15 TIPS FOR NAMING YOUR STARTUP BUSINESS (3) by Olayiwola Oladeinde
So far in this series, we have discussed 10 basic guiding rules entrepreneurs you should adhere to as an entrepreneur, when naming your start up.
This is the concluding piece and I will be sharing the last 5 five guiding rules.
11. Use Acronyms
Try using the first letter of every word in a phrase or parts of words or names.
Common examples of business named in this format are AOL (America Online), BBC (British Broadcasting Corporation) and BENQ (Bringing Enjoyment and Quality to life).
12. Try Mash-ups
Mix two or more words that are meaningful for you and your business.
Many popular names you know emerged through this process. For example, the computer firm, Compaq, derived its name from mashing up the words “computer” and “pack”.
Evernote mashed up “forever” and “note” and the famous Lego was gotten from the mashing up of Danish “leg godt”, which means to “play well”.
13. Enlist Expert Help
Coming up with a good business name can be a complicated process. You might consider consulting an expert.
Naming firms have elaborate systems for creating new names and they know their way around the trademark laws. They can advise you against bad name choices and explain why others are good.
14. Use resources available for brainstorming names.
There are a number of sites that can help you brainstorm names, including:
VisualThesaurus.com (gives you a visual around a keyword).
Shopify Business Name Generator (generates business name ideas and checks domain availability simultaneously).
NameMesh.com (provides a startup company name generator).
15. Check availability of your name with the Corporate Affairs Commission (CAC)
The Corporate Affairs Commission is the Nigerian body established to regulate the formation and management of companies in Nigeria.
For a token, you get to see if your choice name hasn't be taken yet by another business. If taken, you may consider a change. If available, you can proceed to register the name with the commission.
Choosing a business name can be a lengthy process, but it is well worth the time you put in. Once you have chosen your business name, not only have you made a significant step toward officially launching your new venture, but you have also started branding your business and carving out your own niche in the small business world.
ABOUT THE AUTHOR.
Olayiwola Oladeinde is a writer, trainer and coach. Through his writings and speeches, he inspires, guides and empowers individuals to become better versions of themselves and create wealth from doing the things they are good at and enjoy doing.