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Business Name – How to Choose Your Company Name

What you name your company is perhaps the most important decision you’ll make. Your company name is the first impression the public will have of your company. Will the name let people know what you do or what you sale? Or will you choose an acronym? Or will you do like Exxon and make-up a word? That’s for you to decide; but, whatever you decide, choose wisely.

Here’s one way to choose your name: brainstorm as many names as you can think of. Don’t judge whether the name is good…not yet; just write it down. Spend fifteen minutes and write without lifting your pen from the paper. Even if you’re writing gibberish, just write.

After that time is over, it’s time to start judging. Pick your top 3 or 4 names. Run those names past your friends and family (or whoever you trust to give an honest opinion). See which one they like best. Ask them why the like it; based on the name, what kind of service or product they think the company will be selling; and which one they like least and why.

Now do the same with strangers. Tell them you’re doing a research for a company (don’t let them know it’s your company). That way they’ll be free to be completely open with their comments. But, be prepared for whatever they say.

You can find these strangers in places that sell what you’ll be selling. By going to these places, you’ll be talking to your target market. If you’re  modern business names opening a coffee shop, go to Starbucks; if you’re opening a hair salon, as the people where you currently get you hair styled; if you’re opening a medical clinic, ask patients where you work. Usually people are more than happy to help you or give advice if you just ask. And, believe it not, all this can be done in one afternoon.

These steps will either lead you to the right name or back to the drawing board. Keep doing this process until you have your perfect business name.

Rosalyn Watts is a small business consultant who left her successful law practice to pursue her purpose and passion of helping other small business owners focus, start and prosper. Rosalyn shares her message of entrepreneurship through articles, workshops, and private