Starting a new business is a very exciting (and scary) process. Possibly the most terrifying component is selecting what to name your business. When considering business names, careful thought and planning can make all the difference between a good business name and a great one.
Do you want a catchy business name that is easily remembered by your customers such as Google or do you want a business name that spells out what you offer like Incubators.org? Maybe your business name should include a geographic reference so that customers know what area you serve.
With all these different variables, and their effects on customer perception, all of the following should be considered.
First, you will want to think about the products or services you offer and the products and services you might offer in the future. You will not want to choose a business name such as Dan’s Drywall if you plan on expanding into painting and remodeling in the future. In this case you may want to go with a name such as Dan’s Home Improvement that will not only allow you to use this company name for any of your home improvement related services, but it also spells out what you do very clearly for your potential customers.
Secondly, you will want to think about the memorability and catchiness of your company name. Dan’s Home Improvement may spell out who you are and what you offer but it is not very catchy and sounds rather bland. Maybe you should consider a catchy business name such as Home Masters that is easy to remember but also eludes to the fact that you do home improvement.
Lastly, you will want to consider your geographic location and the geographic reach that your company has. If you are only serving a local area you will not want to name your company Home Masters International as this leads people to believe that you service many geographic locations spanning the globe. In your local area a name such as Home Masters Lexington may do very well as it tells people what you do and your geographical service area.
With so many considerations you will want to spend some serious time making a list of names, eliminating ones that may limit your company perception or geographical reach, and then getting creative to create a great business name that will last. When translating to the tech world, you will also want to consider your domain name. Is your chosen business name an available .com, .org, or .net? Is there some derivative of the name available? While HomeMasters.com is definitely taken, HomeMastersLexington.com is ready and waiting!