This could be the very first decision you will have to make about your business and it’s a very important one. Believe it or not the success of your new business could actually depend on how good your business name. So let’s not rush this one.
The process of deciding on a business name involves primarily a lots of brainstorming potential names. Then checking if it’s available as a domain name, ideally with the .co.uk and .com extensions. Also conduct a trademark search to ensure that there are no similar trademarks already registered. Even if you love a business name but they aren’t available domains, then forget about it!
What I do when coming up with a business name is have a domain name sales website open and keep typing in the ideas as you go, this is the quickest and most effective way to come up with the business name. You could also try a business name generator like this one from Shopify
These are the key points you need to consider:
- Make it easy to remember and pronounce.
- Choose a name that represents your brand and what you do.
- Avoid using names that are too similar to your competitors.
- Get feedback from others before finalising your decision.
I’d say number 1 is the most important as some companies come up with really interesting and unusual names that may mean something to them but not to their target audience, so be careful with this one!
Some common mistakes to avoid when choosing a business name include:
- Choosing a name that is too complicated or difficult to spell
- Selecting a name that is too similar to an existing business or trademarked name
- Picking a name that is too narrow in scope and may limit future growth potential
- Using a name that is too generic and lacks uniqueness
- Failing to research and consider potential cultural or linguistic implications of the name
- Selecting a name that may not age well or become outdated quickly.
So once you have decided on the name and have bought the relevant domain names, you need to celebrate! as this is the first step towards running your new business and saying goodbye to the nine to five.
If you need some more help, this is a great book to help you to create the perfect business name for your company: