The Name Game

One of the most difficult steps in starting a new business is picking its name. Although a name can be very important, I also know, from firsthand experience, how long you can spend searching for the perfect name instead of starting your business. In retrospect, I should have spent less time hunting for the perfect name and correlating free domain name. I tried multiple ways to create my name, everything from creating a list of 50 words describing my business, making up words, to just smashing two words together. Finally, I asked my advisory board, a group of friends and family whose opinion I trust, for help. My friend found a free domain name -bizadvicecenter.com. I liked the name because it fits with my long-term goal of creating a chat forum for small business owners to exchange ideas and advice. I also liked that it was easy to remember, and not hard to spell. To make it even easier to locate, I grabbed both bizadvicecenter.com and bizadvisecenter.com. Yet, despite all the time and effort that went into finding a name with a corresponding website, I have yet to create the actual site. Which begs the question, should I have limited my name to those with open domain addresses? I don’t know. I guess I will find out in the long term.

All this work in creating my business name came in very useful when an old friend asked for my advice on choosing a name for his financial advisory business. He had several options and wanted my input. As I went down the list of options, I realized that before giving a good answer I needed some background information:

• Who was he trying to attract with his name?
• How large does he want to his business to grow geographically?
• Does he plan to expand his current set of products?
• What sets him apart? Is there a way to highlight the benefit in his name?

The first step is not picking out your business name, it is thinking through your business model. While trying to tackle the name question for myself, I spoke to several successful entrepreneurs. One entrepreneur, a consultant, said that she had spent almost six months working on her business name, logo and website. Later, she realized that her clients where spelling her name wrong anyway! Her clients worked with her because she is good at what she does, not because of a catchy name. By marketing directly to her potential clients through networking and word of mouth, she became the de facto image and name of the business. In that case, the business name was practically irrelevant.

However, if you have a retail space or want a business with many employees, then the business name becomes the identity of the business. A name is also important for an on-line presence or store. Ideally, try to pick something that is descriptive, easy to spell and easy to remember. To see if the website you want is free, check out www.godaddy.com, www.register.com or www.myDomain.com.

What makes a good name is somewhat subjective. I like names that sound like words but are not, “Verizon” is a great example. It captures the sense of future or “horizon” as well as high tech. The word is also unique, easy to pronounce, and feels like it should be real. Made up words can create a life of their own. “Google” is now a verb in our every day lexicon, “to google.” I also like names that are descriptive such as Kentucky Fried Chicken. The name sums up what the store sells. A descriptive name is also good for key word searching on the web. However, it can also lock you into certain products or services. KFC is introducing a grilled chicken product line. This expansion might work well for a company with so many marketing dollars, but could be very difficult for a small business. Who would go to Sam’s Fried Chicken shop for a healthy veggie sandwich?

Another name concern is how geographically centered your business will be. My friend was thinking of putting “dolphin” in his business name. That is great for San Diego where he lives, but makes no sense in my location of Cambridge, MA. You could also sell your uniqueness point in your name. For example, the name Jiffy Lube expresses what the company sells and how they do it, in a “jiffy”.

Once you have a name that you like, I always recommend researching if your target market likes it. For example, if you plan to sell jewelry to13-25 year old women, ask as many women in that age bracket what they think of your potential name. While you are at it, see if they like your logo, products, and price point. If they don’t like your name, no problem. One of the great things about being an entrepreneur is that you can always change!

Here are some other useful blogs on choosing a business name:
http://www.business.com/guides/naming-a-business-51

For some good thoughts on ways to use the internet to help brainstorm a business name checkout: http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_4800

Here is a great article on how to choose a domain name. Remember that your domain name and your business name can be different. http://www.seochat.com/c/a/Website-Promotion-Help/Choosing-the-Domain-Name-of-Your-Dreams

Once you have a business name, make sure there is not copyright on it. For more information, check out the US Patent and Trademark Office: http://tess2.uspto.gov/bin/gate.exe?f=tess&state=4010:cjpqsg.1.1. On a related note, you should consider protecting your new business name, logo and tagline. This is especially true if are planning to spend a lot on branding your name and logo. If you are interested in protecting it, talk to a local intellectual property or small business lawyer.