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How to come up with a business name

So, you’re starting your own business, but how do you create a business name that will set you up for success? Read our blog for our business name tips.

So, you’ve come up with a lucrative business concept, you’ve identified your target market, thrown a few marketing ideas around and you’re on the path to a successful launch. There’s only one thing left before you’re a fully-fledged business owner and that’s finding a suitable name for your company.

Before you can open a business account, you will need to provide your bank with a letterhead featuring your company name and logo, so choosing a name is an integral role in the success of your company. Get the name right and your branding will be recognised worldwide for all of the right reasons but get it wrong and your company could not only be a flop, but you could land yourself with a fair few legal battles to boot. But how exactly do you come up with a good business name? Let’s take a look at how to conjure up suitable business name ideas that are destined for success.

Where to start when naming a business

Our comprehensive guide will focus on not only the benefits of a great brand name but exactly how to come up with a business name. The name of your business is often the first thing that your customers are met with when they are introduced to your company and therefore it is paramount that it makes a great first impression. Not only will it be featured on your storefront and your website, it will also be proudly emblazoned on any marketing materials, social media channels and business cards you create. According to recent Forbes research, 77 percent of consumers make purchasing decisions based on a brand name, so naming your business is not a decision to make on an impulse.

Begin with a brainstorming session and throw some suggestions around with the help of your team. Don’t forget to do your research. A quick Google search will highlight if your business name ideas are unique or if they already belong to a different company. You could have chosen the best business name, but if it isn’t available, you will have wasted time and efforts in the long run. While you’re in the initial research phase, see if the business name you like has any accounts in the same name on social media and if a domain name is available.

Tell your brand story

That’s right, your business name should be a reflection of your services and act as a tie between your brand ethos and the goods and services you provide. Chosen well, your business name will give consumers an instant clue to what you sell or the service you provide, making it easy for them to pick your company over a sea of competitors. A great business name sets you apart from the competition and also works well from a marketing perspective. Having consumers instantly know what your brand is about from just reading the name can save you thousands of pounds in marketing budget. Whether you are renaming a business or starting from scratch, avoid being too literal and give your business room to evolve in future years. While telling your story is crucial, being too specific, for example, using a particular product or geographical location in your business name, can limit your expansion in the future should you want to open stores in a different location.

Use Your Name

Coming up with a business name can often be challenging and can soon become a drain on not only your bank account but your resources as well. Why not follow in the footsteps of many globally successful companies and use your name? If you take a look at some of the most popular brands, (Boeing and Ben and Jerry’s - we’re looking at you) you will see they have been named after their founder. A successful brand name should be original, (name-based brands usually are), if it isn’t you could end up in court charged with a copyright infringement. Using your name as inspiration for your brand will guarantee in most cases that it is original and give your brand an automatically personal feel.

Switch up the spelling or use an acronym

Of course, if your name has already been taken, another popular approach is to use an acronym or abbreviation in place of a longer name or phrase. When creating a suitable acronym or abbreviation for your brand name, ask yourself what image it conjures up when you think about it and if it really reflects your company ethos. Take into account the type of brand you are, the industry you fall into and the customer you want to appeal to. Tech brands for example are well suited to brand names that use initials or abbreviations while fashion brands are better suited to creative names.

Keep it Simple

Your brand name should roll off the tongue so avoid any business names that customers will find difficult to pronounce or remember. After all, to take advantage of word of mouth marketing, you want to be relatable and make it easy for consumers to pass it on. Think of the businesses you admire and take note of what exactly it is that you like about them and apply these rules when brainstorming a business name of your own. Choosing a name that is long or complicated could give your brand a cool edge but the risk is that you will have a brand name that others struggle to repeat. A short and sweet name may not be cool or fancy but it is catchy and memorable from the get-go.

Choose a name that looks good

Once you’ve decided on a few options, it’s a good idea to write them out and see which ones look great too. Afterall, your business name will be printed all over your signage, leaflets or other marketing materials, so needs to look somewhat aesthetically pleasing to the eye. It’s also a good idea to think about colours for your branding and logo too, to make sure that when you get to the brand identity stage of your business, the name goes with the look and feel too.

Finding a business name that is unique and truly reflective of your company ethos can be more than a little challenging. Luckily, your business name isn’t make or break when it comes to company success, even a great name can’t compensate for a shoddy product or bad customer service. That being said, it can have a huge impact on how your business is perceived and our top tips here at WTTB will help to ensure your brand makes a positive first impression.

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