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Picking the right brand name can have a huge impact on your business. In this article, our friends over at Find My Workspace discuss how you can pick the best brand name to set your business up for success.

So you finally made the decision to turn that brilliant idea into a legitimate business—congratulations! There are likely many to-dos on your mind right now including how to market your product, how to determine who your target market is, and how much capital you need to establish the business. 

Of course, all of these are important parts of your business plan, but have you already settled the most basic element of your brand?

Yes, you need a name—and if you're having difficulty coming up with one, that's perfectly normal.

Related: Brand building 101—8 steps to building a brand that lasts

Giving your brand the right name is much like naming your own child. It has to be unique, but at the same time, it should be simple and memorable for people outside the family.

A good brand name gives your business distinction—it sets you apart from all other businesses that have a similar product or service to yours. Here are 5 tips to come up with a good one.

1. Gather ideas and brainstorm with your partners to form a list of possible names

Before anything else, it's best to convene with your business partners about the name of your brand. Together you can throw in ideas, words and phrases that might eventually form your brand name.

The trick is to come up with as many names as possible, list them all down, and slowly tick away the bad ones until you are left with the best candidates. As you do so, take note of the additional tips listed below.

2. Use clear, descriptive, easy-to-remember words

Sure, you want customers to remember your name easily, but that doesn't mean you should use any weird word to gain attention. It's important to make sure your brand name won't send mixed messages—or the wrong message altogether.

Instead, use words that can be easily connected to your product or service, the mission your company stands for, and what customers can expect from your brand.

3. Make sure it's unique

The last issue you want to face is a trademark suit, so before setting your heart on a brand name, do some research to see whether other brands are already using it.

In the event that you get an exact match, there might still be some wiggle room. For example, is the business in the same industry or location? Even if it isn't, we still recommended tweaking your brand name (adding initials or locality, for example) to avoid confusion.

4. Skip the buzz words

Using trendy new words in your brand name is one way to make it memorable. It's especially helpful in garnering attention and interest from a younger target market. The problem with building your identity on a trend is that it's simply that—a trend.

As we all know, trends come and go, so it doesn't always make sense for the long term. What makes sense for millennials today might not make sense for the younger generation tomorrow, so it's possible for your brand to lose relevance. Try to pick names that you can define and that will stand the test of time—and save the trendy lingo for timely marketing campaigns instead.

5. Make sure the name can be carried over to your logo, slogans & taglines

Brand consistency is critical to growth, and it all starts with your brand name. The name should look and sound great alongside the rest of your branding: logos, taglines, slogans, etc.

To put these tips into perspective, you can take inspiration from the following successful brands and their taglines:

1. Apple: Think different.

Before it became synonymous with a world-class company, 'Apple' didn't sound like much of a tech name. The reasoning behind this choice used to be a mystery, as this article shows. Despite sharing its name with a fruit, Apple successfully entrenched itself in the digital technology industry. And the slogan "Think different" reflects what Apple stands for: an innovative tech company that differentiates itself from other brands in every way—including its unorthodox brand name.

2. Dollar Shave Club: Shave time. Shave money.

Dollar Shave Club is a subscription service that delivers razors and other grooming products to its customers every month, with a membership fee that starts at $1.

Notice how the brand name fully incorporates the business's value proposition. Rather than trying to be overly clever, the name is simple and straight to the point. It doesn't shy away from its core benefit: price. Add to that the witty slogan which reinforces the value prop, and you've got some very strong branding on your hands.

3. MasterCard: There are some things money can't buy. For everything else, there's MasterCard.

MasterCard is a compound word that brings two images to mind: a debit/credit card and a master key. Much like how a master key can help you open any door, MasterCard can help you pay for any purchase. The accompanying slogan does a great job of making MasterCard synonymous with money, driving home its utility as a universally accepted form of payment.

Now it's your turn to make a brand name for yourself. We hope these tips will help you build it brilliantly.

Extra credit: Learn more about the 10 assets you need to effectively manage your brand online in our free ebook.

Brand Management 101: Managing Your Brand in the Cloud

Author Bio

Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She's worked with several clients across different industries such as advertising, online marketing, technology & more. She's also an aspiring entrepreneur who assists other entrepreneurs in finding the best office space for their business. Check out her company here: Find My Workspace