Here are 10 things to consider when determining a good business name or product name:
1. Think about what you want your company name to convey. Service oriented businesses should consider whether it will be easy for their prospective customers to recognize what services the business provides, based on the name of the company (example: Friendly Dog Walkers or Bright Accounting). Businesses located in rural areas and serving rural communities may want to project a smaller, hometown feel with their name. However, businesses planning to focus on bigger markets or bigger customers might want to project a larger, more corporate image with their name.
2. Brainstorm name possibilities. Think about words that describe your industry or the products/services you offer. Think about words that describe your competitors and words that describe the differences between your products and services and those of your competitors. Also, consider words that describe the benefits of using your products or services. Finally, think about words and phrases that evoke the feelings you want your customers to feel when they see your company name.
3. Keep the name short, simple, and easy to write and remember. Obscure business names are often difficult to write and even more difficult to remember. This is a problem because for most startups and small businesses, word-of-mouth advertising is the most successful form of marketing. If your customers can’t remember your name or can’t spell it for others, it will make it difficult for them to help promote your business. While it might be tempting, avoid using a K in place of a Q or a Ph in place of an F when coming up with your company name. Such letter substitutions make spelling the name very difficult. Also, don’t forget to consider the acronym of your company name (an acronym is composed of the first letter of each word in a phrase). You might not use an acronym, but your customers might refer to your business by an acronym. A name such as Apple Support Services can result in an unfavorable acronym - ASS.
4. Avoid names that are too narrow or too literal. Think about how your company may evolve over time and make sure that the company name can evolve with the business. For example, if you name your company iPhone Accessories and later expand to sell accessories for other products, your original name will be too narrow and restrictive.