The name of a company is the gateway for its customers, it is the first sign of recognition and it can help you achieve your goals quickly as well as make it difficult for you.
This decision will have significant consequences for your company’s brand and image, so pay attention to the following 5 strategies for choosing company names. These strategies are key for your venture to endure over time and have a positive impact on your customers.
5 useful tips to create company names.
one. Identify the qualities and characteristics of your company.
Before you start to determine the possible names, try to define the characteristics that you want your company to reflect and all those qualities for which you want it to be recognized.
First analyze your market niche and develop a draft of your company’s mission. This will help you establish the elements that you consider important to the name.
Defining these characteristics will give you a clearer idea of the possible options that you will define in the next step. Remember that the more your name is communicated, the less you will have to explain about it. Keep in mind that a business name should not only appeal to the founder, it is more important that it resonates with the type of customers you want to attract.
2. Brainstorm.
Pretty obvious, but it’s necessary. Look up words in magazines, dictionaries, check their translations in other languages and most importantly, don’t do this job alone. Seek support from your partners or friends, they will give you a broader and more objective perspective.
Always think of names that are attractive and easy to pronounce. Remember that these potential names should promote word of mouth advertising. Additionally, they must generate credibility and trust, especially for companies in the financial and consulting sectors. Finally keep in mind that some names could have a negative connotation in other languages.
3. Choose a name that won’t limit your growth.
In the list you make, visualize how far you want to go with your company. If your intention is to venture into the market locally, you can think of using words related to the place where your company will operate. However, if you plan to grow internationally you must be more careful.
Very specific names work if you plan to stay in a small market niche, however, if your ambition is greater you should look for a name that accommodates your growth.
4. Review the names of the competition.
Chances are you have competition in your chosen niche market and you don’t want to look like or be confused with any of these companies. The most important function of your business name is to stand out from the rest. Eliminate those names that are very close to those of your competitors.
However, take advantage of this analysis to study the characteristics of the strongest company names and the approaches they have taken to the brand. You could get valuable information for future decisions.
5. Consider the originality of your name.
After taking these recommendations into account, check that your potential names are not registered and being used by another company. It would be a big headache to have trademark registration issues when your company is successful.
In the same way, check that the domain with the name of your company is available. Currently, having an internet presence is totally key to developing your brand and providing confidence to your market. The vast majority of your potential customers will search for your company using the internet before establishing any approach.
Each of these strategies will allow you to further filter the list of names you have in mind. Don’t take this job lightly, invest at least a couple of weeks in the process.
And remember, if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
