How to Name Your Business

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How you choose to name your new business can impact its future financial success.

If you choose well, potential customers will find you, identify with you, and buy from you. If you choose poorly, you'll confuse potential customers and suppliers, and thus ultimately hurt your business.

So don't take naming lightly but rather use a well-thought, disciplined approach to get your business off the ground.

I. Discovery Process

Write down the overall customer experience you expect your current and future products and services will provide.
Write down the key benefits of your products and services
Write down down the features of your key products and services

II. Brainstorm a List of Well Over 100 Names

Assemble a group of at least 10 persons, i.e. customers, staff, friends, family, etc.
Set a rule for the brainstorming session that everyone suspend judgment on any name ideas suggested. The key to good brainstorming is freedom to create a list of ideas inspired at the moment, not to immediately choose the perfect name.
Start by brainstorming names around the benefit, features, and customer experience.
Go broader and brainstorm names around intuitive and associative feelings around the benefit, features, and customer experience i.e. visual, audio, smell, touch, taste.
Ask participants what imaginary or visceral associations come to mind when they think of your business or product benefits. For example, when you think of your product, does it make you think of a cool calm sea? A tiger? Relief? Bitter taste?
Ask participants why they suggested the ideas above, and continue to build names from their inspiration.

III. Pass an Initial Filter for Your Brainstormed Names

Avoid names that are more than 2 or 3 syllables
Eliminate names that are difficult to pronounce or spell
Delete names that cannot be trademarked or are too generic
Watch out for names that limit the potential scope of your current and future business

IV. Pass a Second Filter for Remaining Brainstormed Names

Take out names where an internet domain name is not available
Eliminate names that are already trademarked in your industry
Choose names that differentiate you from competitors, but connect well with potential customers
Highlight names that allow the potential growth of your company

V. Make the Decision

Discuss the pros and cons of your final list of names with colleagues, staff, friends, family, potential customers.
Proudly say each name aloud and see if it resonates with you
Choose the name.

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