Starting a business is a risky venture – we all know that. It’s your job then as the founder of the company to mitigate as much of that risk as possible - and that job starts with your company name. Check out this informal 9 step guide to getting le perfecte business name.
5. PICKING THE WRONG NAME =
MONEY DOWN THE DRAIN.
• A powerful brand name that sparks the curiosity of
your customers will go a long way when building your
business.
• Choosing the wrong brand name means an impending
name change down the road – rebranding is costly –
you lose all the brand equity you built with the old
name.
7. STEP 1
CONSIDER YOUR COMPANY’S VISION
• It’s always best to have an encompassing business
name that leaves room for expansion.
• Amazon initially sold books on its online platform –
but the site wasn’t called BookBuy.com – and for good
reason. Jeff Bezos considered his company’s vision of
selling more than just books one day.
9. STEP 2
DIFFERENTIATE FROM
COMPETITORS
• Look at the top 5 players in your industry with
competing products and examine their names – since
they are your strongest competitors, they must have
done something right.
• Analyze the names and find the reasoning behind why
they were chosen, and why they work.
• It’s important that your name stands out from
competitors.
11. STEP 3
HINT AT YOUR USP
• A great business name hints at the company’s unique
selling proposition (USP) without outright giving it
away.
• You want your company’s name to intrigue your
customers enough to investigate further – provoking
curiosity is a powerful way to bring customers in
through the door.
13. STEP 4
K.I.S.S.
• The more simple your business name, the more it will
stick in the minds of the public and your target
market.
• For e.g., think about two different girls – Magdelena
and Maggie. Which one will your remember 6 months
from now? Fortunately, unlike the name given by your
parents, you get to choose this one, so go for Maggie
over Magdelena.
15. STEP 5
DON’T DROP THE BALL.
KEEP IT CATCHY.
• Catchy names are the most powerful and memorable.
• Test how catchy a business name is by bouncing it off
friends and family. Tell them the name the first time,
and a little while later ask them about the name
again. If your family remembers the name 9 times out
of 10 you have a winner. This formula takes into
account your one not-so-bright cousin.
17. STEP 6
LET YOUR PERSONALITY SPLASH OVER
INTO YOUR COMPANY’S NAME
• If you want a really unique company name, don’t be
afraid to let your personality shape it – after all, there
is only one you!
• Sir Richard Branson named his company Virgin – he
obviously put a bit of his playful, light hearted attitude
and adventurous spirit into his business name. He
obviously thought of the controversy that would
surround such a name, and how it would bring curious
minds to his business’s door.
19. STEP 7
CHECK TRADEMARK AVAILABILITY
• If you’ve considered all the above points, you may
be surprised to find that the name has not been
trademarked or used before since you’ve inserted
your unique selling proposition and unique
personality into the brand name.
• To check trademark availability, click this link if
you’re in the U.S. and this link if you’re in Canada.
• If a trademark exists in your industry for the name,
go back to Step 1.
21. STEP 8
CHECK AVAILABILITY OF
INTERNET ASSETS
• Check the availability of the domain name, Twitter account,
Facebook account and other social media accounts.
• If you’re settled on a name, and the domain name or social
media accounts are not available, that’s not necessarily a
deal breaker.
• For e.g., if you settled on LiveChat for your company name,
and livechat.com is taken, livechatnow.com can work just
as well.
24. STEP 9
REGISTER COMPANY & DOMAIN NAME,
CREATE SOCIAL MEDIA ACCOUNTS
• Once you’ve found the perfect name, be sure to register it
right away by forming a legal business entity so another
company can’t register the same name down the road.
• Simultaneously, register your domain name & social media
accounts.
• Then, once you are financially willing and able, register your
company trademark to further protect your company name.
25. UH OH… HE’S STILL MAD
QUICK LET ’S GET OUTTA HERE
26. BUT FIRST
COMMON BRAND NAMING PITFALLS
• Not considering humans when developing the name – people
need to be able to pronounce, understand and spell it easily.
• Not doing industry or competitive research before settling on a
brand name – then finding a cease and desist letter in your
mailbox.
• Not being thorough in your trademark search (e.g. an
[in]famous app, “Bang With Friends”, had to rebrand after
Zynga threatened to sue – Zynga has a trademark on the “With
Friends” phrase for apps.)
27. IF YOU NEED THAT EXTRA CREATIVE EDGE…
HOST A BUSINESS NAME CONTEST ON
COPYSHOPPY
• You can host a contest for your business name, tagline and
available domain at copyshoppy.com.
• Only $149 to launch your contest, and you receive 50+
options from talented copywriters within 3 days based on your
project details.
• You can then rate, eliminate, select finalists or provide
feedback to copywriters as you see fit – winner of your contest
transfers copyright of the winning name to you in return for
the contest prize.