch phrases. They usually do a great job of coming up with a memorable name, and get paid handsomely for their efforts. For the right business, it may be a smart marketing move, but most small businesses are best served by coming up with a name themselves.
The bottom line: Find a few names, get some feedback, and pick one that will catch people's attention.
