Entrepreneurial Resources: Choosing a Corporate Name

What’s In A Name? By Tim Quek

Naming a company is a lot like naming your first born child. If you screw it up, your kid is going to be haunted forever and despise you for it. If you name your company inappropriately, then you’re going to be fighting an uphill battle, and your business will suffer for it. So when you ask yourself, “what’s in a name” understand that the simple answer is “everything”. The name “Apple” is a terrible name for a child, but it turns out that it’s one of most powerful names in the technology sector. A lot of new companies spend days trying to figure out a name for the company, but if they concentrated on simplification, then things would be a whole lot easier.

Your company’s name has to generate some automatic traction, and the purpose of your company has to be implicit. I’m a fan of simplicity and having a name that’s too long will make logo design and marketing too difficult. However, being unique to a certain extent is important for your marketing efforts so that you stand out from the rest. Walk around a mall or a store and look at various companies names, and focus on the emotions that they illicit.

A company like, “Home Hardware” tells me exactly what they sell. They literally sell tools and supplies to improve your home. A company named “Pet Smart” probably sells things that I would need for my dog or cat. I know I’m going over some excessively simple examples here, but the point is that not all company names have to be exorbitantly eye-catching.

Some company names go in the exact opposite direction. A company like “Best Buy” doesn’t necessarily tell you what’s inside the store, but it does encourage customers that they are making the best, possible purchase. Even if that’s not true, the name of the store is naturally positive and reaffirming.

Some professional associations stand out because of the initials that the name shortens to, such as the National Rifle Association (NRA) or Triple A (AAA) American Automobile Association.

Consider a variety of names for your company and use some entrepreneurial resources such as trusted mentors, associates from your local b2b social networking club or entrepreneur network, or even friends to weigh in on your choices. Above all, you want people to understand it when you read it aloud, and find meaning within the name. That “meaning” can go as far as emphasizing the focal points of your services, or be reassuring that you are a company that people can trust.

At the end of the day, just because you name your child “Geeves” it doesn’t mean that he has to be a butler. The same goes for your company name. At many times you’ll be able to extend beyond the congenital meaning of the name you give your company. While you’re jotting down ideas, be unique and strive to be different and marketable. Most of all, keep it simple. If you find yourself stuck there are many entrepreneurial resources found on our site to guide you through this process.