Creating a Business Name

Being a business owner comes with a considerable amount of decision-making. Still, perhaps some of the most consequential decisions come early when starting your business.

Not long after you come up with your initial business idea, you’ll start taking the first steps towards creating your company branding with your business plan, a document where you’ll outline key aspects, such as a company overview, goals, and long-term strategy—and where you’ll note the first touchpoint between your business and potential customers: your business name.

Read on to discover a checklist of factors to consider when crafting your business name and creative suggestions for generating a name that aligns with your business.

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Creating a business name: Checklist

Your business name will be central to your branding, and oftentimes, it can be the first piece of information potential customers hear about your business. So, it’s important to ensure that your business name communicates the number one thing you want your customers to know about your company.

Consider the following tips for developing a business name that works in your favour.

1. Check its availability.

Legally, business owners must register their business and their business name in order to begin operations. Additionally, using a name that is already associated with another company or product can be confusing to potential customers.

Before building your branding around a specific name, check that your desired name isn’t already registered to another company and that you’ll be able to establish an online presence with a website domain and social media accounts. 

2. Consider your branding.

Your business name will reflect an aspect of your business identity to your potential customers. Your chosen name should accurately describe your business and communicate your company values, goals, or offerings. What emotions do you want your business name to evoke? What associations would you like to encourage?

3. Keep it simple.

Encourage people to talk about your business by choosing a memorable and easy-to-pronounce name. Consider your target customers and the language they are likely to use to help determine whether your desired name will stick with them as they look to return to your business a second or third time and refer their friends.

4. Think ahead.

Think about your long-term plans and consider whether the business name you’re choosing is flexible enough to cover all of the products and services you plan to offer in the future. If it doesn’t, you may want to choose a separate name for your business and your current product or service.

Watch this video from the Wharton School of Business Entrepreneurship Specialisation to hear more about these key points and examples of successful business names.

Ideas for naming a business

Naming your business is a creative process that can look different for every business owner. More often than not, it will take a bit of time to land on the right name for your business.

If you’re having trouble figuring out where to begin, a brainstorming session can help. You can use the strategies below to get started:

• Think about your story: What inspired you to start this business?

• Incorporate your values: What’s your mission? What’s important to you and your business?

• Check the thesaurus: What words relate to your business or core offerings?

• Use descriptors: What do you want people to feel when they think about your business?

• Draw inspiration: Consider recognisable characters and figures that relate to your business, such as cultural icons.

• Consider names or nicknames: Many founders name their businesses after themselves or loved ones.

• Translate to other languages: Are there any words in other languages that resonate with you?

Once you have your list of words, consider ways you might combine, condense, or otherwise alter them to best express your brand persona. As you narrow down your choices, you may also find it helpful to survey people within your target customer base to pick the perfect business name.

Next steps towards entrepreneurship

Crafting a memorable business name involves ensuring availability, aligning it with your brand, and keeping it simple. Strategic brainstorming and considering long-term goals are essential for creating a name that resonates with your target audience.

Learn more about launching your own business with the Entrepreneurship Specialisation from Wharton School of Business, available on Coursera. Practice key skills and strategies from anywhere with an internet connection and explore topics like growth strategies, financing, and developing opportunities.

specialization

Entrepreneurship

Turn Your Idea into a Funded Business. Develop, launch, fund and grow your own business

4.8

(5,108 ratings)

71,916 already enrolled

Beginner level

Learn More

Average time: 1 month(s)

Learn at your own pace

Skills you'll build:

Growth Strategies, Exit Strategy, Finance, Entrepreneurship, Venture Capital, Sales Presentation, Elevator Pitch, Strategic Management, Brand, Choosing Advisors, Brand Management, Discovery-Driven Planning, Planning, Marketing