Naming a new company, or of anything really, is the most important step in the research process. Messing it up is just a well as canceling the entire process altogether. The name is the identifier that introduces people to your company at first glance. It’s what they need to remember; so, it better be memorable. An extra thing to have in mind is that it’s usually hard or very costly to change the name of a company afterward.
According to Oxford Languages: a name of something is a word or set of words by which a person or thing is known, addressed, or referred to.
In the article below we shall discuss the various criteria to consider while naming a new company, with some examples for companies in various fields. Sole Proprietorship: One person owns the business.
But first let’s clear out some definitions of types of companies:
- Partnership: Two (2) or more owners with unlimited liabilities.
- Limited (Ltd): aka Private Limited Company is comprised of one or more owners where these are not personally liable, and shares may or may not be offered publicly.
- Limited Liability Company (LLC): two (2) or more owners with limited liabilities, and owners are taxed with pass-through income taxation methods.
- Limited Partnerships (LP): two (2) or more partners where only one has unlimited liability and the other(s) has limited liability.
- Limited Liability Partnerships (LLP): LP where all partners have limited liability.
- Corporation (Copr. / Inc.): An entity or organization that is separate and independent from its owners and shareholders. Types of Corporations include:
- C Corp. – simply synonym to Corporation.
- Special Corporation (S Corp.)
- Benefit Corporation (B Corp.)
- Nonprofit Corporation (N. Corp.)
- Incorporated (Inc.): adjective meaning a business is a Corporation.
- Cooperative: equal shares, losses, and benefits between all the owners.
- Non-Profit Organization (NGO)
For a complete list of types of companies with more details, visit this article from sba.gov.
In simple terms, to name a new company, you need to choose a catchy name that sounds cool, that is short enough, easy to pronounce, memorable, with a meaning that aligns with your values, products, and services.
Now that you know what is required before I give you some name examples, let me highlight a few more important points to have in mind while choosing a name:
1. Should be unique
No matter how much you may like a certain name for your new company, never ever choose a name of another existing company; even if it is located in another country, or continent, or even on another planet. Just do not do it.
With the Internet becoming accessible to more and more people, the world is becoming like one country. With a simple search online, your customers can land on your competitor’s website instead of yours. I’m sure you do not want that.
At The BeniTalk, to check the availability of a certain name for ourselves and for our clients, we use a website called Namechk.
2. Short enough and sounds cool
Contrary to intuition, the very first thing to consider while name a new company is not. The meaning of a name is important but it should be the first factor to consider. Otherwise, you would end with super long names like “Rogers and Edene Business Consultation and Loans Agency (REBCLA)” or “Institution of Research and Development at the Agricultural Center of Cultural heritage and national treasures ” … really 🤔!! There are other factors to consider first.
You understand that trying to fit all the meaning into the name is not the best way to make a compelling name. No need for the name to contain the meaning. A simple noun can suffice. Case on point being Apple Inc.; imagine you didn’t know what Apple Inc. is, and someone told you there is a company named Apple. What services would you think they offer? You would probably think they sell fruits. Yet, they sell computer hardware and electronics. So, you clearly see that the weird name didn’t stop from being successful.
|Instead of 👇🏽
|Rogers and Edene Business Consultation and Loans Agency (REBCLA)
|R&E Consultant Limited
|Institution of Research and Development at the Agricultural Center of Cultural heritage and national treasures (IRDACCHNT)
|Research Institute of Agricultural Development (RIAD)
3. Memorable and fun to pronounce
Usually, when people are seeing your adverts, they probably don’t need your products or services at that moment. You want them to remember your company’s name among other companies’ the day they finally need your services, don’t you?
A simple trick to achieve is to choose one word, in any language, that is related to your main product or service and deform it a little bit to make it unique.
|What it does
|An online class website where learners follow monthly goals and achivements.
|A news website dedicated to electric transportation and sustainable energy.
|Bitly is a URL shortening service and a link management platform, and the company Bitly, Inc. (per Wikipedia)
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4. Maybe an acronym or several words
One of the most common ways new company names come to be is by using acronyms. This works particularly best when all the word relate to your products or services and the acronyms sounds cool.
|Company’s Full Name
|FLEED being an acronym of Flexible Latest Efficient Effective Developmental
|National Aeronautics and Space Administration
5. Check the meaning online
I can’t ask you to go leaf through a paper dictionary, but urge you to at least go online and Google the meaning of the new company name before committing to it. Check it in your language and in other languages too.
6. Ask your team, friends, and family for help
You would be surprised at how many great ideas your team members, friends, and family can give you; things you may not have thought about. Do not be shy – ask them for help.
7. Avoid controversial words
These are words to avoid at all costs if you do not want to be stoned on the street. Controversial words may be political, religious, controversial, uncomfortable, abusive, or simply complicated words.
As you have realized, it is not easy to pick a name for a new company. It is a tedious process that requires meticulous thinking, intensive research, and asking other people for help. The name has to be unique, short and memorable, fun to pronounce, with a good meaning too.
Do you still need help? We can help
At The BeniTalk, we love to help. Feel free to contact us via the form below, at any time, and we will be please to help. You can also leave a comment in the comment section below.