Naming your startup may seem like a minor challenge for most. But, in my opinion, it is an essential aspect of the founder’s journey. If done right, this could be one of the few opportunities that you get the chance to give people a hint of your startup’s purpose and philosophy. Besides, the name you choose will be attached to your brand for a long time. Getting it right from the beginning is crucial for this reason alone. Of course, you can always change your name down the road, but let’s save the subject of rebranding for another blog. In this article, I will list the top tips for naming your startup.
Why is a company’s name important?
Your startup’s name is so important that it even changes your company culture, which is the glue that holds your startup’s various brands and products together. Once you decide on a name, it will be associated with your brand. With every new product you launch or partnership that you sign, people will start calling you by the name associated with the startup. It is vital to pick a name that makes you excited and inspires you to go big or go home! Let’s take a look at how you can get started.
Consider Your Startup’s Purpose and Philosophy
A proper startup name should reflect your startup’s purpose and philosophy. A successful name will give people an idea of who you are. How will your startup make an impact on the world and its people? How do you want your customers to feel after engaging with your brand? What do you want your competitors to think of you, and how will you counter those perceptions? Do you want to have a unique name that sets you apart from others in your industry? All these questions and more should form the basis for a good startup name.
Start with the value you create
Start by identifying the value your startup can provide. How much money will it make? How many customers are you going to attract? Are you going to solve a particular pain point or solve a common problem for others? How are you going to innovate or disrupt an existing industry? These aspirations will be an important deciding factor in your naming journey.
It’s essential to remember that founders are human beings with hopes and fears. So be sure to tap into these feelings in the naming process. The name can also help you when dealing with potential customers. It is crucial to think about how your product’s name will affect them positively and negatively.
When thinking of names, I usually start by thinking about the name’s potential impact. Your startup may be essential for some and necessary for others.
Choose a Memorable Name
With the rising popularity of the internet and technology, there is no shortage of startups around the world. As a matter of fact, over 14,000 new companies are launched every day on average. While it is always exciting to see this kind of growth, there is also a scary trend to consider. For instance, almost 20% of startups fail within the first two years of their existence. Every entrepreneur who wants to create a successful company needs to find an innovative way to reach an audience. You don’t need to be a tech expert to be able to do so. This is where the name can make a big difference.
Think of Facebook’s or Twitter’s success in comparison to FriendFeed or MySpace.