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If you’re building a startup, you may know that the very nature of startups means you’ll face many challenges right from the start. These challenges include identifying the right audience and developing a solid marketing strategy that engages their audience, thereby building a loyal customer base. And to do this successfully, you need to create a strong brand.
Even startups with great products still find it difficult to break into the market and gain market share if they haven’t been able to successfully build a strong brand. This is the essence of any business and one of the most important challenges that you as a founder must take on.
Branding starts with choosing a name. A business name should communicate to the public the type of product or service you are offering and increase your visibility.
Unfortunately, many businesses make the mistake of choosing names that do nothing to reinforce their brand. Don’t be one of them. A good brand name should be unique, easy to remember and evoke some kind of emotion in your target customers. If you don’t build a lasting and memorable brand for your business, your brand identity will risk being swallowed up by the competition.
Related: 5 Common Challenges Entrepreneurs Face When Creating a Brand Name
How to choose a brand name
Your startup can’t start without a name. But building a good brand name can take time. There are two optimal options when it comes to naming your business: either you can come up with a name yourself, or you can use a business name marketplace, such as BrandBucket.
So the first option is to come up with a name for your business yourself. This can be a great option if you have a specific idea in mind. Here are some tips for creating a good brand name:
Unleash the power of storytelling
Storytelling is a powerful tool. A story describes experiences, places and events that people can relate to. Your personal story is closely related to your business. Think about your journey so far and why you decided to start the business.
Many businesses now use names based on history. For example, Robinhood, a financial services company named after the legendary Robin Hood story. The company focuses on fair distribution of wealth through commission-free investing.
There are other names you can choose that will tell your brand story by just mentioning the brand name. Another good example is the e-commerce giant, Amazon. Jeff Bezos wanted a name that started with the first letter of the alphabet. He also knew that the Amazon River is the longest and widest river in the world. And since he was trying to build what would become the world’s largest bookstore, he chose the name.
With such a compelling story, it’s no surprise to see how the Amazon brand name ended up becoming so powerful. So when choosing your brand name, try starting with a story. If you’re lucky enough to find a brand name that includes your story, you’ll be sure to stand out from the competition.
Related: 8 Mistakes to Avoid When Naming Your Business
Think of keywords that capture your values
Your values are your promises to your customers. They should create an emotion or a feeling in them. After telling your story, identify keywords that stand out. Make a list of words that come to mind.
Examples of business values are:
Go ahead and brainstorm with your team to find potential names that align with your values.
Verify the availability of your business name
You may be wondering why your domain name should match your business name. Simply put, it makes it easier for people to find you online when they search for your company. However, once you choose a business name, you will often find that the domain name is already taken. Then you have to go through the hit or miss process of finding the domain owner and reaching out. And if the owner agrees to sell, the price is usually outrageous. Additionally, startups often cannot afford the services of a professional agency to obtain a brand name that can come with a matching domain name.
Related: How to choose a name for your company
Brand name markets
The second option is to use a brand name market. This option is becoming increasingly popular with startups because it is a quick and easy way to find an available business name with a matching domain name.
Thinking of a business name and checking its availability can be a difficult and time-consuming task. Most startup founders need to find a name first, then go online to check if the domain name of the chosen name is still available or not. And if it isn’t, they have to contact the owner of the domain name, and many times, they face outrageous prices if the owner agrees to sell. If the owner does not want to sell, they have to repeat the process again, and this ends up dragging the business process. Thankfully, things have changed and you no longer have to spend all day brainstorming with your team about a business name.
There are tons of businesses that offer business name generation services for startups, but only a few that offer fully formed brands, complete with a logo and a matching domain. One of the pioneers in this industry is BrandBucket, founded by Margot Bushnaq.
As a startup founder herself, she saw that while every startup needed a brand name and a corresponding domain name, there was no simple process for acquiring them. This need led him to start BrandBucket in 2007 with the vision of becoming every startup’s first choice for brand names. BrandBucket is now the largest database of premium business domain names in existence.
Bushnaq believes that startups should be able to access affordable services that allow them to search and buy business names by industry or style and equally automatically receive full rights to the corresponding domain name “.com”. More than that, it aimed to save founders time. “Time is the most precious commodity for a startup founder. They should focus on their business and not waste time brainstorming or searching for available domain names,” she says.
“The goal is to make the process of naming a startup as simple and efficient as possible, so that the founders can focus on building their business, not on the idea of names,” says Bushnaq. “We want to help founders launch their business as quickly and easily as possible. With this solution, all a startup founder needs to do is go to BrandBucket.com and start browsing through industry-specific lists of available brand names, each with a matching “.com.”
BrandBucket has a global customer base and has helped entrepreneurs in over 180 countries find the perfect brand name for their business. The website features more than 100,000 hand-selected premium business names available for purchase, with new names added daily.
Using the tips above, you should have a solid idea of how to choose an effective brand name. And armed with the right tools, getting a suitable brand name with an accompanying domain name will no longer be one of the headaches a new startup has to face.