So you’re ready to start a new business venture. It seems you have most things figured out – your product, service, and target market. You probably even have all your upcoming marketing campaign ideas parked for future use. But even after all the preparations, you still can’t seem to choose what to call your business.
Let’s be honest. Despite how simple it seems, choosing a company name can be one of the most difficult tasks when starting your own business.
How do you choose a company name that sticks out from the multitude of businesses offering similar services?
Here are some tips to create a business name in 2022.
What is a Business Name?
A business or a company name is what you and other people call your business. It’s the name that your business would be known for. In most cases, it’s the first thing customers notice about you. Since first impressions contribute to how relationships progress, it’s important to make an impact by choosing the right name. Imagine two very similar boxes of cereal sold on the shelf, one sold by a company called Star Crunch and the other by a company called XYZ Cereal. Which one would you choose, and why?
If you chose the former, that’s most likely because it sounded more interesting and relevant.
PsychCentral explains that brand names heavily contribute to your marketing by triggering customers’ emotional responses. They help by influencing how a customer feels about your brand. When thinking of a business name, aim to stand out with a business name that’s relevant and easy to remember.
What are the different ways to name your business?
- Eponymous
Name your business after yourself or another person.
It’s very straightforward choice and if you’re someone who wants to leave a lasting personal impression, deriving your business name from a person’s name is something you might want to consider. Most eponymous business names are taken from the founder’s name. McDonalds, for example, was named after the founder, Richard McDonald.
If you’re not so keen about naming your business after you, you can always try picking out a historical figure. An example of this is Tesla, which was named after Nikola Tesla, the genius inventor of the first alternating current (AC) motor.
- Descriptive
Choosing a descriptive business name is also a very straightforward choice. It’s not exactly creative nor special, but it can be very memorable and functional. The name Toys R Us, for instance, is a very obvious name for a toy store. One cannot come in and expect anything other than toys. American Airlines is also another example of a descriptive business name.
While choosing a descriptive business name can be very helpful in communicating to the public what you do, it can also be difficult to trademark as it uses common words. If not marketed well, it would be so easy to drown in the sea of similar-sounding business names.
- Acronymic
As what the category name suggests, acronymic business names refer to the short and abbreviated version of a company’s long, descriptive name. While many brands use acronyms to shorten their names, some use it for other strategic reasons.
KFC, for example, was said to have abbreviated Kentucky Fried Chicken to hide the word “fried” so it would sound more appealing to the health-conscious consumers. Meanwhile, HSBC, which actually stands for Hongkong and Shanghai Banking Corporation, shortened their name to appeal to the global market.
- Suggestive
Unlike descriptive names that literally tell the customer what the business is, suggestive business names only “suggest” or hint it. An example for this is Kleenex, derived from the word clean. A quick encounter with the name is enough to suggest that the business offers some kind of cleaning product.
A suggestive name can also be a combination of two words. Groupon, for example, plays with the words: group and coupon to suggest its group coupon and cashback offers.
- Associative
Associative business names are less direct than suggestive names. Rather than suggesting what the business is, these names suggest feelings or traits associated to the business. For example, Red Bull takes the feelings of energy and power from the words red and bull – a fitting name for an energy drink.
Amazon (Amazon.com, Inc.) also takes its name from the longest river in the world. Despite not having to do anything with water or the river, the business associates itself with the Amazon River as it boasts of its scope and its large online product selection.
- Non-English
Choosing a business name from non-English words can be refreshing. It can also be easier to trademark. Samsung, for example, is a Korean word that means three stars. Verizon, on the other hand, is a combination of veritas, the Latin word for “the truth,” and horizon.
- Abstract
This category of business names differs from the other six because it does not stand for anything at all. However, its phonetic characteristics make it memorable and easy to say.
While it may take time for your target market to discover or identify, picking out an abstract business name can be an opportunity for creativity. With so many good names already taken, this is especially helpful when you prefer a unique name. You’ll also probably have a great chance at claiming a short and precise domain name for your website. Easy catch.
Since it’s free from association, it helps that the abstract business name acts like an empty vessel. When you hear the name Rolex, for example, all you think about is the watch brand, nothing else.
Free Business Name Generator Tools
Picking out a business name can be one of the most arduous task when starting your own company. After all, it’s not something you can change every now and then. Claiming your own business name is a commitment that determines the rest of your branding.
Depending on the type of process and the number of people involved, choosing a business name can take some time. Luckily, many websites offer free tools to help you pick out a name for your business. If you want an easy, done-for-you company name so you can get your business up and running, try out these free online business name generator.
Your business name is literally the first thing your clients will identify you by. It determines the first emotional responses you get from your audience, so picking out a random name that you haven’t sat down to evaluate might not be the best idea.
Treat your business name as the foundation of your branding. According to Crowdspring, “77% of consumers make purchases based on a brand name,” so make sure to spend more time creating a timeless name that communicates your business to your audience.
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