You've made the decision to go into business for yourself. The first obstacle you will run into is choosing a good business name! There are choices to be made and there is no single, correct solution. A business name is an individual decision and one that you should spend some time on.

Using personal names

Naming your business after yourself is relatively easy to do. Some say it adds credibility to your business. It could be your full name, first name or surname. Using all or some of your initials is also fairly common. The business may be a partnership of two or more people, which provides more possibilities.

Examples of companies named after people:

* RM Williams
* George Patterson
* McDonalds

As with brandable business names, a problem with using a person's name is that it is not immediately apparent what products and services your company offers.

Descriptive business names
Generic, descriptive names make it easy for potential customers to work out what product or service your business provides. Examples of descriptive business names:

* International Business Machines (IBM)
* Kentucky Fried Chicken (now KFC)

Descriptive names run a slight risk of not being able to 'stand out from the crowd', although the examples above didn't seem to have any trouble in making their mark!

A combination of descriptive terms and personal names is also fairly common (we used this approach). It allows you to add a personal touch but also to include your products or services in your business name.

Examples of combined business names:

* Ford Motor Company (Henry Ford)
* Dell Computers (Michael Dell)
* Dunlop Tires (John Dunlop)

Any company name can become a brand; simple, 'nonsense' words are probably the easiest to brand though, especially if they are easy to remember.

Examples of brandable business names:

* Amazon
* Google
* Microsoft

Brandable names have popular appeal—would Google have enjoyed the same rise to popularity if it was called 'The Search Engine Company'? The biggest problem with 'nonsense' names like these is educating your potential customer as to what services you actually provide. Remember that building a brand takes time and usually requires significant resources (i.e. money).

It is wise to check the available domain names before choosing a business name. Good domain names are harder and harder to find, so it pays to make sure the domain name you want is available before choosing your business name. Choosing a domain name is an important part of setting up your business, so take some time to research it and select wisely.

Be careful using a specific location in your business name. If you move across town or across the country your name may become a problem. The same applies to the products or services you provide—there is a chance these may change in the future, so try not to be too specific what you include in your business name.

As part of the naming process, try searching Google for your potential business name (put it inside double quote marks when searching). See if there are any other businesses with the same name, particularly in the same country or local area.

There are many options for your business name. Brainstorm potential names by writing out a list of all the possible choices. Eventually, the right name for your business will become obvious. Register the name with your local or national business authorities and you are on your way!