A Simple Process For Creating a Company Name

How do you build a name for a new company? 

Few tasks in business are fraught with as much undo anxiety and emotion as naming your company. Choosing a name that will live on as the business grows seems of utmost importance – not unlike naming a child.    Company naming success is truly a combination of left-brain (logic, process, discipline) and right-brain (creative, artistic, and linguistic) thinking.  I have created several product and brand names for small as well as large brands over the years.  Naming can be a lot of work, but it does not have to be too difficult if you follow a simple process

The Objective of a Company Name –  A strong clear name uniquely identifies your firm’s line of business while projecting personality, interest and professionalism.   Names which are confusing, similar to others in an industry, silly or overly identified with an owner, are poor choices for adding value to a business. 

The Structure of a Company Name  – Good names will follow a patterned structure, have a formal name, descriptor,  and optional slogan.  The formal name is unique and will be remembered.  The descriptor identifies the industry or category of service.  The slogan can help identity the core benefit:

For example – here is a naming architecture for a fictitious landscaping store:

Formal Name:  Blacksmith Stone

     Descriptor:  Home Landscaping Design and Paving Solutions  

            Slogan:  Top Designs and Product Selection in Bergen County

Practical Approach to Creating Company Name ideas

First, identify important categories for word-brainstorming.  These should be based on your business’s uniqueness and industry.  There are many categories but a good start would be the following:

1. Location words – town, county, streets, etc. (these are surprisingly effective for company names)
2. Ownership words – founders name
3. Aspirational words – vision, what the finished job helps create, beauty, direction, etc
4. Product or Service words – the product being offered, industry, or service area
5. Technical terms –  suggesting unique development tools, novel approaches, industry tech terms
6. Benefit words – price, customer service, reliability, honesty, etc.
7. Now, have fun filling in the grid with at least 5 ideas per box as follows:  

The reference to Industry Tendency is a guide only and you can build other categories as needed. 

Synthesize for Company Name Ideas –Once you have the grid filled in, now us the time to be creative. Creativity here is really synthesis.  Take words from the grid and combine and mix words.  Look for combinations that have not been used but will be memorable if tied to your brand or company.  This is fun but can be hard work.   Look for any word fragments, combinations and interesting spellings.  It is very important not to be critical at this point.  If you can pronounce it, write it down. 

Creativity versus Synthesis  – Avoid whimsical or confusing names like Nike, Google,  etc.  While these are unique, small and mid-size companies will need to spend enormous advertising to build a functional and emotional meaning to the name.  As an example, Richardson Wealth Management Group may create a more immediate impact while having long lasting value , versus trying to build a name like “Impedium”

Check for Availability of Company Name Ideas – this is the not-so-fun part.  Start with an on-line search of the name ideas to see which are taken in your industry only.  Be prepared to eliminate well over 60% of words you like due to competitive use in your industry alone. Remember to search various spellings of each word to catch anyone who is using the name.  The more common the word,  phrase or family name, the more likely it is to be taken.  Look for different combinations, different spelling.  Check for the availability of a user friendly URL availability for a website.   Don’t get discouraged at this stage.  You will learn a lot about your competition in this search and it will help you unlock new ideas for names.   Take breaks and come back to this exercise with fresh eyes.  

Evaluation of Company Name Ideas  – Results should be rated against the following:

1. Easy to pronounce and spell
2. Easy to remember
3. Conveys the product or service you provide
4. Clear of other firms in your market
5. You personally like the name (don’t hold too much weight to this as you will come to like most names over time)

Once you have selected a name be sure to consult a legal expert for final clearance and registration.  Logo design and development will be the next to bring the idea to life visually. 

Don’t over-think this and you will have success!