2013
08.08

Coining a Business Name

While choosing new business names can be tricky, finding one that is attention grabbing yet not treading on the toes of existing organizations is even more difficult, there is a relatively easy solution to this and that is to create your own business name.  Creating or coining business names isn’t popular with everyone and though it can have its own pitfalls, it does have many distinct advantages too.

 

Business names that are descriptive sounding are often more popular amongst small organizations whose lack of budget mean that their name has to instantly tell the message of what it is they are doing.  This is especially so in traditional industries.  However for new businesses and particularly design and tech firms, coining a name might be a good way to come up with a unique identity.

 

Making up a word when you are naming your business instantly establishes your company as a new brand.  Some famous web corporations including Youtube, Google and Ebay have coined words as their business names and these names simply did not exist before these companies came into existence.  Their distinctiveness means that they are very easy for customers to remember.  The trick for new start-up businesses is to make sure that when customers have a requirement, they think of your coined name as their solution.

 

Advantages to coining a name

 

A great advantage of coining a name is that it gives your company a lot of flexibility over future business direction.  Should you choose a name of “Sarah’s Flower Shop” then this is fine if you only sell flowers but what happens in two years’ time if you want to start selling glasshouses or fresh farmed produce then you may find that the business name is inappropriate or incorrect for your new product lines. However a coined name such as “Greenfingers” is much more flexible.

 

Another advantage of coining a name is that there are fewer issues with trademarks and unnecessary litigation.  If you have just coined a new word as your business name, it is highly unlikely that anyone else has already trademarked it.

 

There are no right or wrong answers when deciding whether you should go for a descriptive name or a coined name.  Try setting up naming contests to find both today and choose the one that sounds best. Both options can be a great choice depending on your business plan and industry.  However if can forward plan and have a flexible business attitude then when you’re naming a business, coining your new business name might just be the right choice for you!

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