Passion, energy, and courage are what it takes to start a new business. So if you have an excellent idea for a business, have developed a business plan, a logo created with Turbologo, and even have a base of potential clients, you are almost ready to start. Almost, because apart from all this, you are missing one essential thing – a catchy name for the company, product, or service you will develop.

What should the ideal company name be?

A good company name should reflect your brand and be unique; it should also relate to your company's mission and ideally be associated with your products or services. A company name is a kind of reflection of the founders or owners. Therefore, above all, it should be:
  • distinctive;
  • unique;
  • Creative.
An appropriately chosen company name helps to make an excellent first impression. A prevalent practice is to have a professional agency find a name for the company – such a service is often referred to as «naming». In naming, marketing agencies work on a company name that is new, trendy, relevant to the industry, and, of course, unique. First and foremost, the uniqueness of the word should focus on ensuring that no company existing in a given market (local or global) has a registered trademark for the same or a very similar name. Ideally, no such term is used by any entity at all. However, when you take your first steps in business, you probably have other priorities than having someone come up with a name for your company. For this reason, we've put together 5 ideas and tips to help you create the perfect name for your business. Try to get inspired by our advice and use proven ways.

1. Use an abbreviation or acronym.

Many big companies use acronyms instead of full names – they're easier to remember. Take, for example, the BBC (British Broadcasting Corporation) or CCC (Price Works Wonders). So, if your company is called «Kowalski's Accounting Office,» consider using an acronym – like BKK or KBK.

2. Word Combination

Think of two or three words that are meaningful to you and your business. Is there any way to combine them in chunks, or even in their entirety? Some examples are TripAdvisor («trip» and «advisor»), Evernote (from «forever» and «note») or AirBnB (from «mattress» and «breakfast»). A name like «Salad2Go» shows that you run a food establishment specialising in salads served «to go.»

3. Inspiration from mythology, literature, or culture

Nike is one of the most iconic brands, and Nike in Greek mythology is the goddess of victory. Other well-known companies such as Oracle and Mars also take their cues from mythological names. Shop around and see if a fictitious character is relevant to your company; you can use Greek, Roman, Norse mythology, or even Slavic mythology.

4. Use words in a foreign language

Using a language can make your company seem like a global, modern brand and make it more memorable to potential customers. It doesn't necessarily have to be English. For example – any business related to fashion or cosmetics could refer to French or Italian, while a new tea shop could draw inspiration from the Japanese.

5. Use your name or nickname.

Your business is often a reflection of yourself – so why not include your name or surname? Many well-known companies use the names of their creator:
  • Ben & Jerry's ice cream;
  • Boeing aeroplanes;
  • The fashion brand Tommy Hilfiger.
Perhaps you've had a nickname all your life, or you've been hiding behind an artistic pseudonym – use it as your company name. You may choose a nickname very close to you, such as a «nickname» from your childhood, a username from some forum or website, or you can even invent an artistic nickname for your business.

I have a great company name – what's next?

Once you've chosen the perfect company name, it's time to take action. In the paragraphs above, we've outlined the most important steps to take once you've chosen your business name. First, ensure it's accessible – you don't want your business name to be the same as your competitors. Next – if your name is unique – secure a matching domain name (preferably .co.uk and .com), set up social media profiles, and consider the pros and cons of filing and registering your name as a trademark.

Once your business has a name, you can start promoting it with basic marketing materials. With help come branding elements such as:
  • logotype;
  • monogram;
  • colour scheme;
  • selection of basic fonts;
  • Consistent graphic materials, both digital and printed.
It is a good idea to keep your logo, fonts, and colour scheme consistent with creating a message consistent with your brand from start to finish. The last step you should take is to create a visually appealing website, which will also be compatible with your company's visual identity and be registered on a website domain of your choice.

Conclusion

Naming is probably one of the most challenging tasks in brand building today. Introducing a new name in such crowded market borders on the miraculous, and only clever solutions succeed.

There are three main limitations to the whole creative process. First, if you are wondering what to name your company, you need to know that in naming, less is more. The shorter the company names, the better. Second, each of us understands different words differently. They have different meanings, values, and reactions to them. And finally, thirdly, the legal regulation of some words is complicated.