How to choose a company name
Your company name stays with you forever. Here are some unique ways that small business owners chose their company names.
Google, Apple, and Exxon. These company names are instantly recognizable and enormously successful, even though they don’t really describe what industry their respective companies are in. Naming your company is an important decision and one that will stay with your business forever. Here are some different ways to choose a company name.
Choose a name that’s easy to remember
Shorter is better, which may explain why Minnesota Mining and Manufacturing changed its name to 3M. Make sure it’s easy to spell and pronounce. Enlist some friends to read and spell the names you’re considering to see how easy they are to pronounce.
Try out names that describe what you do
List all the words you can think of that describe your product or service, and see if any of them provide inspiration. Make sure you’re thinking about the benefit to your customer as well as the product or service. For a business that makes gift baskets, for example, you could think about words like ‘gift’ and ‘present,’ but also ‘surprise,’ ‘delight,’ and ‘custom.’
Beware of names that may limit you
It’s tempting to name your business after your home town or your home state, but it may limit your expansion possibilities. Empire State IT Consulting works for your New York-based technology consulting firm but may limit you if you want to expand into Chicago.
Use your own name
Some people think that using their own name will make their business sound small, but it’s worked out pretty well for companies like Ford and Hewlett Packard. Just make sure your name is easy to pronounce and spell, and isn’t in obvious conflict with the type of business.
Make it up
You can always invent a name for your company. Kodak and Ikea are made-up words that are short, memorable and easy to say. Google is technically a made-up word, although it’s based on ‘googol’ which is 10 to the 100th power.
Make sure it’s yours alone
Do a Google search on the names you’re considering to make sure that no one else is using it. Once you’ve narrowed it down to one or two choices, do a trademark search to ensure you can trademark the name so no one else can use it.
Once you’ve settled on the perfect name for your company, Hiscox can help you protect it from claims and lawsuits, including copyright infringement and more. Learn more.