Nike. Apple. Bank of America. McDonald’s. Today, they’re legendary American businesses, serving millions or billions of people around the world. But that wasn’t always the case - at the beginning they were small and unknown, just like any new business.
As someone starting a business, you may or may not be aiming for the same level of success that these companies enjoy today, but you can learn something from their founders’ approach to naming them. In this article, we’ll suggest some tactics to figure out the right name for your business, before offering four different approaches to naming, one for each of those iconic American brands.
Initial Brainstorming
Coming up with a name for your business can feel intimidating. It’s a big decision, and one that, if your business does well, can even outlive you! So where do you start?
One way to get the ideas flowing is to sit down with a blank sheet of paper (or open up a document on your computer or phone) and start listing words and phrases that are related to the business you’re trying to start. These could be straightforward words (like “money”, “taxes”, “finance” for an accounting business) or more evocative words (like “trustworthy”, “steadfast”, or “accurate”). Include words that only industry insiders would know, especially if your business sells to other businesses. List out as many as you can think of - try to get several dozen.
Next, review the list and circle the ones that you’re attracted to in some way. Take those and copy them onto a new sheet of paper or document. Say the words aloud: fast, slow, loud, softly. Use them in sentences that you’ll use once you start your business (for example, “Hi, this is Jen from Steadfast Accounting”). Take notes on what sounds better and worse to you.
You may have already found a name that you love. If so, great! If not, don’t sweat it - put the list in your pocket and look at it from time to time, adding new words and phrases that come to mind.
Industry Research
It’s important to leave this step until after your initial brainstorming. After all, you don’t want to be overly influenced by the naming approaches of other business owners. But after you’ve got some idea of what you like and don’t like, it can be helpful to see how other companies in your area and in your industry are doing.
First, start locally. Are there other businesses like yours operating nearby? Record their names and try to figure out any common threads. Have you heard through the grapevine that one or two of them are doing particularly well? Their naming approach may play into that. You don’t have to copy their naming approach - in fact, it may make more sense to pivot in the opposite direction to make sure you stand out - but it’s good to be informed.
Second, start searching online. Search for other businesses like yours and write down any names that you love or hate. Also, think about your customer and what other products and services they use. Are there any commonalities to how those products or services are named?
Finally, do some more comprehensive research on businesses in your town and state to make sure there aren’t any businesses with the same name that you have in mind. You don’t want to be confused for someone else. The digital version of this is to search for domain names and social media handles: make sure that you’re able to claim that valuable digital real estate for the name you end up choosing, if those are likely to be important marketing channels for your business.
Next, we’ll dive into four approaches to naming based on four iconic American brands.
Bank of America: the “Obvious” naming approach
You know what Bank of America does - it’s there in the name. It can be hard to get anyone to care about your business in the very beginning, so sometimes it makes sense to make it extremely obvious what you do. “The Coffee Shop”, or “Ohio Digital Marketing Services”, it can make sense to take this straightforward approach to naming.
One potential drawback here: unless your “obvious” approach is very specific, it’s unlikely that you’ll be able to get the domain name or social media handles that you have in mind.
McDonald’s: the “Family” naming approach
Another approach to naming is to use your own name (or your family’s name) for your business. Ray Kroc, the founder of McDonald’s, purchased the rights to the McDonald’s name and service from the McDonald brothers who opened up the first location of the hamburger chain. A family name can signal dependability and steadfastness: you’re putting your name behind the product or service that you’re offering. This approach can work particularly well if you’re well known in your community, since people may feel better about buying from you.
One thing to consider before going this route: all business owners’ identities become tied to their businesses to some extent, but this approach makes that connection explicit. What happens if your business fails or if you decide to sell your business to someone not in your family? It’s something to think about before choosing this approach.
Nike: the “Aspirational” naming approach
Phil Knight, the founder of Nike, didn’t originally like the name very much, or so the story goes. It was weird and hard to pronounce. But it did have one important thing going for it: Nike is the Greek goddess of victory. And for a shoe company that wanted the best athletes in the world to wear its products, a name that evokes gods, goddesses, and victory is right on the money.
Think about what your customers aspire to or admire. Is there a way to incorporate that into your business’ name?
A word of caution here: if you’re designing an aspirational business brand, you have to deliver a high level of product quality. The dissonance between an aspirational name and a mediocre product can end up being detrimental to your business’ reputation.
Apple: the “I liked it” naming approach
Believe it or not, Steve Jobs named the now-ubiquitous company Apple for one simple reason: he liked the fruit. While it sounds silly (what’s the connection between a computer and a Red Delicious?), something about it has clearly worked - though that’s probably due more to the company’s product innovation, smart operations, and overall marketing prowess than the name itself.
Still, there’s a clear lesson here: you’re going to have to live with the name of your business for a long time. Make sure it’s something you enjoy saying, writing, and being associated with!
Choosing the right approach
Any of these four paths, or a different one altogether, could be the right way for you to go in naming your new business. Test them all out and see what sounds best to you. Good luck!
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