A business name is a crucial part of branding and can have an impact on the overall success of a company. This is why it is essential that you find the right name.
If you are finding it difficult to create the perfect business name for your new company or for a rebranding process, we’ve compiled a quick guide on everything you need to know about naming a business.
How To Come Up With a Business Name: Step-by-Step Process
Once you understand the types of names you can use, it’s time to begin the process of finding your perfect business name. There’s no one correct way to do this. In fact, you might find that you need to use a range of strategies before you land on the ultimate name. We’ve put together some helpful techniques that will guide your thinking and help you to get the creative juices flowing.
Understand the Purpose of Your Business Name
The name should immediately reveal what your business stands for and what products or services it offers. Also, it should reflect how you want the public to view your business.
If you’re struggling to come up with name ideas, try asking yourself a few questions:
- What values do I want my business to reflect?
- Who is my target audience?
- What tone do I want to set?
For example, a business name like Anchor Financial Services implies stability and trustworthiness. It appeals to people who value a no-nonsense banking experience.
Evaluate the Name Ideas
You’ll want to evaluate all the name ideas you came up with. You’re looking for a business name that’s easy to say and remember. It should also make sense for your target market.
For example, Golden Spoon Bistro sounds like a cozy and classy food establishment that’s easy to remember. It’s a good name. However, naming a restaurant after its address, such as 471 Evercrescent Drive, might be a bad idea. It’s harder to remember and it doesn’t explain what you offer.
Check Name Availability and Legal Requirements
There are free domain name and social media handle checkers online (like NameCheck). Enter your brand name to check if other businesses or individuals already use it.
By Canadian law, you can’t have a business name that’s the same as (or very similar to) an existing corporate name or trademark. If unsure, you can confirm names through national name databases, such as Nuans® and Canada’s Business Registries.
Using an exact or similar business name can result in costly legal battles, like when Pirate Joe’s was sued by Trader Joe’s all the way back in 2013. Take your time when checking name availability to avoid sharing the same fate.
What Makes a Good Business Name?
A good business name is clear, simple, and memorable. There are several examples of corporations with great names, such as Shopify. It’s short and easy to remember. Additionally, it provides an insight into what the brand is all about, which is helping users set up an online shop.
Keep in mind that your brand name is the foundation of your business. It helps create a good first impression and build trust with customers.
Types of Business Names
There’s an abundance of companies in the modern world, and this means that many business names are already in use. To find your own unique business name, you’ll need to put on your creativity cap and think outside the box. It is worth understanding the different types of business names so that you can utilize one of these approaches if inspiration strikes.
- Clever
A clever business name is one that typically involves a play on words. It engages your audience by using word techniques like a pun or rhymes.
- Emotional
This type of name is all about creating an emotional response in your audience. You want them to feel something when they hear your business name, whether that be joy, sentimentality, or nostalgia.
- Modern
Many modern businesses are seeking to use equally modern names. Think of titles that are edgy or abstract, anything that will help your brand to seem forward-thinking and stand out from the crowd.
- Pragmatic
Pragmatic business names are all about functionality. Consumers immediately understand your brand and what you are offering.
- Timeless
Some names are simply designed to stand the test of time. These timeless names are often classic and sophisticated and are favoured by high-end brands.
Testing Your Business Name
When you think you’ve found the perfect business name, run it through a few quick tests to make sure it will be suitable for a broader audience.
1. Read to Speak
Is the name easy to read? Will people know how to pronounce it correctly just from seeing the word?
2. Hear to Spell
Is the name easy to spell? Will consumers be able to hear the word and correctly spell it to find you through search engines or on social media?
3. Speak to Hear
Is the name easy to understand verbally? If mentioned in a crowded room, would somebody be able to identify it?
Finding the perfect business name can seem like an impossible task, but with these tips and a little perseverance, you are guaranteed to land on the perfect one for your brand.
Grant Polachek is the Director of Marketing at Inc 500 company Squadhelp.com, the world’s #1 naming platform, with nearly 25,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning brand name ideas.
Free Tools To Generate Business Name Ideas
Here are online tools that help people generate business name ideas, like the Shopify AI Business Name Generator and the GoDaddy AI Business Name Generator.
You can also try brainstorming tools like Thesaurus.com or WordHippo, which let you discover rhyming words, synonyms, and antonyms.
Of course, you can also ask ChatGPT, Jasper AI, or other AI platforms to come up with business names for you.
Key Takeaways
- A business name sets the tone for the brand. It should reflect your values and the products or services you offer. You want to make sure it’s simple and memorable.
- You should use a business name checker so that your brand name doesn’t resemble another company’s. Otherwise, you could find yourself in the middle of an expensive legal battle.
- Take time to refine your business name ideas. You can utilize online tools and AI for inspiration.
Frequently Asked Questions
Should My Business Name Include Keywords?
Yes, but only include keywords in your business name if they fit naturally. A generic name like “Best Plumbing Toronto” helps SEO but can sound unnatural and deter customers. A name like “Toronto Pipemasters” works better because it signals location and industry while remaining brandable.
Is It Okay to Use My Own Name as the Business Name?
Yes, you can use your own name as a business name. Many brands, like Tim Hortons and Wendy’s, have succeeded with personal names. However, startups may face growth limits with this choice because personal branding can restrict expansion beyond the founder’s identity.
Can I Change My Business Name Later?
Yes, you can change your business name later. But the process is time-consuming and costly. Rebranding requires updating websites, signage, business registrations, and marketing materials. Businesses usually rebrand after significant changes, such as Dunkin’ Donuts shortening its name to Dunkin’ to reflect a broader menu.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.