When you decide to open a business, there are many factors to consider. There are financial matters, real estate purchases or rentals and employee hiring, among many other things. With so much on the to-do list, it is not uncommon for entrepreneurs to overlook another important component. That, of course, is the business name.
If you are at the stage of business planning where you are thinking about different names, you may have already realized that it can be an overwhelming matter. For this reason, it can be helpful to try a business name generator during one of your brainstorming sessions. While you are thinking, consider some of these five questions to ask yourself.
1. What Should the Name Accomplish?
The first thing to ask yourself about a potential business name is what you want it to accomplish. For example, what message do you want it to send? Some business names are catchy and stay in people’s minds and others serve a more subtle purpose. Some sound very professional and others make people laugh. What do you want yours to do?
2. What Limits Does the Name Have?
Another factor to consider when naming a business is what limits it might have. Sometimes, the spelling may be too complex to expect people to remember or understand. Other times, the pronunciation may be confusing or often, the meaning may be off-target. For this reason, it can be helpful to get multiple perspectives on any potential names you are thinking about.
3. Does the Name Make Sense?
Speaking again to the desire to limit customers’ confusion, a good grounding question to ask yourself is quite simply, “Does it make sense?” If your first response is, “yes,” then ask yourself why. This is definitely an exercise that works best when you gain insights from multiple people and compare perspectives. It can also help you identify any possible limits like those above.
4. For Whom Is the Name Meaningful?
When coming up with business name ideas, another thing to ask yourself is why a particular name is meaningful for your company. More specifically, for whom in your company is the name meaningful? If the answer is only to yourself, then it may be worth reconsidering options. In general, it is best to find a name that is not only meaningful to you but also to the people you will be working with and serving.
5. How Will Potential Customers First Respond?
When you choose a name for your business, it is also good to think about how potential customers might first respond. If you show your friends your business name idea and they turn their heads to the side in confusion, you might want to have a couple more brainstorming sessions with potential customers before moving ahead. Focus groups can be a great learning tool for gaining such insights.
Who knew naming a business could take so much work? While you should not spend too much time picking the right name, it is definitely something worth putting some thought into.