What’s in a Name? 5 Tips for Naming Your Business

0 Comment

Although a rose called by any other name would be just as sweet, the same sentiment isn’t as applicable for your business.

However, the irony of Shakespeare’s often-quoted line from Romeo and Juliet has implications in the business world. As trivial as a name may seem, it says a lot about your company and is part of the brand image. Plus, this name will be on your business credit report, business plan and other important documents related to the company.

Organization—sign up free

Nav offers an easy way to keep your whole credit life organized. View your personal and business credit together in one account. Sign up for free.


With these considerations in mind, here are five tips for naming your business:

  1. Be descriptive. When brainstorming ideas, think about your business’s key products and services. If you have an office supply company, does Future Mix tell customers what you sell? You want a name that is descriptive and allows potential new business to know what to expect. Imagine an individual who loves crafts walks past your store. If the sign says Creative Craft Supplies, the person will be more inclined to come inside.
  2.  

  3. Think simple and concise. Your business’s name should be easy to remember and spell. The crafting customer will have a harder time telling friends about your business if it’s called Crazi Krafts Crafting Supply Superstore and Emporium. Word-of-mouth advertising can be your best friend, so don’t create barriers to this marketing opportunity with a convoluted name.
  4.  

  5. Avoid puns. Clever puns are funny, but how long will the allure last? After time, the joke may get old. This is particularly true of topical puns. Unless you’ve got a gem that appears timeless, it’s best to come up with other ideas.
  6.  

  7. Consider trademarks and branding. A business name is not just something to slap on the side of a building. It is attached to your business credit score and appears on business cards and social media profiles. How will your company name appear on the Web and fliers? Does it roll off the tongue, and is the name catchy? After asking these branding questions, you need to conduct some research. If you plan to trademark the name, determine if it is available. A quick search at Trademarkia will help you make sure you’re not stepping on anyone else’s trademark toes. Also, see if matching domain names are available.
  8.  

  9. Ask for a few opinions from stakeholders. Coming up with a business name is typically not a situation where you want too much input from the peanut gallery. You’ll have too many people pulling you in different directions and may end with something bland when playing it safe between various options. Consult with only a few stakeholders in the company who have its best interest in mind.
  10. Financial Health—signup free

    Pro Tip: Take charge of your financial health today with a FREE Nav account. We'll protect and monitor your personal and business credit, so when it comes time to find financing you're prepared on all fronts.

 

Rate This Article

This article currently has 1 rating with an average of 5 stars.

About the Author — Jared Proctor is Brand Director at Nav. He has over fifteen years of financial services experience and is passionate about small business issues. Jared is married to a small business owner and he's a father of twin toddlers, so discovering time hacks is a matter of survival.

Have at it! We'd love to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and protect yourself. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers.

Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.