What to consider when naming your company (updated for 2022)?

Almost every entrepreneur first finds out what will be their business motive and then tries to find an attractive name for their business accordingly. Naming a company is a hard and most essential part of starting up a company because in some cases the name decides the fate of a company. it is the identity of your business and it reflects your company’s standard and CEO’s thoughts as well. Your company name can also be the reason for many customers attraction.

Every entrepreneur should focus on the company’s name the most. If we look at the most prominent businesses in the world which include Google, Twitter, Facebook, Instagram, Snapchat, and NASA they all came up with a name that is so attractive and unique. Even Elon Musk and the co-founder bought the name of “Tesla” for $75,000 before it was taken which is a unique name, and there is a lesson in it for entrepreneurs that a business’s name really matters.

Naming Your Company

As Elon Musk once said starting a business is like you raise a child. You’ve to take into account every single thing, one mistake can cause your company severe losses. Nowadays there are millions of startup businesses on even one idea around the world which means there are millions of competitors for you.

For instance, If you have an idea of starting a business of e-commerce then of course there are millions of other e-commerce websites including big corporations such as Amazon, Walmart, and Alibaba, and also the new startups like yours.

When it comes to naming your company you’ve to do a little bit of research on the internet whether is there any other company in your company’s name? If so then you’ve to change your existing name because if in the future you want to globalize your business then you might face issues regarding the company’s name.

How To Brainstorm About Your Company’s Name?

When naming your company you’ve to first figure out what is your company’s motive. So what do I mean by that? For instance, if you want to start a fast-food company/restaurant you’ve to look at all the existing companies and their names so that you could have an idea. For a fast-food company/restaurant you’ve to come up with a name that arises hungriness and sounds like a high-standard restaurant.

For example, if we look at  Kentucky Fried Chicken ( KFC) it sounds like a high-standard restaurant and arises hungriness as well. You can also take inspiration from these big corporations such as KFC, KFC kept its name after Kentucky state, so for the sake of example let’s say you want to start a business in Cincinnati it sounds like a great name you can also keep it for your company it is just one example in millions but you can do that as well.

These methods can be applied to all kinds of companies such as electronics, cars, and furniture depending on your company. Or if you are starting your company let’s say in electronics you can name it after a scientist as Elon musk did. It always depends on you, you can name the company after your name or your father’s name as well but it should sound unique like Macdonald’s.

If you want to start an online business social media website/App like YouTube Instagram or unique from them. You will have a lot of competition online so you’ll need to research its name properly because copyright infringement can give you trouble. For online social media Websites/Apps, you’ve to come up with a creative name or you can combine two things that your social media website/app provides such as Snapchat, Facebook, Wechat, and Signal.

Final Thoughts

It’s not necessary to always look to these big companies and take inspiration from them. Your mind is a weapon and is capable of things you aren’t aware of. Just give yourself some free time and sit somewhere in silence and avoid keeping distractive things in the room like phone etc and pay attention. This method will hopefully work for you. Remember being alone is where ideas are born.