Naming the company is just as important as its business model. If the name is wrong or un-relatable, then your entire idea will collapse.
Formation of a company is like making soup and selecting the correct name is like adding the right amount of salt to that soup. If you add less, then it is just water, and if you add too much then it is inedible.
So what is the trick to getting the recipe right? Follow these ten rules:
Rule 1: Get Back to Basics
Understand your business model and who you wish to appeal to. Sometimes the best of the names are so unrelated to what they do customers get confused. We can’t all be starting an investment business and be lucky enough to have the last name Fortune. Although perhaps discovering your last name origin can provide you with some inspiration.
So before you start brainstorming you should make sure your team has the company vision and mission in mind.
Rule 2: Put on the Creative Cap
The company name is a great way to step out of the clutter. The name must be creative and unique.
Hold a meditation session for your team before you start thinking about the company name. This will help you bring out the most creativity.
Rule 3: Crowd Less
Do not make the mistake of involving too many people too early. Your team should be small and crisp.
During the initial phases of brainstorming, it becomes very important to be in sink with each other. Having too many people can throw the boat off balance.
Rule 4: Always Test
Don’t be shy to run the name by as many people as possible. Feedback is priceless, and feedback from those who care is irreplaceable.
When testing out your name make sure it is easily recallable, easy to pronounce and not disconnected from the purpose of the business.
Rule 5: Be Flexible
Your company name must have a certain level of flexibility. In case you want to venture into new markets or introduce new products the name should not hold you back.
Rule 6: Say It Out Loud
Shout out your name and see if it sounds funny. The name should not be easily confused with another word. The customer must be able to understand it even over a bad phone connection.
Rule 7: Check Legality
The name should not be copyrighted or trademarked already. You must keep a check on the legality of the name right at the beginning of brainstorming.
Rule 8: Don’t Be Silly
Don’t make the silly mistake of naming your company and finding out there already is a virus with the same name. This could be detrimental to your company.
Rule 9: Keep It Short and Sweet
Some of the best names are those that have two syllables. Having a short name also has the advantage of easy storage in the memory.
Rule 10: Focus on the Domain Name
In the age of the internet, it goes without saying that the company name should easily translate into a domain name. Choosing a domain name is almost synonymous to selecting a company name.
Following these rules will definitely unclutter your mind and come up with a company your customers will love.