The name of your company is the first step towards success. Choosing an inappropriate company name during company formation can not only be disastrous for your business but can also land you in legal trouble.

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There are a lot of ways one can go about naming their company, but it is always preferable to keep the name short and focused. Sometimes it gets very confusing on where to start and how to go about the entire process.

Here are five steps which you can follow to get your company started:

Step 1: Understand your Customer

Before you start naming your company, you should have a thorough understanding of who your customer is. If you are in the B2B space, the name should be more professional whereas while operating in the B2C space there is more scope for being creative.

Step 2: Brainstorming

Brainstorm on a list of name. Make sure not to involve too many people at this stage. You want people who understand your business and target audience.

While making the list of names keep the following in mind:

  1. Be Creative: With the advent of the internet, there are too many start-ups. So if you want to break out of the clutter, your company name must be suggestive of it.
  2. Memorable: The names you chose must be easy to recall and recollect. If it takes too much effort to remember your name you are less likely to be part of conversations. You don’t want to be referred to as “that company with the weird name I can’t remember”.
  3. Relatable: Although you need to be creative the name cannot be unrelated from what you hope to do or produce.
  4. Unique: One of the biggest problems in today’s globalised world is counterfeiting. Make sure a company with the same name doesn’t already exist.
  5. Expandable: In case in the future, you wish to diversify your company name should not restrict that.

Step 3: Scout the Internet

Check for availability of all the chosen names on the internet. It is preferable to have a .com web URL.

 Sometimes the same name might have been used for something negative such as a virus. Hence, strike off all the names that do not satisfy either of the criteria.

Step 4: Testing

While starting your business, your home is your workplace, and this is the perfect opportunity to test your name. Get a group of friends and relatives and run your top 5 selections and note their reactions.

Feedback is very important while selecting the name. In case none of the names is satisfactory it is time to go back to the thinking board.

Step 5: Legality

In many countries, you need to file a Trademark once you finalise your company name. Hence get in touch with your lawyer.

These five steps will help in finalising your company and get you started. Just keep in mind not to get lost in the sea of choices. Once you have selected the name all you need to do is register it and you’re in business.

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