Choosing the name of your company can be one of the most exciting but also one of the most challenging aspects of building your brand. For some business owners, they may know the name of their brand before they know all they will sell. Others, however, may know exactly what their brand stands for and aligns with without having a clue of what to name it. In either scenario, there are a few things to consider before finalizing your company name.
1. Naming It After Yourself
If you’re stuck on what name to select, you may be thinking about using your name. This can be good news if you’re a sole proprietor, or anyone who runs and operates a business independently. For those that fall in this bucket, it’s assumed legally that the name of the business is the name of the owner. If you want a different name for your business, you’ll need to file a DBA, or a “doing business as” document. Laws vary by state, so it’s important to see what is required for where you’re operating your business.
Some sole proprietors may like to stick with their name as it sets them apart. If you’re a personal trainer, for example, you may want people to think of your business as your name. It can be easier for others to refer to you by name if that’s also the name of the company. Clients can form a personal relationship or connection with you, which also helps with branding and word-of-mouth referrals. However, if your name is difficult to spell this could be a barrier and make it more challenging than it’s worth.
2. Being Unique
Another option is to think out of the box. A boring or generic name may not resonate with potential audiences. Alternatively, it may cause unnecessary confusion. A name like “NYC Pizza” or “Best Repairman” may be too generic and may not rank well in search (more on that in the next tip).
But being unique doesn’t mean that you need to make it complicated. Again, avoid anything hard to spell or pronounce. Also, think about how your brand name will appear on a logo. A complex spelling or lengthy name may be difficult from a branding perspective. There’s a fine balance between aiming for something witty and falling short of describing what your brand is all about.
3. Steering Clear of Competitors’ Names
You want to do all that you can to distinguish yourself from your competitors. Choosing a name that is similar to another will only put you behind from the get-go. It can be harder for customers to recognize the difference between the two.
Also, from a legal perspective, it can be a nightmare. The competitor may accuse you of trademark infringement, resulting in you paying damages while also rebranding your company. So rather than naming your Italian restaurant “The Olive Gardens,” name it something like “Tuscan Fields,” which evokes the same connotation.
4. Ensuring Its Web-Friendly
Your business is likely going to have a website and perhaps several social media accounts. If your brand name is already taken, it’s going to make it a whole lot more challenging to set yourself apart. While you could switch up the spelling, this could once again cause confusion in the marketplace.
The first step is to see if your business name is available as a domain name. Your website software of choice, whether it’s Squarespace, Wix, or any other platform, should have a domain checker built-in. These tools often recommend other domains, if the one you want is currently taken. The same goes with your social accounts; verify what is available across platforms, aiming to select the same name across your domain and social sites.
5. Avoiding Pigeonholing Yourself
Just because you’re selling only one product today doesn’t mean that you won’t expand your portfolio in the future. If you’re going to market with a protein powder, for instance, that doesn’t mean that you may want to sell other nutritional supplements as well. So naming your company something like “Protein Empowered” could limit you if you ever want to sell electrolytes or multi-vitamins. A great example of this is Dunkin’ which dropped the “Donuts” part of their name in 2018, leading to a major rebrand for the company.
The same goes for naming your brand off on a specific location. Just because you’re a coffee shop located in San Diego now doesn’t necessarily mean you won’t want to expand or franchise to other parts of the country later. Getting too specific or granular can hold you back, so make sure the name reflects your business’ future growth too.
Conclusion
Once you’ve taken these considerations to heart and brainstormed a few ideas, get feedback on them. Share your names with close family members and friends. If you have an investor, ask them for their thoughts as well. Even go so far as making friends with a web designer or brand developer and getting their opinions. Just like picking a name for a child, you want to test it out before you sign the final paperwork. Because while you can always change the name of your business, it can be a huge undertaking from a branding and financial point of view.
