The name of your company is the start of a great adventure and the first big decision you need to make.
Below 4 steps are explained to developing a great business name.
1. Decide what kind of company name you want?
Decide whether you want name design the name of your company to be fictional (A non-existing word like Skype or Google) or non-fictional (A name that describes your business)? Fictional names are often blends or misspelled words such as Wikipedia and SoonR. While Non-fictional names are often made up out of real words such as Facebook or WordPress. Although non-fictional names can be a little more vague as well such as Salesforce or MySpace, you have an idea what kind of company it is but you are not sure since there are more possibilities.
2. Brainstorm, think out of the box..
Once you identified what kind of name you want for your company, you should start an intensive brainstorm session. Brainstorming is probably the most important step in the process, it creates the fundamentals of the company name. The best way to brainstorm is to grab an article from the newspaper or an internet site (if you want a non-fictional company name it is better to grab an article that has a link with your business) and randomly pick out three words. Choose the word that has the best relation with your business and write down as much words as possible that have a relation with this word. After you wrote down more than thirty words you should have a complete list that gives you enough inspiration for developing company names.
Also look at the names of your competitors and compare them, but you have to be unique.
– Try to keep the name short
– Use Thesaurus.com to get good alternatives for words
– Grade (from 0-10) all the names you came up with in order to see the mutual relationship
– Make sure the business can evolve and is not limited to a product or location
3. Got a name?
Finally found yourself a name? Now proceed to the following check list to see if this is the one you are looking for, if the answer on each of the following questions is yes then this is the name you are looking for.
– Is the .com available?
– In the previous assignment, did you grade the name a 7.5 or higher?
– There are not a lot of matches in Google?
– The name is memorable, catchy, and easy to spell & pronounce?
– It does not describe your business to literally?
4. Finishing the process
The answer of each question from the last section was YES? Great, you are almost there but not yet. Sleep over it and review the name the next day, you might feel totally different about the name. Ask other people’s opinion about the name. Does the name stand out from the crowd? Is it unique? Is this the name you want be showing on your company’s website?
Then you found yourself a winning company name!