Most new entrepreneurs don’t think twice about their business name, but it literally has the power to make or break your business. This is more true today than ever before now that there are countless alternatives to every product or service imaginable. Sure, every business may have its own world-changing differentiator but from the outside, they all look the same. The main differentiator ends up becoming your brand name. It’s more important now than ever to stand out from the crowd.
In a world full of distractions, customers no longer have the attention span to thoroughly research what they buy so they primarily rely on their feelings and emotions. This is why large businesses like Apple and Amazon spend billions on just their brand alone. They understand customer perception is everything in business today.
Related: 8 Mistakes to Avoid When Naming Your Business
So let’s explore how you can craft the perfect business name for your next big idea.
1. Start brainstorming
Write down a list of words that are related to the product or service you want to offer to the world. Think about words that are associated with what your business does, with what your mission is, with what your values are, and with what problem you’re looking to solve with your new business. You can even add your first or last name to the list if it’s short and catchy. Then mix and match those words until you find combinations of names you like.
2. Research competitors
Look up competitor business names for inspiration. You don’t need to reinvent the wheel when it has already been reinvented countless times. Your competitors also had to go through this same naming process when they first started their companies so why not take advantage of their work? After all, your goal as a new business owner is to out-compete them.
3. Examine the meaning
Some words can have different meanings or negative connotations in different languages. So it’s always a good idea to do a quick Google search for alternate meanings. If you discover that a name on your list may form a negative impression of your company, scratch it off. You don’t want that name to hinder your future potential.
Related: 4 Clues to Help You Choose an Effective Business Name