Tips for naming your startup By Athulya - January 5, 2019 Last Updated at: Nov 04, 2019 1401 Tips on choosing a name for your startup One of the many challenges that a start-up faces is choosing the name. Of course, the easiest way is to name after oneself, but that is often stereotypical. A good product or service does not necessarily need to have a fancy name, but the scary truth is that ninety percent of consumers go by the brand name. Here are some tips to get an idea of how to name your company and make a real difference. Tips for naming a company Naming a new company can be very time consuming and frustrating. Today instead of spending countless hours looking for a name for a new company, people can post a crowd spring project and let the community of 200,000+ creative folks to help them find a suitable name for a start-up. Using manpower to solve this kind of problem is a great idea because inputs from a wide variety of people are incorporated. Message through the name A company’s name plays an important role in a company’s identity. The name will appear on business cards, letterheads, websites and promotional materials, hence, it must help to identify and distinguish a company’s products and services. Service-oriented businesses should make sure their name makes it easy for the consumers to recognize and to relate to the company’s products. Brainstorming Once it is decided what the company name has to convey, then the brainstorming time should be set, get the team in a room and brainstorm using words that describe the industry, the products or the services they offer. Think about the words that describe the competitors and words that describe the difference between a company and its competition. Register Your Business Now Look at Foreign Words too Most entrepreneurs know the anecdote about the fellas who came with the name Haagen-Dazs which became a popular ice cream brand, actually it was a made up name which descended from a Scandinavian heritage of rich chocolates and a rich cream. So, we can think on these terms too. Names to be short and simple The company’s that are admired today have short, simple and easy to remember names, examples include Apple, Channel, Samsung, Virgin etc. Besides, most of the small businesses rely on word of mouth advertising which happens to be the most successful form of marketing. If customers can’t remember the name or spell it, it makes it much more difficult for them to promote the business, so keep the name short and sweet. Usage of acronym Companies also should consider the acronym for their company name. We might not use an acronym but customers might refer to a business by one. So, we should make sure the company’s acronym is not offensive Avoid names that are narrow We should think of naming a company, taking into consideration the period of time and make sure that the company name evolves with the business. For example, if the company is named iPhone accessories but later expanded to sell accessories to other products as well, then the original name will become too narrow and restrictive. Therefore, naming the business should be descriptive for a wide range of products. Names are to be tested Instead of broad groups, pick a small group of people who understand the business for naming a company. Though it might be tempting to involve friends, family, and employees for choosing the name, it might not work out well for the crowd. On the contrary, it might actually upset them, if we don’t pick the name they suggested. Once a few names are selected, it can be shared on the company’s website and feedback can be obtained. Avoid plain words Plain words make it difficult to differentiate a company from its competitors. For example, there were many logo designing businesses around the world. When the name Crowdspring came up, the owners knew Crowdspring would expand to many different industries. Therefore, they did not want to name the business that would be restricted to just one type. On the whole, it should be descriptive and unique. Don’t forget the domain It’s important to make sure that the competitors are not using the same name. It’s not uncommon to find similar or identical names but this results in confusion for the customers and vendors. It can also lead to a lawsuit if it violates the trademark rights. Conclusion Therefore, choosing a company name is very important. Once the name of the company has been selected, make sure it is available in the MCA. As the saying goes, “First impression is the best impression”. Hence, extra care must be taken while choosing a name for a company.