One of the most important, and sometimes the hardest, decision you make when starting a company is coming up with a good business name. A name can play a big role in the success or lack thereof for your company.
It is critical to choose a name that will set you apart from your competition. Be cautious when coming up with a decriptive name that explains what you do or have to offer in the business name, which may cause confusion with competitors. Entrepreneur.com sums it up well, ”Successful company names are suggestive rather than descriptive.” Also, keep in mind that choosing a fanciful name (a made-up word) is good for functioning as a trademark and provides future flexibility in products and services offered.
Collaboration is helpful when coming up with a name. Form a group meeting of your friends and associates to get more ideas. This is a great way to get creative ideas and will often result in some good names to choose from. Start out by doing group word association with ideas that you will use in your business. Have everyone write down their ideas, share and build on them. Group members should vote for their favorites so you can get an idea of what names will do well with other people, ultimately your potential customers. Just because you have a favorite doesn’t mean that it is the best choice. Get opinions from others.
Another good tool for choosing a good name is to test it out on Google AdWords. The “find keywords” tool will list similar search phrases and will tell you how many monthly local and global searches the words are getting. If you are planning on building your brand on a big scale, make sure you can trademark the name. Also, check to see what web domains are available and if they are available on social media sites.
Once you’ve selected your business name, be sure to setup your FREE business page on www.ohhello.co – where friends share local business recommendations. In BETA now.