Starting a tech company is exciting, but there are a large number of factors you’ll need to consider if you’d like your startup to succeed. Much of your energy brainstorming will soon be spent considering things like how to keep costs down, how to expand effectively, and how to build the right team—but you’ll also need to consider the nature of your brand, including your business’s name.
What’s in a Name?
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A business name may not look like that big of a deal, nonetheless it can affect the continuing future of your business in a number of ways:
- Identification. This is the name people will dsicover when encountering your company for the first time. Is it clear how your business operates? Is it clear what industry you’re in?
- First impressions. What kind of feeling do individuals have when they see this name for initially? If you aren’t careful, you could give people the incorrect idea—and turn them faraway from your business indefinitely.
- Memorability. If your business name is long, complicated, or too unusual, people won’t remember it—and they won’t share your name with other people. Good names are “sticky” and easy to remember.
- Marketing opportunities. Your name will play a major role in your business’s marketing as well; it often dictates your choice of web domain, your search engine optimization (SEO), and the majority of your other marketing and advertising campaigns.
Accordingly, your decision in business name can have a huge impact on your odds of success.
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Many new entrepreneurs simply don’t know where to begin. They might have thought up a few business name a few ideas on their own, predicated on instinct or loose inspiration from other businesses before, but they aren’t sure how to generate more a few ideas or how to narrow down the candidates for selection.
There certainly are a few essential ways to get started, if this is the case. First, start doing research on other businesses like yours. If there are any businesses currently in this space, what names do they offer? What features do these names have in common? What features seem to be missing? Write these down so you can reference them in the foreseeable future.
You’ll also want to generate a list of business names you want, regardless of what industry they’re in. What can it be that you like about these names? What type of feelings do they evoke in you? Are there any ways you could change them for the better, or ways they are able to better fit your industry?
Next, make use of a tool like TRUiC’s business name generator. There, you’ll are able to enter a handful of words, choose a business, and generate a plethora of available business names. Any of those could sooner or later serve since the name of one’s business, but also for now, you ought to think of them as brainstorming opportunities.
Key Factors of Successful Business Names
There’s no surefire formula to define business names that are likely to achieve success or unsuccessful. However, strong business names have a couple of things in common:
- Unique. Arguably the most important quality, your startup’s name should really be unique. If it sounds too similar to yet another business, no matter whether it’s a primary competitor or perhaps a business in another industry, it’s going to create confusion. This is why many startups have attempted to invent new words entirely, or modify existing words to make sure they are seem more original.
- Short. In general, shorter names are superior. They’re simpler, they’re easier to spell, they just take less time to write, and they occupy less space in adverts. They’re also harder to misremember or get wrong. That said, it’s also harder to come up with a concept for a quick name, plus they can be higher priced.
- Simple to spell. Lots of modern startups try to capitalize on a unique spelling or intentional misspelling of a word to make themselves seem more hip (or to get a brand that would otherwise be very common). There are some advantages to this, but you’ll also want to make sure your business name is straightforward to spell. If people hear it for initially, without seeing the word printed, they should be able to look for (and find) your business easily.
- Available as a domain. Speaking of searchability, a great business name should also be accessible as a domain. Domain names that match business names tend to become more powerful, effective at attracting extra traffic and reducing confusion among customers.
- Easy to write and say. Short, intuitive spellings will naturally be easy to write. But your company name also needs to be easy to say. If some body sees your company name in publications for initially and struggles to pronounce it properly, you have a problem; you’ll likewise have a problem if the word is clunky or difficult to get out.
- Relevant to your industry. Ideally, your company name should at least partially convey what your business does. A name like “Lyft” is a unique spin on “lift,” a term which can be applied to giving some body a ride in a vehicle. This isn’t a strict rule, nonetheless it can help you establish your industry with new customers in the beginning.
- Workable right into a logo. Most business names find yourself directly built-into a logo, and other branding collateral. This is a step that usually comes later, but you’ll want to keep it in mind when developing a business name. Does this name seem like it “plays well” in these contexts?
- Capable of evoking feeling. A good business name should straight away convey some type of feeling or attitude. For example, are you able to tell from the outset whether this startup is more serious or even more playful?
- Free from negative associations. You’ll also want to do some research to make sure this name isn’t associated with any such thing negative. For example, you won’t want to select a company name that could be translated as a taboo word in yet another language, or one even marginally of a historical tragedy.
After utilizing research and brainstorming tools, and evaluating your work for the aforementioned qualities, you should have at the least a short listing of potential business names available. How are you able to narrow the list down?
You can work with this yourself, but it’s usually more beneficial to seek feedback from external sources. For example, one option is to talk to a mentor, advisor, investor, or even yet another business owner you respect. Do these experts think your name is sufficiently distinguished? What was their first impression once they initially heard it? Can they think about any way this name might be misheard, misinterpreted, or connected with something negative? In many cases, you’ll find yet another person’s perspective illuminating.
If you’ve got a few names that have the approval of one’s peers and mentors, the next phase is gathering feedback from those who may 1 day be your visitors. Ideally, you’ll work with a pool of several dozen to a few hundred people within your target demographics, asking them how they experience your name in context. Ask them what they like and/or don’t like about each name, and obtain them to be as specific as you can.
If people don’t seem to take well to your name, you might have to return to the drawing board.
Finalizing Your Name Choice
Eventually, you’ll locate a name that works well in most category; it’s simple functional, unique, and fits your brand perfectly. At this time, you’ll prepare yourself to assign it to your business. Trademarking the name shouldn’t be difficult if it’s unique, and when that’s done, it is possible to formally register your business in your chosen state of operations. From there, you’ll have the ability to test out the name by testing out different types of logos, different marketing angles, and much more.