The name of your business is one of the most important marketing tools you will develop. It is how the business community will identify your company, and it will be your company’s first impression to the public. Choosing a good company name is a critically important decision. If you choose a good name, then you have something that you can use to drive revenue. If you choose a confusing name or one that is hard to understand, then you will spend as much time explaining your company name as you will in finding new customers.
If you have a limitless budget and can launch your new company with an impressive marketing campaign, then you can choose any name that you prefer. But if your budget is limited and you are trying to establish a company that can hit the ground running, then check out these ideas for developing your organization’s name.
A company name made up of your family name and the industry you work in can be just as effective as any other kind of name. If your name is John Smith and you want to start a farming equipment distribution company, then calling your company “John Smith’s Farming Distribution Company” can be extremely effective.
There are two considerations that come with choosing a simple company name. The first is that a simple name is more than likely already in effect for another company. There may already be a “John Smith’s Farming Distribution Company” in existence. That would confuse customers and make incorporating your business impossible.
The other problem with naming the business after yourself is that it can be difficult to sell the business to someone else when you try to retire. This may or may not be a problem down the road, but it is something to consider when creating your company name.
Geographic company names can sometimes sound professional and give the impression that your company is the official business for that area. For example, if you have a plumbing company located in Lockport, NY that you call the “Lockport Plumbing Company”, then that can sound as though your company is the official city plumber. That perception can create instant credibility with prospective customers, vendors, and financial lenders.
Some company names act as riddles that require solving. But as long as the name contains enough pertinent information, then a slightly special name can be an interesting marketing tool.
If you want to start a car parts store and your favorite color is green, then you can call your store “The Green Auto Parts Store.” An entrepreneur looking to start a pet store may like muscle cars and decide to call her business “Muscle Car Pet Store.” The names are effective because they identify the company’s industry. They also act as ways of opening up a discussion with a prospective customer.
If you are really stuck for a business name, then you can use the random approach. Write a series of random words on small pieces of paper, put them in a box and then draw two or three of them out. Place the words on a table and start putting them together to make phrases. Write down 10 phrases that you find, and then do it again. Once you have a list of around 50 possible names, start narrowing them down to the top five. Then have your friends and business associates let you know which one is best.
It can seem like a careless way to name your company, but when you are stuck for inspiration it can be the best way to break through that block. You may also surprise yourself with the variety of interesting names you come up with. If you are looking to open an ice cream stand, then the name “Sound and Trees Ice Cream” can be strange, but it can also lend itself to some very interesting marketing images.
A one-word company name can help accent your company image and be a great enhancement to your marketing materials. An advertising firm that prides itself on professionalism can be called “Professionals.” That ice cream stand we mentioned earlier could just be called “Bliss” after the feeling that ice cream gives the clients and the owner.
One-word names are tricky and should be planned out very carefully. If you intend on using a one-word company name, then make sure it has a meaning that you can attach to it when you begin your advertising.
A company name should be planned out and have some kind of significance to you. The name you give your organization will be the cornerstone of the development of your company logo, the inspiration for your company tagline and the front end of most of your marketing.
This article on company name methods and ideas was supplied by George N. Root III from Constant Content.