If you want to start your own business, you initially have a lot of to-dos to do. This also includes the task of “finding a suitable company name”. After all, the company name is the figurehead of the business idea and plays a part in its success that should not be underestimated. Therefore, a lot of time should be invested in the search for the right name for the company foundation. In the following article we will show you which ones methods Business founders can find the right company name step by step and then secure it.
1. Create a priority list
If you want to find the right company name, you should certain aspects consider. If possible, the company name should meet certain conditions. This includes:
- good memorability
- easy pronunciation
- as short as possible
- high informative value about the business start-up
- matching free domains on the internet
This list can be extended indefinitely. However, the company name often consists of only one or two words and therefore cannot meet all requirements equally. So the motto is: Set priorities! Otherwise, the name search can develop into an endless project and robs entrepreneurs of too much energy for other important tasks that have to be completed as part of the business start-up.
2. Find the perfect company name using different techniques
Once the priority list has been created, you can start finding a name. When starting a business with several team members, the entire team should use the list mentioned in the first step to think about which name best suits the company start-up. The business plan created at the beginning is now used again. Because this is used as part of the naming process Questions answered such as B.: Who are my customers as part of my marketing strategy? What problem should be solved for customers? And what is the unique selling point of starting a business? The answers are then written down in a clearly visible place on a blackboard or a flipboard. With the answers in mind, different techniques can now be tried to find the perfect company name. Below we present those for ourselves three main methods before.
A. The ABC method
With this method, one or two terms are noted for each letter in the alphabet that have something to do with the start-up or its history. Brainstorming is suitable here, in which all participants spontaneously name their ideas. These are then noted down and pinned to the wall. The advantage of this method is that the name ideas can easily be rearranged and combined with each other later.
B. The stimulus word technique
This technique connects terms that have nothing to do with each other. These so-called stimulus words are randomly selected from e.g. B. books, newspapers or magazines are selected. For example, the term “lion” is chosen. Properties such as B. “strong” or “dangerous” can be written on a card together with the stimulus word and attached to a wall. The words found are then adapted to the original question. The advantage of this method is that the random word gives you new associations and ideas that probably would not have occurred to you without this technique.
C. The combination technique
Maybe the name is already on the tongue of one or the other. In order to speed up the process of “finding a company name”, the terms that are already in question can be combined with one another using the combination technique. The aim is to use this method to find suitable word pairs or new word creations. True to the motto “Everything is allowed!” B. letters are omitted or swapped. Fantasy names can also be invented or abbreviations tried out.
When searching for a suitable company name, it makes sense to use several strategies. With these, mental blocks can be quickly resolved and new ideas can be found.
3. Narrow down favorites
The list of favorite names is created. In the next step, this is shortened by picking out the favorites. In this way, the later company name can be approached bit by bit. Yet caution: Before the hottest candidates are chosen here, it makes sense not to think about the topic: “Finding the perfect company name” for several days. This clears your head and after this break the winners can be chosen.
4. Test company names
The favorites for starting a business have been determined. Now it remains to be seen whether the selected names would also prove themselves in practice. After all, what good is a smart name for the founding team if it doesn’t bring the hoped-for success in reality. Therefore, the following should factors be checked more closely:
- Domains: Are these still free?
- Google search: What are the chances of landing the company name on the first page?
- Social media accounts: Will our name be well received by our target group here?
5. Choose the winner and secure the company name
The “Find a company name” project is coming to an end. The last step is the evaluation: Which name did best? If the winner was determined from the favorites, entrepreneurs should then quickly secure the name to protect themselves from imitators. It is also necessary to research whether the desired name has not already been taken. Because if the name is already used by another company, this leads to the task “Find a suitable brand name” (external link). If this is not observed, this can become an expensive affair for founders.
Therefore, special attention is paid to legal component. If the desired name is still available, there are two ways to secure it: On the one hand, the name can be protected by entering it in the commercial register. For many companies, this is mandatory anyway (external link). Registration as a trademark with the German Patent and Trademark Office (DPMA) offers even more secure protection for the company name. In order to be well secured and advised here, it makes sense to get a trademark and patent attorney on board. In this way, uncertainties on the way to securing a name can be eliminated.