Naming Your Business? 5 Things to Think About

In any major U.S. city, you can’t go more than a couple of blocks without seeing a Starbucks. The name is so ingrained in our minds that—whether you’re a fan of the coffee or not—you know exactly what that Starbucks name stands for. When you start a business, it’s crucial to choose a memorable name that communicates what your business does.

You never know where a good name will come from: The founders of Starbucks chose the name of a minor character in Herman Melville’s novel Moby-Dick to emphasize their Seattle roots. Want a great name? Try these tips:

• Your name should convey your expertise as well as the value and uniqueness of your product or service.

• Don’t let your name limit your future. For example, putting your city’s name in your business name will complicate future expansion.

• Remember, looks matter. How will your business name look in a logo, on signage and in your marketing materials?

• Choose four or five possibilities and do a trademark search. Then conduct a casual focus group by asking others what connotations the name evokes.

• The advisory company Big Picture Coaching says it’s important to keep your name simple.And don’t forget to create a great tagline to go with your company name.

A business name is a crucial part of the puzzle—and so is the business plan. Check out 6 tips to outline one that’s top-notch.