Why New Entrepreneurs Need the Right Name and How to Find the Best One

In this guest article, Grant Polachek, the Head of Branding for Squadhelp.com, outlines the importance of the right business name for new entrepreneurs and how to find the best one.

Names have power, and—in business—they can play an active role in the success of your venture. How? Simply put, a good chunk of our thoughts and verbal communications all depend on names, and the quality of your brand name carries a significant impact that influences how people connect to your business.

Every serious business person understands this, and that’s why there’s been a gold rush for great business names, not to mention that governments put trademark laws in place to help brands secure their names.

So, before we jump into how you can find the best name for your business, let’s take a quick look at why your business needs the right brand name.

The Quest to be Different

The market is filled with countless businesses in every sector of the economy, and all these businesses are producing similar products aimed at meeting the same customers’ needs.

Customers, therefore, have multiple brands to choose from. And this means that many customers won’t always make their decisions based on the products—since they’re basically the same—instead, they are drawn to purchase from businesses with unique and captivating brand names.

Now, it doesn’t matter whether the name was created through effective brainstorming or with the help of a naming agency; the right name will make your business a beacon that never fails to attract customer attention.

Branding: The Secret to Powering up Your Brand’s Name

But coming up with a great name isn’t everything. What’s the point of crafting a catchy name if no one knows about it. And when it comes to letting people know about your business, the best way to go about it is to build a great brand identity for your business.

The most successful businesses put a lot of effort into branding. They invest in advertising campaigns, packaging, store outlets, customer service, and brand messages that promote their products and influence how their audience perceives them.

The goal is to give their brand a richer and larger-than-life feel. But that would be difficult to achieve without a unique and captivating brand name.

That said, here’s how to find the right name for your business.

Four Brilliant Steps to Finding the Right Name for Your Business

1. Have a Clear Vision for Your Business

The journey to creating the perfect name starts with having a clear idea of what you want your brand to be like and achieve in the future. This understanding will help you get an idea of the type of brand name that can help your business achieve those goals.

The best names embody the ideals of your business and are usually flexible enough not to restrict your business’s future growth. One reliable way to get a clear vision for your business is to research and understand your market, your competitors and the services they offer, as well as your target customers and their pain points.

2. Establish an Appealing Brand Tone That Fits Your Business

They’re diverse market demographics, and no company can appeal to all of these demographics because what appeals to one target group is what the other groups dislike.

So, ensure you have a clear definition of which audience you want your brand to attract. Brands that do this have an easier chance of creating a real impact on their audience.

Here’s a quick example of some great brand tones:

  • Fun and Playful Tone: Dollar Shave Club and Big Ass Fans.
  • Pragmatic and Practical Tone: Nike
  • Prestigious Tone: Apple

The tone of your business sets the mood for how your brand communicates with its customers.

3. Understand the Brand Elements of Your Business

Your brand name is a concise embodiment of your brand’s elements. And your branding elements are the tools for communicating the essence of your business’s unique identity and personality.

Your brand elements should cover your:

  • Big ideas: What core ideas form the foundation of your business plan?
  • Values: What audience, personal, or business values does your business support?
  • Stories: Does your business have an interesting story that customers can connect with?
  • Benefits: What do your customers stand to gain from your brand?
  • Feelings: What emotions should your customers experience?
  • Value proposition: Tell us about your brand in one sentence.

Brainstorm: Start Searching for Exciting Name Ideas

Brainstorming is the engine room where great business name ideas are crafted or discovered. Brainstorming can take anywhere between days, weeks, or months and involves scrutinizing hundreds, or even thousands, of words to find the best ones that align with the needs of your business.

Brainstorming demands a lot of creative energy, so don’t hesitate to use naming tools like dictionaries, rhyme books, and brand name generators to help get your brainstorming session across the finish line quickly.

Remember that your goal while brainstorming should be to identify several outstanding name ideas that will match the vision, tone, and brand elements you’ve established for your company.

Complete Your Trademark

Your brand name is never truly yours until you’ve got it trademarked. And it’s best you get your name trademarked so your business can avoid any possible legal issues or trademark scandals.