004: How to Choose a Business Name

Choosing a name for your business is key and should not be done hastily, however at the same time you do not want to spend all your time waiting for the right name to come to you in an epiphany. There are 5 principles when developing a name for your business.

1) Be Straightforward

The main purpose of this naming principle is to choose a name that gives clear insight into the function of the company or service. One of the most popular places to get Chicago style deep dish pizza in Houston is “Chicago Italian Beef & Pizza”, that is the name of the business. There is no confusion as to what this company does and when you hear the name you know they make Chicago style pizza.

Most do not realize it, but Apple has used this naming principle in the past. When Apple started in 1977 the company was incorporated as “Apple Computer, Inc.”; during their resurgence stage the company would later shorten the name to simply “Apple”.

2) Invokes Curiosity

The main purpose of this naming principle is to choose a name that is different and stands out from the crowd when compared to common or straightforward names. This method is the most popular as of recent. This includes names that sound one way phonetically but are spelled differently. People may ask: Why is the name spelled differently? Or what does the name mean?Tthe curiosity leads people to want to find more about the company. Think about services like Meerkat or Periscope. Hearing that name makes you curious to find out what they do.

3) Purposeful

The main purpose of this naming principle is to choose a name that may be unique in nature, but it still has a purpose behind why the name was chosen. Of course, every business has a purpose on why a name was chosen but when the purpose relates directly to how the business operates this is an ingredient for a great name.

An example of this principle is the company, Nike. Not everyone may know what it means, but the main purpose of why the name was chosen is due to the fact that in Greek mythology Nike was a goddess who personified victory. For a company whose main goal was to create sports apparel and equipment the name implies that the company wants to equip you to become victorious in sports.

4) Story behind it

The main purpose of this naming principle is to choose a name that has a story or have the name tell a story in and of itself. I tend to see this method used more so with non-profit companies that are out there. I have also observed that businesses that are directly tied to a cause can benefit from this type of name. We have all heard of Whole Foods, and they are one of those businesses that stand for the cause of healthier living, going green, and organic food. The whole approach to their brand is the epitome of this naming principle.

5) Combining names

A naming convention that has been popular for years is taking 2 words and combining them together to create a name. This name can invoke curiosity and give someone a bit of insight into what the company does. An example of this is a company called Podclear.

They took Podcast + Crystal Clear = Podclear. The service mentions they record Crystal Clear Podcast Interviews for phone calls and skype conversations with pristine audio quality, ready to broadcast in seconds. The name also gives them a chance to explain what they do.

Don’t spend too long trying to choose a name. What’s important is that you take the time to choose a name that resonates with others and fits best for your business. Once you are able to validate your business idea, the next step will be to formalize your business legally and a business name will be required.

Wait there’s a guide!

I understand the importance of choosing a name is important and is a process. That’s why I am in the process of creating a step by step guide to help you choose your business name. Join the mailing list to ensure you receive this bonus content.