How to name your new business

There are so many things to consider when getting into entrepreneurship, making it totally possible to become overwhelmed by everything and giving up before you've begun.

Some of these big decisions can slow you down, and become an excuse to stop you from making progress and keep you from moving forward.

Naming your new business can become one of those things.

Before I launched CRE Success in 2020, I spend a good amount of time thinking about what I wanted to name the business.

I talk about the thought process a bit in the below podcast episode I was interview on in 2021 (listen from 00:03:42).

It's kind of a big decision. Think of it like getting a tattoo - yes, it can be removed (or changed), but it's a lot of hassle, so you better make sure you're comfortable with your decision!

Two main options

If you want to leverage your knowledge and serve your current (or former) industry as The Corporate Influencer, there are generally two routes you can take:

• A personal brand which is named after you, or
• A company name that you pick.

Naming your business after yourself makes sense if you're in a market where all the good names are taken. Perhaps you already have a great profile or personal brand that you'd like to leverage. Or maybe you just have a great name!

On the other hand, naming your business something other than your name gives you more flexibility - which can be a good thing or a bad thing. If you don't want to play-it-straight and make your business name easily understandable, you might go for a clever play on words.

Don't be too clever though; be mindful to not choose a name that is ambiguous or confusing (although a business name with a solid backstory that underpins your values or persona can be a great conversation starter - just make sure you're not going to get sick of telling the same story!).

Test drive the name and make sure it doesn't mean something else to other people that you didn't think of. And, if you have global ambitions, the more straight-forward the name, the less likely it will be lost in translation.

A straight-forward business name is relevant to the industry, market or niche you're looking to serve, and it could also speak to the outcome that you're delivering. To be really meta, the name of the business may just be exactly what it is you do.

A clear and simple name makes it easier for people who don't know you, but are searching for what you do, to find your business. It could also create some brand currency in the name itself. 

On the other hand, naming your business after yourself means you could be, in some respects, limiting its growth. Would it be possible to attract "big names" to work under your name brand? It might be if you're already a big name.

A business named after you probably makes the business less saleable as a going concern without you staying involved in it. That might reduce your exit-strategy options (or pricing). 

Some other considerations: 

• Can you get the social media handles (@thecorporateinfluencer) and website URL that you want?
• Is the name already taken? (run a Google check and also check the business register in your jurisdiction)
• Is it easy to spell? (for example, will people be easily able to find it online when you tell them the name)
• Are you into it? (back to the tattoo analogy - you're going to see a lot of this name, so you'd best like it before you stick it on everything in your business)

Given my difficult surname, I am probably a bit biased against a personal brand business name (or envious of those who can do it more easily) - however, it is possible to have a personal brand that is not named after you.

In essence, CRE Success is a personal brand. I am very much the face of the business. I would like to scale it more and I also thought that CRE Success was a better than anything with my name in it. 

I believe, if you're aiming to be The Corporate Influencer in your market, when you first start your business, you are basically a personal brand, regardless of the name of your business.

You're selling your expertise, which means you're in the knowledge commerce industry - and your business' success is largely riding on you - regardless of what you name your business.

The final word

Brainstorm lots of names before you decide. Test out some names with people whose option you trust before deciding. And, if you're really stuck, then just start trading under your name until you land on something that you really like - it's better to get started in business than to wait for the perfect name before getting started (note: there's no such thing as the perfect name!). 

Still want more?

If you're reading this, you might be thinking about a lot of things that you need to do when starting a new entrepreneurial venture. Check out this page to grab our FREE business start-up checklist - it will help you start your entrepreneurial journey the right way.