What to name your company?
Every business owner faces this question at some point early on in their journey. For some, it’s an easy decision. But for others, it can present quite a conundrum. Do you use your own name? Do you incorporate some reference to your industry? Or do you throw caution to the wind and make up a brand-new word?
The truth is, there isn’t an easy answer to this, or a one-size-fits-all solution.
But at Brannans, we’ve helped over a hundred entrepreneurs name their business and secure the matching domain, too.
So, as well as being experts in domain acquisitions, we’re now also quite the experts in naming companies!
Although there’s no right or wrong answer to what to name your company, here are a few tips to consider:
1. It’s always going to be cheaper to buy the domain name you want now. Quality domain names, like real estate, appreciate in value. When Frederick Law Olmsted was going around convincing cities, counties, and states to purchase property for parks, he always told the city planners that there’s never a better time to buy real estate than right now. Because, in a few years, the same real estate you’re considering will be more expensive to purchase. And this is especially the case nowadays with inflation sending the price of everything upwards! My point? Don’t hold off on choosing a company name because the domain attached with it comes with a hefty price tag. Swallow the cost upfront, and your business will thank you in the long run.
2. Choose quality and think ahead. Your company name must be something that stands the test of time (if you plan on your business having any longevity, that is). So, avoid choosing a name that plays too much into current trends or features any ‘words of the moment’ that might fall out of popular use in the next few years. The evolution of social media means words are constantly being added and removed from daily vocabulary depending on what the younger generation latch onto. If you plan on passing the business down through generations or eventually selling it one day, then don’t name it after yourself, either. Family name or initials may work, but I’d advise against having your first name or full name as the main point of focus.
3. Consider the competition and hurdles ahead. This is true even for a company that’s raised a substantial amount of cash and seemingly has ‘no budget.’ But there are some names that simply don’t make sense, even if you can afford to secure their domain. For instance, it would be foolish to choose a name like, “The Apple Company,” when consumers minds’ are too used to associating this name with iPhones, MacBooks and so on. We once had a client insist that they were going to own Baby.com (a developed website owned by Johnson and Johnson). So, we kept asking, offering and trying to purchase the domain name for them. When the cease-and-desist letter arrived from their general counsel’s office, we stopped asking, and we convinced our clients to pick another name. Sometimes, a name just isn’t worth it if it means an uphill battle with a long-standing multinational conglomerate.
4. Enlist the services of an expert. If you’re on this path, it is worth considering utilizing the services of a broker to help you out. If you choose us, we’ll work with you to freestyle a list of 10, 20, 50, or even 100 names you’d consider for your brand (without considering what may or may not be available). Our role is to help you identify the names you’re going to be happy with, identify the owners/decision makers who hold the domains associated to those domains, negotiate on your behalf, narrow the list down to one finalist at a time and make sure you get your desired domain name at the price you want. By the end of the process, we’re confident you’ll have both a domain and company name you’re happy with!
A word of caution – if you’re thinking about doing this alone, without a broker… don’t! We recommend against it. If you don’t choose us, then choose someone with equally strong referrals and completed transactions. A qualified broker will save you time and money. They’ll earn every bit of their fee (well they should in principle, if they’re worth it!).
So, if you’re looking to launch a brand or a new company, let us know.
We’ll be happy to help you do some brainstorming, throw it all out there, and then start narrowing down the list by seeing what’s for sale and at what prices. And we’ll get you a domain name for your new brand or business.
It’s a win-win situation!
Give us a call or send us a message today if you’re interested in enlisting our help in the process of naming your new business.
