Business name search | tips to come up with an epic business name
Selecting a great business name is a very important part of starting a business. Good names are distinctive, easy to recall and free of any potential legal issues. A great business name will acquire value as your customer base and reputation grows. Often to the point where your name can become one of your most valuable assets.
This is especially true in categories where the ability to differentiate on product features is limited. Geoff Ross, Founder of 42 Below, discussed this in his exclusive Unfiltered interview:
“Vodka, by definition is a tasteless, odourless spirit. So it’s very hard to get a unique selling point. So the brand, brand story, origin, packaging… all those things come into play to distinguish you from others.”
It’s important to get your name right from the start. Changing this down the track can be damaging to your brand and expensive. Loss of followers/brand recognition and the financial costs incurred through legal fees and replacing marketing materials are the sorts of things any startup wants to avoid.
So consider these tips to help you find an epic name that you and your team will be proud of for years to come.
1. It’s good to be different
Growing your customer following is easier with a name that’s memorable. It’s best to avoid using overly descriptive names that too closely describe goods or services. Imagine if Google® had instead been called the Internet Search Tool. Descriptive names tend to blend in as they lack a point of difference, and competitors are likely to encompass the same or similar terms in their name too.
Out of the box thinking is one way to make a name memorable. Some recommended strategies are:
- Using a word that’s completely unrelated to your product. Think Apple for computers, Starbucks for coffee, or Amazon for online shopping;
- Dropping letters or deliberate misspelling of words like Flickr and Tumblr — this is a good option if the domain you are eyeing up is taken;
- Why not make up an entirely new word. Consider compound words, truncated words or just plain old invented words. There’s even a website dedicated to helping you find your ‘wordoid’ of choice.
Inventing words as business names has been tried and tested by some pretty successful companies — Google, Snapchat, Facebook, Ikea, Instagram, Viagra, Pepsi, Paypal, Spotify — to name a few.
2. Keep it simple
Short and simple tends to = easy to recall. A name like The Very Very Good Times Toy Company is long and difficult to remember. Consider keeping your business name to a single word and use only one, two or max three syllables.
You might have picked up that all the examples listed in 1. (above) follow this rule too.
3. Don’t get caught copying
If you think you have landed on the name that will lead you to greatness, conduct a quick search to check that you’re actually free to use it. It’s important to consider this BEFORE investing time and money setting up and marketing your business.
Conduct searches of the trademark register, domain name register and company names register as well as a simple internet search to make sure no one else is using your chosen name. Pay particular attention to companies selling the same or similar goods and/or services. Remember to search in any international markets you plan to enter in the future.
4. Protect your own name too
This is it. You have trawled for hours, found your shortlist, tested them on your friends, sketched the perfect logo AND you’re sure that no one else has beaten you to it. Now you have your business name — it’s worth taking some simple steps to protect it.
You will no doubt register your company name and the domain name(s) you need. You may also wish to register a trademark in the future. Until it is registered, including the ™ symbol alongside your name where ever it is printed is a no-cost method to notify others of your unregistered trademark and potentially deter someone from copying you.
Now that you’ve found a great name for your startup, don’t forget to watch Unfiltered.tv to learn more about business directly from the world’s best entrepreneurs and business leaders.
You can also check out our earlier blog “The 6 best business books | as recommended by 300+ entrepreneurs”
Don’t have time to read? If you’re looking to learn business fast, visit Unfiltered to access in-depth free interviews with more than 300 of the world’s best entrepreneurs and business leaders. All our content is completely free. You can also download our App, or access our podcasts on iTunes or Spotify to listen on the go.
