Choosing a name for any new business is both important and hard. Important because is a key element in any branding or promotional program the company does now or in the future. Hard, because there are many factors that go into the choice of a name. The founder of Celestial Seasoning Teas named his company after a woman who said that was her name when he met her at a hippie encampment in Colorado. The most important component, according to branding expert, Laurie Rinker of Ashville, NC is that the company's name gives potential clients at least some inkling as to what the company does. For a local restaurant, "Mel's Diner" works. For a consulting or other type of business, there should be suggestion to anyone that this firm has expertise in a particular field.
Make It Clear What You Do
Take for instance a company that advises on food products. A good name would include substitutes for "food," "advisors" and "experts." Naming it "John Smith and Associates" doesn't do this. Crafting a name that incorporates those three words or their substitutes takes time. One suggested title was "The Delicatessen Mavens." Clearly they know what they are doing but are they limited only to advising delicatessens or those that serve Jewish food?
Getting the Right Substitute Word
A new company recently formed was "Purveyors Advisory Group." All three of the key words are present in some substitute word. One could argue that "Food Advisory Group" may be better. However, the word "Purveyors" suggests a slightly more elevated grouping or service. Another way of choosing a company name is to try to strike a familiar cord with the audience. Years ago, a new consulting company was created named Clay-Webster Associates, Inc. It had a familiar ring because Henry Clay and Daniel Webster are two well-known American leaders. Not surprisingly, no one in the company was named Clay or Webster.
Using Your Own Name
In casting about for a name for their new companies or products, entrepreneurs often decide to use their own. And it can work ? look at the success of Ben & Jerry's and Dell Inc.
Donald Trump also created a whole brand out of his name.
So before you order your new firm's letterhead, you should think about the ramifications ? good and bad ? of sharing your name with your company.
Craig Newmark's business started as a hobby in 1995, when he began e-mailing friends a list of "what I thought were cool events" in the San Francisco area. As the group of recipients grew, people started referring to it as "Craig's list. "When the hobby started turning into a business, Newmark thought of changing the name to sf-events. But he decided to make it craigslist. ("If I call it that, it's going to stay personal and quirky.") Newmark sees many pluses in having his name on craigslist, which has evolved into a Web site with real estate and job listings, personal ads, chat rooms and other services in big cities across the country and in Britain, Ireland and Australia." I take it personally when someone tries to do something improper or wrong," Newmark said. He does, however, have a holding company for the key words.
Naming the company after yourself can create a situation where you lose title to your own name. The Cleveland Browns are named after Paul Brown, who founded them in the 1930s. He was forced out of the company and was forced to use the word "Bengals" when he started a new team.
Reportedly, he hated the name.