flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

How to Choose the Best Name for Your Startup Business

Editor's Note: Take a look at our featured best practice, Five Stages of Business Growth (25-slide PowerPoint presentation). This presentation introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework, called the 5 Stages of Business Growth, is based on the fact that all businesses experience common [read more]

* * * *

Creating the perfect name for your startup business isn’t easy. It takes time and effort to develop something that’ll resonate with customers, but it can be done. You may need to try a few different options until you find one that works for you.

For business owners, choosing the right name is of the utmost importance. There are a few things you should keep in mind as you do your research and start to narrow down what kind of name you want your company to have. You can use a free business name search to check the availability of names for your startup.

Naming is one of the marketing strategies, so you must consider it. This article discusses the step-by-step process of choosing the best name for your startup business.

Create a List of Possible Names

Naming can prove either effective or destructive for your new startup. One of the factors to consider when naming is its power to make a mark. Now that you know there are a lot of factors to consider, you should consider creating a list of possible names.

First off, try not to get caught up in whether or not your first idea is the best one. It’s essential to think creatively during this process and keep your mind open until you come up with some solid options. You can do this by yourself or with friends and family who’ll support your choice.

Once you’ve got as many ideas as possible on paper, it’s time to start narrowing down the list. Consider what kind of name would resonate most with your customers and potential investors; if nothing else, make sure it sounds professional. Also, consider what competitors may say if they hear the name. This can help guide towards something unique rather than generic.

Decide What Kind of Name You Want

Your business name should be catchy. People must remember your brand, especially if they’re spending money on it. A company’s name can also determine whether it’ll succeed in its marketplace. If you’re looking for a new job with a startup, look out for companies whose names are already familiar to you as those probably have strong brands that can help open doors for you.

To pick the right name for your business or product, consider what kind of name is best suited to your industry. Is there an industry trend happening right now? If so, try matching your business’s personality with one of these trends:

  • Brand names tend toward modernity and often use words like that speak of their originality.
  • Product-based businesses usually have names relating specifically back to their products themselves.
  • Service-based businesses tend toward more descriptive names, whereas product-based businesses may use abstract nouns instead.

So, it’d be okay if you ensure your business’s name goes with the present demands of the industry. This will make your startup exude originality and newness.

Decide If You Want to Use a Made-Up Word

If you’re looking to start a business, your name will likely be one of the first things people encounter. This can make it a bit tricky to choose a name that’s memorable and easy to pronounce but also allows for maximum brand recognition.

When choosing between made-up words and real ones, several factors must be considered when deciding which route to take. For example, ask whether a specific word has any preexisting meanings. If not, how easy will it be for people who don’t speak English as their first language (or even second) to understand what this business does? Does this word sound like another common term or phrase? If so, how confusing would it be for customers if they meet with different businesses with similar-sounding names?

Ask the Availability of the Name

Once you’ve decided on a name, the next step is to make sure it’s available. The easiest way is by doing a quick search on your website and social media accounts, as well as other websites that might be useful for your business. You can check whether the domain name (the URL of your website) is available too. Just like with a company name, it’s best if you can get both the domain name and brand name-checked at once. This is one of the things you need to start a business.

Choose Easy to Spell and Pronounce Names

If you’re new to the startup game, it can be easy to overlook something as simple as naming your business. There are a lot of ways you might not be considering when it comes to choosing the right name for your brand.

When choosing a name, make sure it’s easy to spell and pronounce. You don’t want customers having trouble remembering how to spell or say your company’s name just because they misheard one letter. It’s also essential that the name is easily remembered so people don’t have trouble connecting their memory with what they see on billboards and signs around town.

Check the Meaning in Other Languages or Countries

It’s essential to check the meaning of your business name in other languages, countries, cultures, and social groups. You wouldn’t want to find out that your brand-new company name means something terrible or insulting when translated into a different language. It’d help if you also considered checking how people might perceive the name when translated into another language.

Choose Short, Simple Names

The name should be easy to remember. It’s a good idea to keep your company’s name as simple as possible so that it isn’t too complex. If the name is too long, people may have trouble remembering or associating it with your brand.

The name should be easy to pronounce. Your startup should have a memorable and pronounceable name that can easily be read aloud. You want customers and clients to be able to spell out your company’s name on their own without having any problems with its pronunciation or spelling in general.

Conclusion

When you’re naming your business, take it seriously and make sure that you do your research. Don’t be afraid to ask for help from friends or colleagues if you can’t decide on the perfect name.

Excel workbook
New Version - Massive Update !! This updated version of the previous template is almost a completely new model including new assumptions, new Setup Reports and new and updated Output Reports. Creating a financial plan is the roadmap that lays out the path for your company's future financial [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on Entrepreneurship and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources


56-slide PowerPoint presentation
The Lean Canvas is an adaptation by Ash Maurya of the Business Model Canvas. Four building blocks were replaced with new ones with the aim of making the canvas more startup-oriented. The adaptation emphasizes importance of clearly understanding the problem the customer faces. Beyond the canvas [read more]


 
Excel workbook
 
 
81-slide PowerPoint presentation

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.


Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  

The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.
  


OUR CORE OFFERINGS
Flevy Marketplace: Top 100
· Strategy & Transformation
· Digital Transformation
· Operational Excellence
· Organization & Change
· Financial Models
· Consulting Frameworks
· PowerPoint Templates
FlevyPro (Subscription Service)
KPI Library
Streams (Functional Bundles)
Flevy Executive Learning (FEL)
PowerPoint Services

FREE Resources

About Flevy
Management Topics
Marcus (AI-Powered Consultant)
Partner Program
LinkedIn Influencer Marketing
FAQ / Terms / Privacy / Blog
Contact Us: support@flevy.com



CONNECT WITH US!
       
TOP 100 TRENDING TOPICS
Acquisition Strategy
Agile
Analytics
Artificial Intelligence
Balanced Scorecard
Best Practices
Big Data
Breakout Strategy
Business Continuity Planning
Business Plan Financial Model
Business Transformation
CMMI
COBIT
Change Management
Cloud
Communications Strategy
Company Financial Model
Competitive Advantage
Competitive Analysis
Consulting Frameworks
Continuous Improvement
Core Competencies
Corporate Culture
Cost Reduction Assessment
Customer Experience

BROWSE BY FUNCTION
Strategy, Transformation, & Innovation
Digital Transformation
Operational Excellence and LSS
Organization, Change, & HR
Management Consulting

Customer Journey
Customer Service
Cyber Security
Data Privacy
Decision Making
Digital Marketing Strategy
Digital Transformation
Digital Transformation Strategy
Due Diligence
ESG
Employee Engagement
Employee Training
Enterprise Architecture
Growth Strategy
HR Strategy
Hiring
Hoshin Kanri
ISO 27001
ITIL
Information Technology
Innovation Management
Integrated Financial Model
Kaizen
Kanban
Key Performance Indicators

ADDITIONAL RESOURCES
Business Strategy Frameworks
Case Studies
Consulting Training Guides
COVID-19 Trend Data
Digital Transformation
Financial Advising Services (FAS)

Knowledge Management
Leadership
Lean
Lean Manufacturing
Logistics
M&A (Mergers & Acquisitions)
Manufacturing
Market Research
Marketing Plan Development
Maturity Model
McKinsey PowerPoint
McKinsey Templates
Operational Excellence
Organizational Change
Organizational Design
Performance Management
Post-merger Integration
Pricing Strategy
Process Improvement
Process Maps
Procurement Strategy
Product Launch Strategy
Product Strategy
Project Management
Quality Management


Free Resources
KPI Library
Lean Management
Lean Six Sigma Training Guides
Marcus Insights
Operational Excellence

Real Estate
Remote Work
Restructuring
Risk Management
Robotic Process Automation
SWOT
SaaS
Sales
Scrum
Service Design
Six Sigma Project
Social Media Strategy
Strategic Planning
Strategic Thinking
Strategy Development
Supply Chain Analysis
Sustainability
Target Operating Model
Team Management
Total Productive Maintenance
Value Chain Analysis
Value Creation
Value Stream Mapping
Visual Workplace
Workplace Safety


Product Strategy
Small Business Owner
Startup Resources
Strategic Planning
Strategic Planning Process
Value Innovation Strategy


© 2012-2024 Copyright. Flevy LLC. All Rights Reserved.