One of the most important and potentially challenging steps of starting a business is choosing a business name. For some, choosing a business name is the first step tackled because it’s simple, quick, and obvious to the business owner. For others, it’s a struggle to identify a business name that truly encompasses the business and everything it stands for.
Even if you have an idea of what to call your business, check out these tips on how to pick a business name to make sure you’re choosing the right one for your brand.
What is the Essense of Your Business?
The best way to start the process of choosing a name for your business is by reviewing the essence of your business. Consider your mission statement, your business plan, and your unique selling proposition. And don’t forget to think about your target audience and what you learned about it in your market research.
Some questions that can guide you as you choose a name for your business include:
- What message do you want to portray through your business name?
- What are your biggest priorities for your business name? Do you want it to be easy to pronounce, different and unique, directly related to your products and services, etc.?
- What do you want people to think and feel when they see your business name?
- What is your business structure and will your business name use a related abbreviation, such as Inc. or LLC?
- What are the names of your competition? What do you like and dislike about those business names?
Conduct a Brainstorming Session
Once you have a sense of what you want your business name to represent, it’s time to get creative. In fact, the more creative and free-thinking you can be during this stage, the more ideas you will generate, and the more possibilities you will have to choose from.
Conduct a series of brainstorming sessions, some with just you, some with a colleague or partner, to come up with as many business name ideas as possible. During your brainstorming, keep the essence of your business in mind, but also let your ideas flow unrestricted. Some common ways to start a brainstorming session include brain dumping, list-making, mind mapping, and word association.