One of the biggest problems that people face when starting their own business is finding the perfect name for their company. Choose the right name and it can help your company stand out and attract customers, choose the wrong name and it can set you up for failure. You need to find something which is catchy and interesting, which tells the buyer a bit about the product and why they want it. The more the name tells the consumers, the less you have to explain it.
If you are really struggling and don’t even know where to start, then there are tools out there which can help you choose the right name. In the end, chances are you will want to go with a name that you have thought of yourself and that your instinct tells you is right.
Get Creative About the Name for your New Company
So it’s time to get creative. One great way of coming up with a name is to brainstorm all your ideas. Send your kids out to play, grab yourself a coffee, and get thinking. Write down what your product does in layman’s terms, and then write down everything that you can think of which could portray that message in an interesting and quirky fashion. There isn’t really a set time in which to do it, as you could be hit by inspiration at any point. Give yourself a few attempts and don’t get disheartened when you can’t think of anything straight way.
Try not to tie your name down to your area, for example don’t call it ‘Surrey Stationary’ because there may be a time when you need to expand outside your initial remit. Find words that jump out at people and don’t fade into the background. Avoid cliches and don’t make the name so obscure that people will have no idea what service you offer.
Select Options for the Name for your New Company
Once you have a list of all the possible names it’s time to concentrate on the pros and cons of each possibility, slowly making your way down the list until you have two or three really good names. Make sure you have a look at The Companies House and do a Google search for each name to check that they are unique and haven’t already been used.
Test the Name for your New Company
Then it’s time to test the name with your target audience. You can do this by asking people on social media, email, or just asking around to see what name gets the best response.
One thing that a lot of people tend to forget about is remembering how important getting the domain name right is. According to Dan Coleman, Product Manager of The Formations Company, “one of the most important and often overlooked factors involving name choice is making sure that you get the .co.uk or .com domain name for the company name you choose, as this will help hugely with the authority of your company.” Once your company website goes live you don’t want it to fall to the wayside simply due to the domain name not standing out or being clear enough.
Once you are completely settled on the name for your new company register it quickly so that no one can get there before you. You can either register it yourself on The Companies House, or use a service such as The Formations Company, who will do all of the hard work quickly and efficiently.
Enjoy being a business owner!
Author: Amy Shaw, PR executive for The Formations Company. The Formations Company help people to register and form their own limited companies. They simplify the process by stripping away the unnecessary extras and giving new business owners the right kind of support, especially during the first part of their start up journey.