Big and successful names: How do top leaders name businesses?
Naming your business can be a complicated process. Using a business name generator can help. But conventional wisdom plays a role too. We take a closer look at how prominent leaders name their businesses as well as to explore popular tools.
Why is naming a business so challenging?
Naming your business takes time, careful thought, and perseverance. You will want your business name to be creative, reflect your values and differentiate you from similar businesses. This means you will need to think out of the box. With so many factors to consider, it can be easy to feel overwhelmed and stressed.
Fortunately, you do not have to do it alone. There are many resources that can assist you to make the process easier. One example is to hire a naming firm who will often also assist in trademark law. The downside is that it involves costs, which you may want to use elsewhere in your business. Another option is to utilize online business tools such as business name generators.
What are some prime examples of companies with great brand names and a reputation to match?
The example of Elon Musk, CEO of The Boring company
The latest venture by Elon Musk, involved striking out with humor and naming a new business "The Boring Company". Musk is successful and known for clever marketing ploys that work, but he also has a lot of credibility and a track record speaking for itself.
The example of Michael Kodari, CEO of KOSEC:
KOSEC-Kodari Securities is a top performing private wealth management firm that works with some of the wealthiest and most successful investors in Australia. A philanthropist and a prominent expert in the stock market, CNBC Asia has referred him to as "the brightest 21st century entrepreneur in wealth management" and "a trailblazer within the Australian stock market". Michael has featured on Australia's Channel 7 as the "Money Expert" on the weekly Sunday program Elevator Pitch, and he is recognised internationally by governments as one of the world's best. The Chinese government selected Michael as the guest of honour, from the entire funds management industry, for the 'Inside China's Future' event held in Sydney in April 2014. In March, 2019, Michael also sat on a panel of judges alongside top scientists, distinguished professors for the Shenzhen Innovation & Entrepreneurship International Competition chosen and sponsored by the Chinese government.
Other catchy names of top performing brands include Brandless, Carta, and Ollie. Certain facts that transpire from brand research, include that brands cannot please everyone, that they need to show consistency and most importantly, produce value.
So what are the options for people who want to find a new business name quickly and efficiently? The answer to this could be a business name generator, like the one TRUiC designed:
What is a business name generator?
A business name generator is an online tool designed to generate business name ideas based on your keywords. Most naming generators are free, while others have a cost involved. This is optional and depends on the degree to which they help you with the naming process.
Why should I use a name generator?
1. It caters for all businesses ranging from startups to bigger companies.
2. You do not have to register or sign up for anything to use name generator tools. It is there for everyone to use. All you need to know is the website name you want to consult. A simple Google search will do the trick.
3. It is quick and easy to use. Thinking of creative names for your business can be laborious, exhausting, and overwhelming. With a name generator you do not need hours of brainstorming. However, it is advisable to have a list of possible keywords ready for input.
4. It is cost-effective. Some name generators are free, while others charge a minimal fee, depending on the degree to which they help you with the selection process.
5. You will have an extensive list of creative and unique names suggestions. This is important as you will want your business to have a name that is unique, creative, and memorable. Be sure to check out the free TRUiC creative business name generator. This tool also allows you to input geographical information and your specific industry, which then generates variations of names relating to your specific service or product. Once you have selected the possible names that resonate with your business, take it a step further by, for example, fusing it with the words you initially brainstormed.
6. It checks your domain main (.com) availability. This is especially important as you will want your business name and online presence to be the same. You will want customers to find you easily and not have to think of your online name. Once you have decided on a name that is available, you can register it as a DBA (Doing Business As) or as a corporation. A DBA allows you to operate your business under a different name without doing a full legal change. The process varies by location, so be sure to check with your state.
7. Some generators filter by many variables including niche markets. The options are endless.
Final thoughts
Naming a business takes commitment and time. Choosing the right name can be the success or failure of your venture before it even launches. Once you choose a name, it is possible to change it. However, it can be potentially expensive, and you run the risk of causing confusion of your customers. Consider using business generators to help you with creative, unique business names that are easy to remember, differentiates you from the crowd, and helps with your brand identity. Make sure you get it right the first time.
