There are many factors to consider when creating a name for your business.  Consider the following when creating a name for your business.

Growth:

Are you planning on growing the company in the future.  Hopefully the answer is yes.  If that is the case don't chose a name that will force you to change the name in the future to accomodate growth.  Think of all the time and resources that you will spend on marketing and branding your name.  If you have to change the name then you have to start all over again.  So stay away from names with the street name, city name or state names in them.  If your business expands beyond those limits you may have difficulty reaching customers beyond those zones.  New York Pizza does not sell well in Chicago.

Geographic Location:

Where will the business be located.  The reason that some businesses are successful is because of their geographic location and the fact that they sell in a limited geographic area.  Even though you may be tempted to use geographic references in your business name because you don't intend to grow outside the geographic area don't use geographic references in the business name.  You don't know for sure if your business will grow beyond that area.  If you use a geographic reference such as northwest or northeast (for example, Northwest Mutual Life) can anyone looking at the name know right away if it is referring to northwest or northeast of the state or the country.    

Personal Names:

Personal names seems to be a favorite for many people.  The drawback to that is that it could deter others who may want to buy the business.  Unless you plan on stay with the business and keeping in the family don't use personal names.  Also, personal names don't convey what the business is.  A name such as Peterson LLC don't tell you what the business is about. 

Type of Business:

Consider the type of business that you're in.  What type of products and services will you be offering?  If you're in the ice cream business you may want to consider something that conveys flavorful and delicious ice cream.  If you're in the pizza business consider a name that will depict tasty pizza with fresh ingredients.  If you're in the construction business you want a name that conveys quality and professionalism.  Every type of business can be associated with a positive image that depicts what they're about.   So, consider the type of business you're in and identify what that positive image is that clearly define what your business is about.

Translation Into Other Languages:

How well will the name you've chosen translate into different languages.  Certain words in english can be offensive when translated to other languages.  When you decide on a name be sure to run it through a language translator.  Also, consider using a name that can convey the same meaning in different languages, especially if your business will be targeting people of different languages.  Use tools such as:

- Google Translate
- SDL Free Translation
- Translator
- Bing Translator

Your Demographic:

Who will your business serve primarily?  Are they of a specific ethnicity, nationality, age group, sex, etc.  Define your demographic and ask yourself what name would resonate best with that demographic.  Would African Americans respond positively to an Italian sounding name for your business?  Would men respond positively to a business with a feminine sounding name?  If your business will primarily serve a specific demographic give consideration to how that name will be received by that group. 

Where Does It Appear Alphabetically:

Where would your name appear if it is listed alphabetically in a directory such as the Yellow Pages or White Pages or in an online directory.  If the name starts with "Z" instead of "A" it will appear at the bottom instead of at the top of any listing.  Most people that go to a directory to find a business will not start at the bottom nor do they ever get to the bottom of the list.  Something to consider.

Marketing:

How will you market the business.  Your business name spelling, pronounciation and the image it portrays plays a key role in the marketing process.  The questions you need to ask your self are:  How will it fit into your marketing slogan?  How will it be presented on products?  How will it look on your business cards, brochure, flyers, letterhead, etc.?  Is it catchy? Can it be easily memorized? Can it stand out from names of other companies in the same business and yet project an image of your business that is easily recognizable?

Pronounciation:

How easy is it to pronounce?  Your business name should be easy for anyone to pronounce.  The easier it is to pronounce the easier it is to remember. 

New Concept (use new, made up words):

Business names can be made up of a combination of words or letters that creates a new word.  You can make up your own words and give them your own meaning. 

A Take On Existing Words:

You can take an existing word and add a new twist to it.  For example, "Apple" could become "Snapple". 

Research The Trademark:

Always remember to research the trademark on any name before you start using it.  There is no point in setting yourself up for legal trouble later on if a name is already a registered trademark by someone else.

Research The Web:

After you've narrowed your list of names do a quick research on the web to see who might be using those names already.  You also want to find out if the domain name is already taken.  It is important that your domain name reflect your business name.  Learn more about domain names.

Research State Databases:

You also need to check with the states' databases to ensure that the name is not taken by someone else.  States maintain a database of all the businesses that register with them.  You can find out if a name is already taken by checking with them.

Simplicity:

Keep your business name simple.  Don't make it complicated.  Don't make it sound like some other big name company in order to gain some attention by feeding off a popular name.   

Meaningful:

The name should be meaningful.  It should tell the audience what you're selling.  The less meaningfull it is the more work you will have to do to brand the name to tell the audience what you're selling.  Consider Home Depot, Office Depot, Staples.  Right away you can tell what those names sell.  But on the other hand the names Target, and COSCO does not tell you right away what they're selling.  You know what they're selling because you've been exposed to their branding.

Test The Name:

Before you decide on the final name, test the name with friends, and family members.  You want to check to see if the pronounciation and the image that the name projects comes across to others as it does to you.