Small business is having a moment. Between 2021 and 2023, a record 15 million business applications were filed. Minority entrepreneurs are also thriving, with Black business ownership, in particular, growing at the fastest rate in 30 years.
Of course, 15 million businesses means there are also 15 million new business names out there. If you have a great idea for a company but don’t know how to come up with a business name, you’ve come to the right place. This article will break down how to create a business name, go over business name ideas and leave you with a title for your new entity that is worth its branded weight in gold.
How To Create A Good Business Name
A good business name is critical to success. It helps build brand loyalty through easier recognition and awareness. The best branded names have three distinct attributes. They are:
- Unique
- Simple
- Memorable
These guidelines ensure that a brand name contains the essence of your brand while still being easy to pronounce, spell and remember.
While creating a name for your brand, you want to check to make sure each name is legally available. Also, consider future growth. Don’t give your business a name that won’t scale well.
While coming up with a name can feel like a straightforward process, you should approach it with thoughtful consideration to avoid common pitfalls like those listed above. Here are some key steps you can take to ensure the name you choose is the best one for your business.
1. Research and Brainstorm Business Name Ideas
Start with ideation. This usually requires both brainstorming and research. Begin by looking up other businesses in your industry and considering the different names under which they operate. Are they practical and direct? Nuanced and clever? Do they incorporate key elements of your core services, like “ABC Trucking Company,” or are they obscure, like “Apple”?
Once you’ve gotten a good idea of the business landscape, start coming up with ideas based on what you see. As you do so, also consider:
- Your company’s core values
- Your mission and vision
- Your target audience
- Your core offerings
- Future offerings you want to create
No matter the brand name you come up with, just be sure it will resonate well with your target audience. Take care to create thoughtful names that truly connect your brand with customers and ultimately stand out to them.
2. Utilize Tools That Can Help With Inspiration
Don’t forget to take advantage of all the tools available at your disposal to help with creative inspiration. You can use a business name generator or even a basic AI tool to help you get the ideation process going.
For example, tools such as ChatGPT, Shopify, Kittl and TRUiC are all helpful for inspiring a creative business name. When using these tools, always check that the name you choose has these characteristics present:
- Simple
- Relatable
- Communicative
Choosing a simple name can help with making your brand more memorable to customers, making it easier to share it with others. Making it relatable can help to create a connection with customers, which can increase your brand trust. Lastly, ensuring it is communicative will help with correctly conveying your brand focus. Ultimately, prioritize choosing unique and memorable options, because being thorough during this process ensures that you consider all your options and don’t paint yourself into a corner by choosing a name too quickly.
3. Finalize And Select Your Business Name
Now that you’ve brainstormed your business name ideas, weed out the bad ones. Usually, you can narrow things down to a shortlist on your own. Once you’ve narrowed it down to a few prime candidates, it’s time to bring others in on the conversation.
Present your best name options to trusted individuals — and possibly even your target audience — in order to gather constructive feedback. When presenting these ideas to trustees, here are three questions to ask them to consider when reviewing names:
- Does this business name communicate the primary purpose?
- Does this business name resonate with the target audience?
- Can this business name easily scale with the company?
When gathering this feedback from others, make sure they can all answer each question with a solid “Yes,” and then follow up with them on each question by asking, “Why is this business name successful at answering this question?” If they couldn’t confidently answer yes on all three questions, you may want to consider making some improvements. In that case, simply ask them how it could be improved, and start elevating your business names accordingly to meet — and exceed — the criteria. Narrow the business names down once more, run the improved versions by your trustees once more to see which ones stand out, and choose your top three business names.
4. Validate Your Business Name
Lastly, before you sign off on your best single business name option, you need to validate it by doing some additional research to make sure it is legally available. Since using another trademarked business name is illegal, it’s crucial to make sure your name is original and will not infringe on any other business names.
Consider these three simple strategies for helping you ensure your business name is available:
- Checking for a suitable domain that is available
- Conducting trademark searches
- Confirming the legal availability of the name
If your selected name passes these three tests, you can rest assured that you’ve done your due diligence in creating a name that is original. Now that you’ve selected a business name that is available, trademark it with the United States Patent and Trademark Office to protect your rights to use the name.
From here, you can start expanding its reach by creating a logo, which you can then copyright with the Library of Congress to ensure your logo is protected from being used by anyone else. Then, you can launch a website or even create a business Facebook page. Regardless, the business name gives you a confident foundation to build on without second-guessing your branding as your company establishes itself.
5. Choose Your LLC Name
The LLC name is an all-encompassing legal name for your business. While your LLC name does not have to be the same name as your business name, establishing your business as an LLC is required in every state in order to complete the legal setup process for your business.
If you choose a different LLC name than your business name, here are some considerations to make:
- Does the LLC name comply with state guidelines?
- Is the LLC name evergreen?
- What will be necessary to register in the state(s) my business will be operating?
When it comes to choosing an LLC name, regardless of whether it’s the same name as your business–or a different one–you can still follow the same general steps for brainstorming, selecting, and trademarking or registering it. The Small Business Administration details more information about how you can register your LLC, as the process can vary from state to state.
Bottom Line
Business names aren’t a quick item on a “to-do” list. They are core elements of your company’s identity. Choose your name thoughtfully by doing your research, considering all your options, and then testing and validating your final choice. The result will be a cornerstone of your company’s identity that you can build on with confidence.