In my first post I covered “ 7 Rules For A Business Name ” and while they are great rules, they aren’t really practical. They were restrictions on what not to do, not advice on what to do. Today I have 7 tips for creating a business name.
Tip 1: Trade or product
The easy word to add to your business name is the trade you do or type of product that you sell. Having the word “plumber” in your business name strongly suggests that you are a plumber or sell plumbing equipment.
In fact, if I was looking for a plumber I would probably choose “Joe’s Plumbing” over “Joe’s Handyman” because I want an expert plumber, not a jack-of-all-trades.
Tip 2: Location
Adding the location in your business name is the next simple step. So “Baulkham Hills Plumbing” is obviously a local plumber for me, and “Wagga Wagga Plumbing” isn’t.
Tip 3: Consider the medium term
Having just given you the easy option, now I warn against them. While a trade and location based name are both great for telling people what you do, they can become incredibly restrictive.
In Sydney we have “Strathfield Car Radio”. The only problem is that they aren’t in Strathfield and they expanded into so many other products. In fact, who now buys a “car radio”?
So while the name would have given them early traction, they would have had to work hard when they started to expand.
So don’t name your company on what you do now, but consider what you really want to do in the future.
And I said “medium term” because the reality is that in the long term you will be bought out or take over other companies, launch new ones, or rebrand.
Tip 4: Expect the unexpected
In line with considering the medium term, have a name that gives room for a bit of unexpected growth.
Or have a name that can easily be adapted to new markets. One of distributors (“Instrument Choice”) has a name where they can easily expand into other ranges under the “Choice” umbrella. It’s simple branding and it works. They don’t have to guess now where they will head in the future.
Tip 5: Use Google
While Google will be crushing ideas for names (see the rules post), it can also be used to help find other names.
At the bottom of the search are related searches. Forget about “related searches”, these are “other possible company names”.
Tip 6: Use a pub
Don’t come up with a company name in the office. IF you want to brain storm company names then go out to somewhere that is relaxed and nonstressful.
If you are a pub person then go to the pub. The main reason for this is because you are probably used to saying some of the dummest things infront of mates and having a great laugh. I suspect coming up with a great name needs mates and laughter.
Tip 7: Use Fiverr
For $5 you can get business name suggestions. I need to stress that for $5 you probably won’t get the perfect company name first go. But spread a number of gigs around (a gig being a $5 job, not a billion dollars) and you may get some interesting ideas.
It’s cheaper than a branding agency.