The first image of the company is conveyed to people through its name. A customer duly remembers the business name and recalls the particular product provided or service offered by the business through its name. People obviously spend a lot of time in building their business through hard work and operations, but at times neglect a very crucial aspect of brand building, the name itself.
There are so many businesses in these days thriving on the value of their business name. Like McDonald's, Google and Harley Davidson which have become synonymous with the product or service they offer. This is the power of a good business name, which obviously needs to be backed-up with product/service quality being offered. Thus, any one starting a business should be looking for ideas for a name which will help the company prosper.
How to Derive New Business Names
Personal Name
An easy way to arrive at a new business name is by giving the business your own name. Many believe that this lends a certain amount of credibility to the business. You can use only your first name, your entire name or even just your initials. If you are starting a new business in partnership with someone, you get few more options to arrive at a catchy name for your business. A possible disadvantage of having a personal name as the name for your business it that it does not say anything about the product or service you are going to offer. Popular examples include - McDonald, RM Williams and LL Bean.
Descriptive Names
Descriptive names or generic names pertaining to your business give the customers a fair idea about what product or service you provide. This works well in cases where there is not a lot of competition and your business name does not need to be very unique. Descriptive names run a risk of not being able to stand out from the clutter, but if you look around, there are many business having descriptive names and doing great. Popular examples include - KFC (Kentucky Fried Chicken), IBM (International Business Machines) and British Airways.
Combined Names
When you combine a personal name with the name of the business, you get a combination name. The best part about having combination business names is that they combine together advantages of personal as well as descriptive names. They give away a sense of personalized touch to the business and also make the customers understand what product or service the business is into. Popular examples include - Dell Computers, Ford Motor Company, Dunlop Tires which had Michell Dell, Henry Ford and John Dunlop as their respective owners.
Brandable Names
Every business aspires to become a top brand in their respective field with a high recall value. This propels them to opt for brandable names for their business. Most of these words are totally unrelated to the business or the owner, but are catch and easy to remember. The biggest hurdle for companies using brandable names is conveying the product or service offered to the customers. But if the name catches on and draws people's attention towards your business, they are sure to understand the product. Popular examples include - Amazon (online bookstore), Microsoft (software manufacturers) and Google (search engine operator).
Tips For Generating Creative Business Names
- Undertake a brainstorming session to arrive at a name for your business. You can do it yourself or involve other people, but actually write down all possible names you can think of and then categorize them.
- Find out related words to all the names you have got with you. Use a dictionary or thesaurus to get synonyms.
- Prepare a list by making possible combinations of all words and experimenting as much as you can.
- Go through the final list you have prepared and try thinking how each name sounds like and try calling the names out loud to know how the name feels.
- Let someone you trust go through the list you prepared and get their feedback on how every name sounds and what he thinks is best suited for the company.
- Combine your personal opinion along with the other person's reviews and arrive at an ultimate list after eliminating names which have found no takers.
- To down-size this list further, check if any of those names already exist or carry a trademark on them. Also, look for related domain names as you would love to have a domain name which has the name of your company.
- Once you have arrived at the name of your business, register it and incorporate your business with the same name. Register a domain name as well. Get a U.S trademark or service mark on your business name to protect your name from any poaching.
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