How To Generate A Great Company Name

Passion, vigour, and courage. That is what it takes to launch a new company. You have got a wonderful company concept, you have begun writing a business plan, and you are identified a prospective client base. You are almost ready to take the plunge. The only thing that is lacking is a fantastic name.

A good business name should reflect your brand's essence. It needs to be memorable. It should serve as a reminder to your workers as to why you are doing what you are doing. You could spend thousands of dollars on naming agencies to come up with a name that is fresh, on-trend, industry-relevant, memorable, and untrademarked. But, since you are just starting out and have other things on your mind, instead of paying someone to name your company, try coming up with a name of your own.

What Is A Company Name?

What's in a name? If you are in business, your company name is most likely one of your most important assets. A good name establishes a strong identity and accurately describes the type of business you are doing. As a business grows, it is fairly uncommon for it to go through one or more name changes. Name changes might signal a shift in your company's emphasis or a shift in the market.

When Philip Knight first started in the footwear industry, his athletic shoe firm was called Blue Ribbon Sports, and its principal business was a U.S. distributor for Japan-based Onitsuka Tiger. Later, Knight decided to launch his own shoe line, which he called after the Greek goddess of victory; the company later became Nike Inc.

When you expand into new markets and run into difficulties with the names of other companies in the area, you may need to change your name. Pierre Omidyar, the founder of eBay, originally named his online auction site Auction Web. Later, in an attempt to come up with a catchier name, he chose Echo Bay. However, when he went to register the name for his website, he discovered that echobay.com had already been used. From a list of potential URLs that were comparable to Echo Bay, Omidyar chose eBay.

Choosing a name for a corporation can be the first step toward creating a new brand and image for the organization. It will be the public's initial impression of your expanding business. Because many of the best names have already been trademarked, coming up with a suitable business name is more challenging than ever. However, with rising advertising expenditures and competition, a good name is essential for establishing a memorable brand image.

Why Is Company Name Is Just as Important As It's Function

Nobody intends to construct a structure on unsteady ground. But if you do not give your company the ideal name, that is exactly what you will be doing. The following are a few reasons why you should pay close attention to the naming procedure.

It Is The First Thing That Customers Notice When They Enter Your Store.

Your company's name is critical to its success. There are no other assets that have a greater impact on operations. What you are named will be the first thing everyone learns about you. You can communicate both online and offline. Your company's name will appear in the headlines of your adverts. To check out your internet presence, potential customers must enter your domain name. People's first impression of you is determined by your name, and you only get one chance to make a good first impression.

It Encapsulates Everything About Your Company.

The ideal company name reveals everything about its founder. Your namesake may tell them everything they need to know about you, your products, and your organization in just a few words. It can also persuade them that you are the right firm for them.

It Is Your One-Of-A-Kind Position In Your Field.

You will have competitors unless you are an arch-innovator who created your own niche. They are those troublesome competitors who have their sights set on your target market as well. Your name is a declaration of intent and the first step toward carving out a distinct niche in your field. The finest company names help firms stand out in a crowded market. In every industry, they represent trust, authority, and knowledge. In a few short words, they tell customers to anticipate world-class customer service.

The video below will be talking on ways to create a creative business name.

Steps To Naming Your Business

The name of your new company is one of the most essential factors that will determine whether or not your project succeeds. While having a strong business name has always been significant, it is perhaps even more so in today's Internet-connected world. Your selected web address is more than just a domain name; it's a near-permanent mark that will emotionally characterise your product or business to potential strategic partners, investors, and customers.

Do A Basic Market Research

Investing the effort to discover which name would evoke the desired response from your target audience can assist you in making your decision. Market research is time-consuming and pricey, but it is worth it. To get started, here are some things to think about.

  • Where do they go on the interenet?
  • What kind of social interactions do they have?
  • What makes them tick?
  • What are the likes and dislikes of the group? You can track social media activity using Twitter and Google+ hashtag searches and perform direct surveys to learn more about how they think, act and feel.
  • How do they react to comparable domain names that already exist? Take note of your industry's leaders and the domain names they utilise.
  • Organize a focus group. Make a list of present and potential customers, workers, and industry contacts. This can be done in person or on the internet.
  • Inquire about their favourite industry-specific domain names and why they enjoy them.
  • Ask them if they have any suggestions for your name without directing their response.
  • Take note of what they've said and think about it.

Is It Better To Go With A Generic Or A Brandable Domain?

A generic domain name, such as Cars.com, uses an industry phrase or keyword, but a brandable domain name, such as "Google.com," uses a unique word that is not widely found in English and does not have a specific meaning. It takes more time and resources to fully build a brandable domain name. To give the term meaning, you'll need to devote resources to a comprehensive marketing plan.

A branded domain name, on the other hand, is quite strong once it has been established. I can't emphasise this enough: even if you choose a brandable domain, don't pick anything that's difficult to spell or remember. It's easier to brand generic domain names at first. They mention your company to a potential customer right away. Having a domain name that matches a search query might also help you rank higher in search engines.

When it comes to your unique scenario, both brandable and generic names may have advantages and disadvantages. Before determining which path to choose, think about the comparisons.

Use The Competitors In Your Industry As A Benchmark

You should be aware of business names in your field before settling on a domain name. Existing trademarks for various terms and keywords should be considered. Registration of an established trademark's domain name may result in confiscation and possible legal action. Besides that think, is your potential name similar to a competitor's name (without infringing on a trademark)? Is this a good or negative thing? This can drive growth if done wisely and tastefully?

Consider using a well-known brand's name elements. You can take some of the qualities of well-known brands and apply them to your domain to convey comparable feelings. The characteristic from numerous Apple branded goods, including as the iPhone and iPad, is used by iAquire.com. As a result, some customers may quickly identify the iAcquire name with techiness and great product quality, as they do with the iPad.

Examine Your Business Strategy And Model

Your future growth and marketing initiatives will be effortlessly integrated with an optimal business domain name. It will also serve as an example of your company's business model and mission statement. Consider your product line's or service's unique selling proposition (USP).

What domain name best expresses your unique selling proposition? Will someone who has no understanding what you offer see your domain name and get a rough picture of what makes your business unique? What marketing efforts do you have in mind for the future? What role will a potential name play in those initiatives? Logos, your website, social media campaigns, and any printed materials must all be considered.

Obtain A Domain

While you may be in a hurry to get a domain name, take the time to think about each of the considerations listed above. It's time to make your purchase after you've come up with a few name suggestions. You might be able to simply register the name if you're lucky. However, you will very certainly need to purchase a domain that has already been registered.

Rules To Follow While Creating A Company Name

Unlike registering for a website domain name, where there are fewer restrictions as long as the name is available on domain registrars when naming your company, you should follow the company naming guidelines published by the Companies Commissions of Malaysia (SSM) to increase the likelihood of company name approval during the company incorporation process. Even if your company name was authorised, the SSM has the authority to order that it be changed if they consider the name should not have been registered in the first place. These are the ten rules to keep in mind while choosing a name for your business.

The Business Name Must Not Already Be In Use

When the SSM officials evaluate your company name, one of the first things they look for is if the name already exists or has been reserved. Aside from hiring a company secretary to do the research for you, another simple option is to use the MYDATA portal or the SSM e-Info portal to look up company names. If the company name has already been used by another company, it will appear on the list.

The Company Name Cannot Be The Same As That Of Another Existing Business Entity.

While it is obvious that no two businesses should have the same name, a name that is nearly identical to yours should be avoided as well, especially if the other firm is in the same industry as you. The SSM considers the following factors when assessing whether a company name is identical to another:

  • With or without 'The' as the first word in the business name. The ABC Sdn Bhd, for example, is believed to be the same as ABC Sdn Bhd.
  • The plural form of the company's name. Apple Sdn Bhd, for example, is considered the same as Apples Sdn Bhd.
  • Letter and Punctuation marks are separated by a certain amount of space. All of the company's single letters will be combined into a single word. A-B C Sdn Bhd, for example, is the same as A B C Sdn Bhd and ABC Sdn Bhd.
  • The symbol '&' is thought to be synonymous with the word 'and.' A&B Sdn Bhd, for example, is considered the same as A and B Sdn Bhd.
  • Synonyms. ABC Development, for example, will be treated the same as ABC Building and ABC Renovation.
  • Stem words have the same meaning as their root terms. ABC Development and ABC Developing, for example, are synonyms for ABC Develop.
  • Direct translation. Merah Biru, for example, is the Indonesian equivalent of Red Blue.

There Cannot Be Words In The Company Name That Have The Same Meaning As The Word "Company"

Words that have a similar meaning as the word 'company' cannot be used in your company name because the term 'Sdn Bhd' will be automatically appended to the rear. Some instances are as follows:

  • Sendirian Sdn
  • Company
  • And Company
  • Corporation
  • Co

The Name Of The Business Might Be Written In English, Bahasa, Or Even A Foreign Language

It's best to avoid using single words that are overly broad, such as 'technology' or 'computer.' In your company name, you can use words from several languages. If your company name includes terms from other languages, you should explain what they signify and how they connect to your firm. In addition, to support your application, you should offer a link to an online dictionary that explains the meaning of the words. Similarly, made-up names that do not appear in the dictionary should be explained.

The Name Of The Corporation Can Be Made Up OF The Names Of The Directors

In your company name, you can use the names of the directors listed on the company incorporation form. If other people linked to the directors' names are to be used, proof of relationship must be provided along with a consent letter.

The Use Of Specific Symbols In The Company Name Is Possible

Symbols are acceptable as long as they are utilised correctly. These are the characters that can be used in the company name.

  • And, &. For Example, A & B Sdn Bhd
  • Full Stop, . For Example, A. B. Sdn Bhd
  • Hyphen, -. For Example, A-B Sdn Bhd
  • Apostrophe, '. For Example, A' B Sdn. Bhd

The Company Name Must Not Be An Abbreviation That Is Confusing

While the use of acronyms in your company name is permitted if an explanation of the acronyms is provided, acronyms that can be confused with the following names should be avoided:

  • Name of Colleges And Universities. UiTM, UTM, UM, UKM, UPM, UUM, USM, UIA, UNIMAS, UMS, UIAM, UPSI, UMT, UMP, UTEM, UNIMAP, UTHM, and other examples.
  • Name of Federal and State Government Agencies, as well as Government-Owned Business (GLC). SSM, CCM, JKR, JPA, JPM, BNM, KPDNKK, SEDC, PKEN, SIRIM, TNB, PNB, FELDA, FELCRA, PETRONAS, SKM, MYCC, MIDA, KWSP, LHDN, PERKESO, MARDI, RISDA, and other examples.

There Must Be No Profane Terms In The Company Name

Words that reflect religious components, are considered objectionable to the public, or are blasphemous are not permitted in your company name.

There Must Be No Words From The Gazette In The Name

Certain words have been gazetted and cannot be used unless a letter of authorization from the appropriate authorities or ministries has been received. These are some of the several types of gazette words:

  • Words that imply a relationship to members of the Royal Family or Patronage from the Royal Family. Royal, King, Queen, Prince, Princess, Crown, Regent, Imperial, and so on.
  • Words that imply a relationship to a federal or state government department, agency, or local government. For Instance, Federal, State, And National Governments.
  • Words that imply a link to a foreign govenement or an international organization. For example, ASEAN, UNESCO, NATA, EEC, OPEC, etc.

The Company Name Must Not Contain Any Restricted Words Because Of National And Public Interest

For the sake of national and public interest, there are some words that should not be used. Controlled terms include the following:

  • The Trade Mark Registration Act allows famous established names to be resistered. Astro, DIGI, Berjaya, HICOM, Petronas, Telekom and so on.
  • Words that imply a link to behaviours such as gambling, drinking, or smoking. Sweepstakes Lottery, Liquor, Vape, and so forth.
  • Words that suggest a link to govenment rhetoric. Vision 2020, Malaysia Boleh, 1Malaysia, and so on.

Words That Imply Connections With Activities Regulated By Laws, Governmental Agencies, Or Professional Bodies Must Be Avoided In The Firm Name

Words in your company name that imply connections to regulated activities under Malaysian legislation are forbidden. You can, however, get written consent from relevant government agencies and professional groups for the SSM to be considered. Here are some rules and regulations with word usage examples:

  • Banking And Financial Institutions Act 1989. For example, bank, finance, money broker, financial, leasing, credit and so on
  • Securities Industry Act 1983. For instance, stock exchanges, stock markets, and securities trading markets are all examples of financial markets.
  • Futures Trading Industry Act 1993. For example, futures exchange, futures broker, trading adviser, and so on.
  • Insurance Act 1963. For example, insurance, assurance, underwritting, and so on.
  • Money-Changing Act 1998. For example, money changers, foreign exchange, and so on.
  • Valuers, Appraisers And Estate Agents ACt 1981. For example, a real estate agent, a house agent, a property agent, a real estate broker, and so on
  • Takaful Act 1984. For example takaful and so on
  • Accountant Act 1967. For example, taxation, tax accounting, auditor, tax consultant, etc.
  • Medicine (Advertisement and Sale) Act 1956. For example, private clinic, private medical laboratory, alternative medicines, traditional herbs, tabib, hair loss, homeopathy, etc.
  • Any other laws being notified to the Registrar of Companies from time to time.

Differences Between Brand Name And Company Name

When launching a firm, many decisions must be made, some of which must be made before and after the start of operations. Choosing a brand name is one of the most crucial considerations. While many individuals may not be able to tell the difference between a brand and a company name, they are distinct in several respects.

Brand Name Company Name
Is a name for a company's products and services that conjures up favourable images and feelings in the consumer's mind.Is a trademark, logo, colour, sound, or slogan that uniquely identifies a corporation and its services or products.
Has no legal protection from being used by other companiesHas legal protection against it being used by other companies
Not all brands are trademarksAll trademarks are brands

On A Final Note

The name you choose for your company may make or kill it. Begin by determining what you want your name to convey. Your company name should reinforce the core characteristics of your firm to be most effective. The first and most significant step in naming your company is to figure out what you want to do. Is it necessary for your name to be meaningful? Yes, according to the majority of experts.

The less work you have to expend to explain your name to customers, the better. If you plan to stay in a restricted niche for the rest of your life, certain names make sense. If you plan to grow or expand, however, you should choose a name that is broad enough to support your expansion. How can a name be meaningful while also being broad? Descriptive names reveal specific information about a company, such as what it does and where it is located.

Reference

What Is A Company Name?

Why Is Company Name Is Just as Important As It's Function

Steps To Naming Your Business

Rules To Follow While Creating A Company Name

Difference Between Brand Name and Company Name

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Written by Cherylle Phua

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