Naming Your Business, Part 1

What’s in a name? The Bard asked. Well, if it’s the name of your business, then a lot. You’ll want to choose a business name that’s catchy, but not so trendy that you’ll have to change it in ten years. You’ll need a word or phrase that captures the essence of your company. What tone should your company name have – playful, straightforward, descriptive? Giving serious thought to the name of your business is a good investment of your time and energy.

Legalities

Today, most of us are pretty aware of copyright and trademark issues. Naming your factory, for example, Superman Steel might not be wise. Research the prospective company name. You don’t want to select one that already belongs to someone else and then have to go to great expense to change it if they demand payment for the rights to use it.

Unique Identity

Your company name should reflect who you are as a corporate entity. It should also grow with you: pick a name that tells clients who you are now, but one you can take with you into the future.

Implied Meaning

All words have an implied meaning. Make sure the implication is intentional and projects an image accurately mirroring your business or mission statement. For example, a law firm specializing in personal injury might want to avoid words implying fun or frivolity.

Feedback

If it’s in your budget, one route to choosing a company name is to hire a consultant who will do the research, ground work and any relevant market testing. But when you’re a startup and your budget is small or non-existent, conduct your own survey, no matter how informal. When I chose the name for my freelance copywriting business, I asked personal friends and social media contacts for feedback.

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