An entrepreneur of my acquaintance, in a rush to get his new company up and running, launched his new online publishing venture with a press release and great industry fanfare. Not three days later, he received the kind of letter business owners dread: a cease-and-desist request from the lawyer for a company that said the name of the new venture infringed on their trademark. Ouch!
My colleague held emergency brainstorming sessions with his cronies, registered a new domain, announced the name change, only to receive a barrage of criticism from British and Australian colleagues that for them, the new name had negative and even somewhat obscene connotations. He changed the company name and corresponding URL again.
The moral of the story: Names matter. In your inventor’s zeal for getting the technical stuff right, don’t leave a blank for the company name and then pick one at the last minute. Take the time to choose a business name that has these characteristics:
- Suggests the content or subject area of your business
- Has pizzazz
- Makes a positive impression on your target market
- Can be easily spelled and pronounced
- If the company will mainly do business online, corresponds to an available domain
- Is legally available for use
Tips for Brainstorming Names
A comprehensive, free guide to brainstorming a winning company name can be found at http://www.yudkin.com/generate.htm. Another series of steps to follow are these:
1. Find 8-10 company names that you like – not necessarily in your own industry.
2. Analyze the type or formation of these names. For instance:
- Google, Yahoo – short, sounds humorous
- Dr. Pepper, Green Giant – based on a fictitious character
- Done Yesterday, Call Caren! – describes a result or says what to do
- Speedy Muffler, One Stop Frame Shop – states the competitive advantage
- A Quiet Touch, Tranquility Day Spa – emphasizes a feeling
- Queen of Clean, A Hire Authority – catchy, uses a meaningful rhyme or pun
- Riviera Diamonds, Niagara Well Services – evocative geographical reference
3. Use the patterns of the names you like to think up new names that fit your line of work, target audience, competitive strengths and personal preferences. Always brainstorm dozens of possibilities, not just a few.
4. Run your candidates through the criteria listed above. Get feedback from trusted friends, clients and colleagues. Select your top choice from those remaining.
To find available domain names go to the domain name search tool at NameStation.com