Company formation – what makes a truly good company name?


Company formation - what makes a truly good company name?

It’s an issue that affects many people when they are beginning to form their company, what do you call it? We like to showcase great tips and tricks when it comes to company names – so that when you register with us you can make the right decision from the beginning.

It’s one of the most significant decisions you’ll make for your business, so it is important to get it right. Your brand, marketing and overall identity as a company has a lot to do with the name. This makes finding a truly good name very important.

There is a lot to consider when thinking about what to name your business, whether it’s your first company or not – you can always benefit from a fresh approach. So what are some good tips when coming up with a company name?

The Biggest Tip? Relax!

Yes, that’s right – it’s as simple as that. Tip number 1 is to stop looking at it as such a big stressful job. Of course, you are going to want to choose the best name possible – and it is an important decision, but so many people stress needlessly about it.

Reasons you shouldn’t stress about choosing your company name:

  • It Stops Your Creative Juices Flowing – Ever have to do something creative in a hurry or when under a lot of pressure? It doesn’t work. More often than not the best and most solid creative decisions come from a calm and relaxed place.
  • It’s About Developing Your Business – Even the biggest businesses came about slightly different than their current form. Facebook was originally called ‘The Facebook’, for example. Your brand will change and grow over time – so there’s no need to fret.
  • You CAN Change Your company name – If down the line you’ve decided that the company name chosen really isn’t workable, you can change it. It’s true that it might be a little bit annoying to do that – but remember that it’s really not the end of the world.

Now that you’re calm and serene, let’s look at some practical tips for choosing the right name.

Naming Tips

We’ve recently had some guest posts from Vince Bridgman, co-founder of branding agency Novanym, who had some interesting things to say about company names. He said in his last article that “choice of styles and approaches is wide, which can be daunting. But luckily the choice isn’t endless”. It really is a process of elimination.

Remember the following:

  • Name Type – Think what type of name you want. A descriptive one, a trendy one? A product led one? Perhaps a name based on a phrase or a domain you own? It really depends on what you want – if you’ve got the name type decided you can more easily narrow it down.
  • Words & Feelings – Branding experts know certain words have certain feelings. Let’s make up a generic name, ‘Eveningwood’ (as a portmanteau style name). ‘Wood’ evokes a sense of the rustic or being close to nature, whilst ‘evening’ evokes a sense of the relaxed or casual. If you run a bed and breakfast in the country ‘Eveningwood’ might be perfect! Think about how words and feelings are go together when choosing – this is a great way to find a name that gives the impression you actually want.
  • Industry Appropriate – If you’re targeting a certain industry, make your name industry appropriate. ‘Eveningwood’ probably wouldn’t be good for a scientific or tech oriented business for example. It can be hard to put your finger on, but think of the way it feels. Something like ‘Sygnor’ (a made up word) has a lot more of a science or tech feel than ‘Eveningwood’ for example – so make sure your name is appropriate.

These tips make the process of choosing a name much easier, so be sure you keep them in mind.

Business Names & Successful Formation

Choosing a name is one of the most important aspects of company formation – so it’s important to get it right when you form your company. Bear in mind the above points and you should find the process much simpler. There’s no reason choosing the name shouldn’t be one of the most exciting and positive aspects of your business journey.

Thanks for reading. Don’t forget that our blog has lots of great tips on all aspects of business. Particularly relevant to this post would be the ‘Company Name’ section.

By Alex Novakovic at MadeSimple – Follow Alex on Google+

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About Mathew

Mathew is the Former Head of Content for Made Simple and has written about small businesses and how to set them up for over 14 years. A keen runner, he also enjoys a good beer in a pub, films and football, though not necessarily in that order.