Coming up with a solid business name is a tall order for many entrepreneurs. Not only do you need to describe your business idea well and succinctly, but you need to paint a picture for your clients that demonstrates you are the go-to guy for product or service XYZ. Choose a name for a business that doesn't fulfill the following six criteria, and you'll have confused customers and a potential reduction in sales.
To come up with the best possible business name idea possible, work through the following steps:
Find a Business Name by Showing Who You Are
Business name ideas in this category consist of given names and nicknames, which are commonly used by professionals such as mechanics, architects, chefs or doctors. If building your brand depends on building yourself up as an expert, then using your name or a variation of your name is an excellent idea. Mrs. Fields' Original Cookies and McKinnon Photography are great examples of this kind of business name idea.
Come up with a Business Name Idea by Telling What You Do
How many businesses have you come across and wondered, based on their name, what it is they do? Unfortunately there are way too many along these lines, so take heed. Entrepreneurial businesses like NetWriter and Hot Chocolates are definitely on the right track here, because you instantly know what it is these businesses offer merely by their name.
Discover Business Names by Describing How You Serve a Client's Needs
Are you offering the least expensive services in town, or are there special needs that your business plans on meeting? If so, try and incorporate those benefits into your business name so that whenever a customer mentions you, they'll be publicizing your products and/or services at the same time. Bean Around the World Coffees (a coffee shop specializing in worldwide brews) and BeNu Laundry Services demonstrate this business naming concept well.
Find a Business Name That Differentiates You from the Competition
In order to use this business name idea, you'll need to conduct a quick competitive analysis or a more comprehensive market analysis. Why? Because if another business in your area - even if it isn't a direct competitor - with the same or similar name will confuse your customers and suppliers. Make sure to do the necessary research so you aren't left holding the bag after you've chosen and set a name for your business.
Invite Customers with an Interesting Business Name
Not every entrepreneur will be able to come up with a business name idea that is highly unique, but one that is interesting and incites questions (or at least a reaction) will keep your work in the minds of the people who pay your bills: your customers. 24 Hour Fitness is a great name that embodies this name a business tip.
Keep Your Target Market in Mind when Coming up with Business Names
A business name that is appealing to teens will not necessarily work for the boomer generation, or vice versa. Devoted coffee drinkers may not realize that Steeps is a tea house (but avid tea lovers will know instantly). Make sure to test a couple of the names for business you come up with with your target market, to ensure you are attracting them and not puzzling them (or worse, turning them off from frequenting your business).
