Want to Create a Million Dollar Brand? – Learn How to Choose a Business Name

What is in a (business) name?

Begging your pardon, Mr. Shakespeare, but a business’s name can be the be-all, end-all and influence buying decisions.

Case in point: I remember watching a show called One Tree Hill where one character launched the fictional women’s fashion line, "Clothes Over Bros."

The name is easy to remember, depicts the industry, underscores the importance of the product, and appeals to the independent-minded woman who dresses for herself and not for men.

In the show, the line enjoyed mega success, but it’s my fervent belief that the name contributed to that success.

In the competitive online world, the name of your site, product line, or service can make or break you should you decide to pursue entrepreneurship.

For instance, Mike Thomas built a website and business, Mike from Maine, that is also simple to recall. It has that alliteration, altering sounds of words with a consonant that is repeated. It just rolls off the tongue.

Mike depicts himself as the "average guy" from a state that is regarded as unpretentious, if that makes sense. If Mr. Average can succeed, Mike wants you to believe that you can also succeed.

He built a brand, and that is precisely what you have to build as well. You can use your name and brand yourself, or you can think of a name that is a descriptor of what you do.

You can even think of a name that has no apparent reference to anything as long as it’s catchy.

You may decide to use a play on words, such as the company "Branditory." Here, this entity is underscoring that it helps visitors learn about brands, and that it can offer folks support in finding the perfect business name. 

The name, Branditory, suggests that it’s almost mandatory to access their brand’s service if you want the perfect name for your entity.

(I'm not sure if the company is still in existence, but if they're no longer in business, it's not because of their name.)

By the way, I encourage you to come up with your own brand name, and not pay for any expensive service. There are Fiverr gigs where you can enlist others' support if you need help in creating the ideal business name, logo, and tagline, too.)

Regardless of how you approach devising your business name, do so with great care. A poorly constructed name will already place you at a competitive disadvantage.

Be careful not to choose a name that limits your business model. For instance, if you launch a site, "AmysAcneArsenal.com," it will be difficult for Amy to broaden her skin care content. It would not make sense if she discussed anti-aging, anti-wrinkle products.

Also, be mindful of not limiting yourself to a geographical location, if that is not your intent. Yes, Mike from Maine used a location reference, but the purpose seems to brand himself than to suggest that prospective customers in Maine are his focal point.

If I started a business selling credit card processing accounts where the potential customer pool is nationwide, it may not be the best idea to call my company, “Southwest Jersey Merchant Services.” (But I concede that such a name has not hurt Southwest Airlines.)

Let's consider the following possible options when creating your brand identity and name. 

Business Name Option 1: Keep in Simple  

A fresh, simple name may propel your brand far. Your customers will more readily remember your brand. 

(Business names that include an animal and/or colors are simple enough to remember: SendOwl, Purple Cow, and Red Bull are examples of this type of concept.)    

When creating a business brand name, ensure that it is easy to pronounce.  One with fewer letters to type is preferable to a longer name.  Examples include Google, Nike, Ikea, Greyhound, and the like.

You may decide, however, to create a descriptive business name.

Option 2: Keep the Name Relevant 

If you pursue this option, make certain that it describes your operations or what the business is about.

Here, you have to think about your customer avatar (i.e., a representation of your average customer's wants and needs), your company's mission and values, and your unique business proposition.

Descriptive business names include Toys "R" Us, General Motors, Hotels.com, and a myriad of others that often include the word, "Best." before the name.   

Similar in scope, you may decide to name your business with geography in mind if it you believe it will help to support your brand concept. Boston Scientific, The Hartford, and American Express exemplify this principle.

Option 3: Use Catchy Alliteration and Rhyming

The idea to use catchy alliteration and/or rhyming has been brilliantly implemented by companies like Coca-Cola, Dunkin' Donuts, LifeLock, Piggly Wiggly, Fry Guys, and Pace Place.

These names roll off the tongue and seep into the brain, making them more difficult to forget.

The more customers remember you, the greater the probability that you will realize profits. Of course, a catchy, cool name is only the first step to achieve successful branding — but an extremely important one.

Your catchy name can catch your (prospective) customer's attention, but follow up with superior product and service.

Option 4: Pull on Emotional Strings   

One way to galvanize instant interest in your brand is to name your business entity with a powerfully touching word or words. By sparking a connection with someone's heart and brain, you'll increase the likelihood that they'll patronize your business.

Business names incorporate words like thrive, honest, brave, inspire, and the like. We associate such words with positive connotations — exactly what you want others to associate with your business.

You don't just have to be an environmental organization, such as GreenPeace, to use this type of naming option. Think about what feelings you want your name to evoke and play off that concept.

For example, the company, Benefit, has done well, as they want to highlight that their cosmetic products foster ... well, benefits!

Option 5: Go Big   

Even a small startup can look much bigger than it is, and it starts with a larger-than-life name.

Worldwide Wine is an example of such a concept. The business name suggests that they sell their wine to folks on the entire planet, the favored alcoholic beverage all around the world. I’m confident such an impression helped this company at its humble earliest beginnings.   

When I first dipped my toe into the entrepreneurial world, I named my company “Universal Solutions.” (It was a tutoring entity.)

Upon retrospect, I may have been more creative in coming up with a business name, but I used the word, universal, to suggest that my company was large in scope and huge in results.

Final Thoughts on Entrepreneurial Gain by Choosing the Right Business Name

This is no hyperbole, but choosing the right business name can make or break you, or at the very least, affect your bottom line.

For instance, if you choose a name that limits your growth, is difficult to spell, has no associated domain available, or too hard to pronounce, you’re already trekking uphill.

Similarly, if your business is composed of uncommon words, too general in scope, or so banal that it can't set your company apart from the competition, you’re already at a decided disadvantage.

Worse, do not make the error of using a name that already exists! Check for availability, trademark rights, and DBA records (or any other source) to ensure that it is legal for you to use your preferred business name.

You may even decide to use legal counsel to ensure that your business name is unique.

Naming your business is all-important and may be a time-consuming process.

But once you formally declare it, your clever business name may open doors for you in the market you seek to thrive.