Having a good name is an important part of any business. If you manage to create a good and catchy name, your business will most likely be the first to pop up whenever people talk about a certain service or product. While the whole process of creating a business name can be quite tricky, you’re going to ace it for sure as long as you carefully brainstorm ideas and allow yourself to get creative!
Why Coming Up with a Good Business Name is Important
The name plays a huge role in establishing your business simply because it is the first thing that customers see. If your business name doesn’t succeed in getting their attention or keeping their interest at first, there’s a lesser chance for you to be able to introduce and sell the products or services that you offer.
Having a good business name also gives you an advantage in the market, especially for startup businesses that have a lot of competitors. A good business name will tell your story and help you capture your target audience. Other businesses often rely on rebranding, but keep in mind that this can cost you too much time, effort and money. The goal is to create a good name that you can use consistently in the long run.
Things to Consider When Naming Your Business
As mentioned earlier, naming your business can become quite challenging because you aren’t looking forward to satisfying only yourself, but more importantly, your potential customers. Here are some considerations when naming your business:
Make Sure It’s Original
Of course you wouldn’t want to encounter legal issues later on so you have to make sure that your business name is original. Legality wise, creating an original name will also help you stand out. Your business name should make people curious and compel them to learn more about your products or services.
Come Up With Something User-friendly
Customers want to avoid complexity as much as possible so make sure your business name is easy to spell and type. Even if they’re busy with work, class, or chores, they will be able to find you immediately on Google and social media.
It Has to Be Future-proof
Business owners should be open to the possibility of expanding their business in the future, which is why you need to choose a name that won’t limit your expansion plans later on. For example, if you sell clothes for children and name your business Kids’ Closet, your business name might cause inconveniences once you eventually decide on expanding to sell adults’ clothes, since it only pertains to a specific market.
How to Create a Business Name: 4 Essential Steps
To give you an idea of how it works, here are the four necessary steps when creating a business name:
- Start by brainstorming business names. Don’t try to limit yourself and edit out what seems off right away. Just let the ideas flow freely and list everything you can think of.
- Shortlist the best names. After thorough review, you must be able to trim down your choices and come up with a list of the best candidates for your business name.
- Check the availability of the name. There are two considerations under this step: first, you need to confirm the availability of your business name idea on the Department of Trade and Industry (DTI)’s website; second, check the domain availability so you can secure your website URL and establish an online presence for your business. The GoDaddy website will come in handy for this one.
- Register the business name. Once you’ve confirmed the availability of your business name, you may now start with the registration process. Through DTI’s Business Name Registration System (BNRS), you will be able to fill up a registration form online. Once you’ve accomplished this, you will be asked to pay for the registration fee/s.
Brainstorming: The Creative Process
If you’re doing the business alone, you can brainstorm by yourself. If you have business partners or trusted friends who are willing to help you come up with a name, gather them in a comfortable space and brainstorm together.
But before you start with the creative process, you must first have a clear understanding of your business. What is your identity as a business or a brand? What is the purpose of your business? What are your products or services? Who are your target customers? What are your business goals?
Here are some guidelines to help you brainstorm your business name:
- List down all the words that you find relevant to your business and brand. Again, don’t limit yourself on this and just include everything you can think of.
- If you think you already have enough words to choose from, you can begin with the wordplay. Find the synonyms of each word and check if there are other related terms that you can add to your list.
- Take a closer look at your list and start sorting out what you think you can use and what you can already leave out.
- Based on the existing list of names or keywords, you can now use a name generator where you can find several suggestions and shortlist your business name ideas.
- Once you have decided, be sure to check the availability of the name first so as to not waste your efforts. If the name is good to go, you can tell your friends and family about it and ask for feedback.
In case you discover the name idea is no longer available or the feedback suggests you need to redo the whole process, don’t get discouraged. This task can be difficult but you’re going to find the right business name for you eventually. Just follow the same guidelines and try to overcome the challenge with a more creative and open mind.
A trademark refers to a word or group or words, sign, symbol or logo that identifies and differentiates your products or services from others. A trademark is primarily used to protect a brand’s identity in the marketplace.
When you register your trademark, you will be given exclusive rights to prevent others from using or exploiting it in any way. As a protective mark, it could also bring more income opportunities for business owners through licensing or franchising.
A ten-year protection period from the date of trademark registration is given to businesses. It is also available for renewal for a period of 10 years at a time.
According to the Intellectual Property Code of the Philippines, the distinctiveness of the trademark will determine its eligibility for registration.
Effective Business Name Examples
In the Philippines, there are a number of brand names proven to be effective as they were able to create buzz and establish themselves successfully in the market. Some examples are: Jollibee, GCash, Angkas, Goldilocks, Silver Swan, Andok’s, and Rebisco.
For international brands, of course everybody knows Coca-Cola, Amazon, Google, Apple, McDonald’s, Nike, Starbucks, and Microsoft, among others.
Just like these brands, you can start small and make it big someday by using an easy to recall and unique name for your business!