Business Name Ideas: Some Points to consider.
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Starting a new business is an exciting time, and brainstorming business name ideas can be a fun part of the process. Choosing a business name can happen at any stage of a business start-up, but eventually, you must select something! Take a look at our article on business start-ups if you are still at the undecided stage of becoming a business owner.
There are several chains of thought when thinking about a business name. Maybe you want to incorporate what your business actually does in the name? Perhaps you’d like to include the family name. In some cases in Germany, it is compulsory to include the family name. Our article on how to start-up a business in Germany might help.
Or you may wish to strike out with a brand name. Some great examples are Virgin, Apple, and Google. The name meant nothing in the business context, but now you’ll be hard-pressed to find someone that doesn’t know what those companies do. Google has become a synonym for searching the Internet.
The choice is yours, but finding the perfect business name can be difficult. It may have already been taken, for example.
Keep it short and simple
With the ever-growing importance of being online, it pays to keep your business name simple. Avoid words that are difficult to spell or remember. Many businesses rely on word-of-mouth for a lot of referral clients, so a difficult to spell name could easily mean lost business.
Is the Name already registered?
To avoid problems in the future, it is vital to avoid a name that is already registered. There have been plenty of high-profile cases of big businesses taking companies to court over a business name being used.
This also applies to names that are similar to registered names. If your new business name idea could be confused with a well-known brand, intentionally or not, you could be in trouble.
Keep it interesting and descriptive
Depending on your type of business, there is plenty of scope to be creative. Professional services, such as lawyers, will usually stick to something standard, such as Fred Bloggs Legal Services.
But digital companies, tradespeople, and many others can have some fun. A plumber could go under the name of Plumb It or Plumb the Depths. Perhaps a swimming pool company could use Splashing Around. The idea is to make it interesting, but staying on topic, and easy to remember.
It would be a huge mistake to copy your competitor’s business name idea. First, if it is too similar, they will want to protect their name. Second, you may lose business to them as people may be confused over the name and company. Something original and informative will make you stand out from the crowd.
Avoid being restrictive
When you first start your business, you may have no intention of diversifying. However, expanding your income streams is an excellent way of securing your business. Considering this point, naming your plumbing business something like Beautiful Bathrooms will make potential clients assume you only do bathrooms.
Bathrooms may have been your original niche, but short of starting a separate business or changing the name, your plumbing business is labeled as a bathroom company. This can only make expanding into other areas much more difficult.
Is the Website Domain available?
Very few businesses do not have an online presence of some kind and keeping your physical business name idea the same as your online name is an essential factor.
Assuming your business name is available online, there is one other factor to consider, the domain. What is a domain, I hear you say! The .com in getpenta.com is the domain. When the World Wide Web started, there were plenty of names available, but with millions of online businesses, it is now much more difficult.
The .com domain should typically be your choice, if at all possible. This is simply because it is so well known and straightforward. If you are determined to use a business name idea that does not have .com available, there are some other choices.
The domain .net has become popular with entrepreneurs. Country specific domains such as .de for Germany are okay for companies only working in one country. Also available is .live, .co and .app for example.
Also, consider the fact that if someone else is already using the name you want, it may not be the right choice.
Scour the Internet
A common phrase has come into use. Google is your friend! And it’s very accurate. Searching the Internet is great for finding a new business name idea.
First, there are websites available that provide you with ideas and variations on a business name. Second, you should quickly discover how popular the name is and whether it is going to lead to confusion.
Ask family and friends
Asking family and friends is an excellent way of coming up with business name ideas. Try asking your friends on Facebook and Twitter as well.
Once you have a business name ideas list, ask a select few of your friends and family for their feedback. As with almost anything, several pairs of ideas are always better than one!
Create a Shortlist and check it again
By now, you should have a shortlist of business name ideas. At this point, it’s a good idea to do two more checks on your potential business name.
First, do the words used have any unfortunate slang meanings that may not fit your business? Often this is to do with sex or swear words.
Second, check the business name very carefully in its online version. Again, this often relates to slang words, but not always. Because the online name will be a string of words without gaps, sometimes it can be read in an entirely different way to that intended.
Check carefully! We have all seen some embarrassing company names. Although it seems innocent, Curl Up & Dye, as a hair salon name, sends the wrong message completely!
Choosing your new business name is all part of the fun of starting out on a new business venture. Remember to keep it simple, interesting, and different from your competitors.
Check it is not already in use and doesn’t imply any tradenames. Have some fun with it, and try to make it memorable.
Are you setting up a new business? Then make sure you open a Penta Business Account today and profit from simplified accounting and other benefits.