How to Use Your Business Plan to Create an Awesome Company Name | Bplans (2023)

How to Use Your Business Plan to Create an Awesome Company Name | Bplans (1)Everyone knows that a business name is important. It is the single most used aspect of your future brand. Ideally, yours will be mentioned by reporters, shared by referrals, and hopefully remembered by customers when the need for your solution arises.

A great name like PayPal can introduce your company, hinting at what makes it unique and interesting. PayPal is a payment solution with an upbeat brand and uniquely easy user experience—their name brilliantly captures this value proposition.

An intriguing name like Uber can help build buzz, causing people to wonder, “What is that?” An emotive name like SalesForce can resonate deeply with potential customers, lending a sense of authority.

How to Use Your Business Plan to Create an Awesome Company Name | Bplans (2)

Naming is often one of the first business activities where the rubber meets the road—where an idea becomes a reality.

While there are many thoughts on what makes a great name (easy to say, short, euphonious, phonetic, memorable), the insights that the team at Squadhelp and I have gained from nearly 10,000 naming projects point to a deeper principle than some of the simpler, surface-level guidelines.

We have discovered that a great name evolves from an excellent business plan. A company that has gone through the process of defining their business by writing a business plan generally has a greater sense of self-awareness than a company that hasn’t.

(Video) 50 Business Naming Tips to Create a Great Brand Name

Many naming projects start with the thought, “I don’t want to limit creativity. Let’s just see what we can come up with.” While in the end a creative, short, pleasing name is always a good thing, I often find myself asking the leaders of new ventures to look back to their executive summary to find a value proposition (also known as a unique selling proposition) from which to build a foundation for their naming project.

Why do we exist? How are we different? How will we position ourselves in the marketplace? Why will our target market care? It is only when we look back at these critical questions that we begin to develop the insights we need to create a great name.

Using the business plan as a statement of a company’s identity, we can start making decisions about some deeper qualities of a name, such as: “I’d like a playful name (e.g. MailChimp or Squatty Potty) that will immediately connect with my audience and allow us to showcase our upbeat and fun brand experience”; or, “I need an elegant and classy name (such as Blackstone Labs, which currently sits at #26 on the Inc 5000 list) that will allow us to fit into the existing industry and command respect.”

How to Use Your Business Plan to Create an Awesome Company Name | Bplans (3)

What we can learn from Apple’s name

I’ve read many articles and posts in entrepreneurial communities that express the sentiment, “If Apple can win with such a poor name, why am I trying so hard to create an excellent name for myself?”

Contrary to this common sentiment, Apple is an incredible name when analyzed against the company plan. While it is not as enticing, clever, or fun as a name like Moody Mango (marketing agency), Love Bites (chocolate brand), or Naked Bun (burger restaurant), which were created by the Squadhelp community, Apple is still extremely smart and productive.

Entering into a market dominated by IBM, Burroughs, DEC, HP, and MassComp, Apple easily stood out—an organic fruit that virtually that everyone has experienced. The name foreshadowed their famous 1984 anti-corporate ad, and it still works today as they continue to be one of the most lively and people-focused companies around.

To further understand this deeper principle which is at work in great names, let’s look at the IT company Dream Hatcher. If we believe that a great name should simply be easy to say, phonetic, memorable, evocative, and so on, then this name should work for almost all IT companies, right?

(Video) How to Write a Business Plan - Entrepreneurship 101

But, certainly, there are many people reading this article (even some who own IT companies) saying, “I wouldn’t use that name.” That’s excellent! The truth is, even after following all the best checklists and naming advice available, the critical ingredient for developing an outstanding name is its ability to help you execute your business plan.

As the rubber meets the road and you begin to move out of the idea and planning stages of your business, you will need to create a name that will represent all of the qualities that your business plan outlines. To help you make some tough decisions, here are the guidelines we use in our crowdsourced naming projects.

How to Use Your Business Plan to Create an Awesome Company Name | Bplans (4)

5 approaches to choosing a business name

1. Stick with the classics

When your business plan requires you to fit into an industry, work with government agencies, or align with contextually driven or cultural norms, a classic name might be your best option. While classic names are becoming less common, there are still companies that decide to follow traditional naming standards.

While choosing to use a classic name may not be a good fit for many businesses, companies that want to exude professionalism and trustworthiness may benefit from a classic name. The Squadhelp community-developed names such as Red Shield Hunting Supplies and Sage and Saddle Outpost are both examples of strong, classic names.

Also, the Vault Law 100—a site that ranks the most prestigious law firms—demonstrates an industry dominated by classic names, often surnames of firm partners, that seems to follow the industry standard.

2. Craft an experiential name

Another option is to use your name to convey the experience of using your product or service to your customers. This type of name should give customers an idea of what their interaction with your product or service will be.

For example, when Twitter entered the somewhat crowded social media market, they used their name to capture their unique social experience. PayPal is one of my absolute favorite descriptive names (a subset of experiential names). Many experts believe that a descriptive name can cut down on marketing costs by intrinsically explaining the value proposition.

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3. Get clever with your name

A clever business name is one of the most challenging to pull off—a name that you think is clever and funny could easily fall flat with your target audience. However, when done well, clever names can be very powerful—they help your business stand out from competitors and create an instant connection with customers.

As a customer, you’re much more likely to remember a name that made you chuckle than one that didn’t. Alpha Mail (an email app), Guac and Roll (a food truck), and EyeQ (a local eyewear store) are all examples of well-used, clever names.

4. Evoke an emotional response

An emotional name is any name that brings up some type of emotional response for the customer, whether it’s happiness, excitement, or nostalgia.

Tony Robbins’ health and fitness product The Body You Deserve is an excellent example of an emotional name. In contrast to Tim Ferriss’ excellent descriptive name, 4-Hour Body, Robbins’ name evokes a feeling of pride and personal strength—a brilliant way to add meaning and inspire prospects. Squadhelp winning name, Happy Belly, for an online food marketplace, is another fun example of an emotional name.

5. Intrigue your customers

Some names will capture customers’ attention not because they’re clever or descriptive, but because they have an air of intrigue. These names are the ones that are likely short and provocative, and provide little information to the consumer about the company’s products or services.

If your name piques your customers’ curiosity, they may be more likely to research your company and remember it in the future. To me, Uber always stands out as the company that harnessed their short, evocative name to drive curiosity throughout their geographic expansion.

6. Use a naming tool

It can be difficult to come up with a business name on your own. Maybe your product or service is wildly unique, there are too many options in the market or you simply don’t have the time to think it through. If that’s the case, it may be worth checking out a tool that can help you name your business.

We recommend checking out the BusinessNameZone business name generator. Just input a few words to describe your brand, refine your search and even check if it’s currently available. You can even use the tool by inputing name ideas you already have to help ensure it’s not taken and is the best version of your business name.

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While it is probably true that ventures rise and fall based on their strategic plan, a name can make a difference. Apple, Zappos, Twitter, SalesForce, PayPal, Uber, Google, Airbnb, Accenture, Costco, Squatty Potty, and Dollar Shave Club are all examples of companies who won the name game (some on their second try) and have leveraged their exquisite names on their road to success.

If you’re at this critical stage in your business development, take the time to determine what you want your name to do for your company (based on your business plan) before starting your name-storming process.

Grant Polachek is the Director of Marketing at Squadhelp—transforming the way names, logos, and taglines are developed by combining an affordable agency-level brainstorming process with the unmatched creativity of “the crowd.” His book “How to Develop the Perfect Name for Just About Anything” is available to Bplans readers for free.

Grant Polachek is the Director of Marketing at Squadhelp—transforming the way names, logos, and taglines are developed by combining an affordable agency-level brainstorming process with the unmatched creativity of “the crowd.”

FAQs

What is a business plan * Your answer? ›

A business plan is a written outline of every aspect of your business with a focus on your business model and economic viability. Among other things, a business plan includes a statement of the purpose of your business, an analysis of your business model, and a description of your competition.

What is business explain your answer and give an example? ›

Answer: Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. ... A business structure does not allow for corporate tax rates.

Can I write a business plan myself? ›

If you're a good writer you can probably write a business plan yourself, at least with some assistance. Software and samples are available to help prepare business plans. Additionally, the SBA is a terrific resource for guiding you through the process.

How do you write a business idea example? ›

7 Business plan examples: section by section
  • Executive summary. An introductory overview of your business.
  • Company description. A more in-depth and detailed description of your business and why it exists.
  • Market analysis. ...
  • Products and services. ...
  • Marketing plan. ...
  • Logistics and operations plan. ...
  • Financial plan.
13 Aug 2021

What is business plan easy words? ›

A business plan is an essential written document that provides a description and overview of your company's future. All businesses should have a business plan. The plan should explain your business strategy and your key goals to get from where you are now to where you want to be in the future.

What are the 3 things a business plan should do? ›

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

What are the 3 questions a business plan should answer? ›

Why will the business succeed? What do you want to start (or change)? How much money is required?

What are the top 5 things you need to include in a business plan? ›

Five Essential Items To Include In A Business Plan
  • Concept. A key purpose of a business plan is to give readers a total understanding of the company's goals and how they will be achieved. ...
  • Market Analysis. ...
  • Strategy. ...
  • Organization. ...
  • Financials.
15 Nov 2015

How do I name my company? ›

Guidelines for Business Name Ideas
  1. Understand your business. You need a solid understanding of your business — its purpose, vision, mission and target audience. ...
  2. Use descriptive words. ...
  3. Be literal. ...
  4. Choose a name style. ...
  5. Avoid hard-to-spell names. ...
  6. Tell a story. ...
  7. Get feedback on the name. ...
  8. Don't be too narrow.

What makes a good company name? ›

Developing a great brand name — one that is distinctive, memorable, easy to pronounce and emotionally appealing — is a critical element in creating any brand identity. We all know that great brand names can differentiate companies, products or services in crowded markets.

What is a good name for a company? ›

Business & Company Name Ideas
  • SwipeWire.
  • SecureSmarter.
  • Dwellsmith.
  • SalePush.
  • Formonix.
  • Branding.
  • Cloudrevel.
  • Seekingon.
20 Sept 2022

How do I explain my business? ›

What to include in a business description
  1. Business name. List the official name of your business as it's registered with your state. ...
  2. Business goals. ...
  3. Target customers. ...
  4. Competitive advantages. ...
  5. Business location and opening date. ...
  6. Mission statement. ...
  7. Products or services. ...
  8. Business structure.

Can you explain me about business? ›

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies to sole proprietorships, corporations, and partnerships.

What are the 10 things your business model should answer? ›

10 key components of a business model
  • A high-level vision. The first component of your business model is a basic description of your strategy. ...
  • Key objectives. ...
  • Customer targets and challenges. ...
  • Solutions. ...
  • Value. ...
  • Pricing. ...
  • Messaging. ...
  • Go-to-market.
22 Mar 2021

How do you write a business plan essay? ›

Steps of Writing
  1. Step 1: Start with a Mission. The very first thing you need to do is to clarify your company's purpose. ...
  2. Write a Summary. ...
  3. Provide Basic Company Information. ...
  4. Conduct Analysis. ...
  5. Write Description. ...
  6. Determine your Organization. ...
  7. Funding and Finances.

How important is a business plan? ›

It will help you steer your business as you start and grow. Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You'll use your business plan like a GPS for how to structure, run, and grow your new business.

What is the easiest part of a business plan? ›

Executive summary

It may include a table of contents, company background, market opportunity, management overviews, competitive advantages, and financial highlights. It's probably easiest to write the detailed sections first and then extract the cream to create the executive summary.

How do I create and run a business plan? ›

The seven steps to writing a business plan include:
  1. Write a brief executive summary.
  2. Describe your products and services.
  3. Conduct market research and compile data into a cohesive market analysis.
  4. Describe your marketing and sales strategy.
  5. Outline your organizational structure and management team.
31 Jan 2022

How do you introduce a business idea? ›

What is a business plan introduction?
  1. What does the business do?
  2. Why start this business now?
  3. Who is the ideal customer?
  4. How will customers buy from the business?
  5. What separates the business from other competitors?
  6. What will make the company profitable?
  7. How much money do we expect to make within one year? Five years?
2 Sept 2021

How do I start my own idea? ›

How to develop your Startup Idea
  1. 1.Consider and analyse the relevant markets. ...
  2. 2.Note down your ideas and expand them. ...
  3. 3.Carry out competitive analysis. ...
  4. 4.Model your business. ...
  5. 5.Create/design/sketch your mockup and then test it. ...
  6. 6.Execute a market survey. ...
  7. 7.Develop your final product.

What are the most important words in business? ›

What are the three most important words in business? Surprise! They are “profit” and “cash flow.” Profit is what's left over after all expenses are deducted from revenue.

What are key words in business? ›

Keywords are the terms that you will use to describe your business, your product or service, and your mission. These terms may also help differentiate you from your competitors. If you get stuck, an online social media search tool, Topsy, can help you figure out how popular a keyword is online.

What makes a business plan attractive? ›

But there are many common themes. They include having a good profit track record, solid financial information, an actionable plan for growth, defensibility of niche, brand, quality of management, and intellectual property.

What is the most important thing in a business plan? ›

The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

What are the tips in preparing a good business plan? ›

12 quick tips for writing a business plan
  • Don't be long-winded. Use clear, concise language and avoid jargon. ...
  • Show why you care. ...
  • Provide supporting documents. ...
  • Reference data. ...
  • Research, research, research. ...
  • Clearly demonstrate your points of difference. ...
  • Be objective in your research. ...
  • Know the purpose of your plan.
23 Nov 2020

What is the best question for business? ›

10 Crucial Business Questions for a Business Owner
  • What problem does your business solve?
  • How does your business generate income?
  • Which parts of your business are not profitable?
  • Is your cash flow positive each month?
  • What is your pricing strategy and why?
  • How effectively do employees generate revenue?
5 Jul 2022

What are the first 3 steps when making a business plan? ›

Here are six key steps that can lead to an effective plan for your business:
  • Step 1: Establish your mission. In essence, your mission statement explains why your business exists. ...
  • Step 2: Analyse your SWOT. ...
  • Step 3: Develop a plan. ...
  • Step 4: Create a budget. ...
  • Step 5: Put it in writing. ...
  • Step 6: Make it a living document.

What are the 3 most important things in business? ›

No matter how bold or ambitious your plans are to grow your business, the key to your business's success lies in three critical, interdependent components: operational excellence, customer relations/communications and financial management.

What is an example of a company name? ›

Invented brand name examples include: Exxon. Kodak. Xerox.

How do you create a unique name? ›

By reading the naming strategies below you'll certainly pick up useful skills in creating cool character names.
  1. Pick a One Word Name. ...
  2. Go Wild With Humor. ...
  3. Make the Name Match. ...
  4. Reverse the First and Last Name. ...
  5. Repeat. ...
  6. Use Your Name. ...
  7. Use an Anagram Generator. ...
  8. Add a Prefix or Suffix.

What is business name example? ›

For example, a company's trade name is Mike's, but their legal business name is Mike's Corporation. A business can opt to have their business name and trade name be the same. A trade name may also be called a doing business as (DBA) name. It's the name the public sees.

What makes a good company good? ›

Communication is a top priority

Communication tops the list when organizations ask what qualities make a company a great place to work. Open and timely workplace communication builds transparency and trust that goes both ways, in addition to uniting employees and leadership under the same goals.

How do I make my company name clever? ›

How do I come up with a catchy business name?
  1. - Alliterate.
  2. - Use acronyms.
  3. - Rhyme.
  4. - Turn it into a pun.
  5. - Abbreviate.
  6. - Use symbolism.
  7. - Personify your product.

How do I choose a cool company name? ›

10 Rules for Picking a Company Name
  1. Unique and unforgettable. ...
  2. Avoid unusual spellings. ...
  3. Easy to pronounce and remember. ...
  4. Keep it simple. ...
  5. Make some sense. ...
  6. Give a clue. ...
  7. Make sure the name is available. ...
  8. Favor common suffixes.
15 Dec 2011

How do I find my lucky business name? ›

Use a Business Name Generator

Business names that are quirky and memorable are frequently lucky ones. The symbols, colors, or concepts they mean are typically associated with luck or good luck. You should select the symbol of luck that resonates with your audience since they may differ between cultures.

What is in a business plan? ›

Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

What is a business plan quizlet? ›

business plan. A document that sets out the basic idea underlying a business and related start-up considerations. The Purpose of a Business Plan. Identifies the nature and context of the business opportunity. Presents the entrepreneur's approach to exploiting the opportunity.

What is a business plan easy? ›

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to: clarify your business idea.

What is a plan short answer? ›

- A plan is a drawing of a small area on a large scale.

What's important in a business plan? ›

Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. The objectives should indicate how they'll help your business prosper and grow.

What is the most important part of a business plan? ›

The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

What are the three main purpose of a business plan? ›

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

What is the summary of a business plan called? ›

An executive summary is a business plan overview that succinctly highlights its most essential elements. It's not just a general outline; the executive summary might be the only part of your business plan that busy executives and potential investors read.

What 5 things should a business plan include? ›

Five Essential Items To Include In A Business Plan
  • Concept. A key purpose of a business plan is to give readers a total understanding of the company's goals and how they will be achieved. ...
  • Market Analysis. ...
  • Strategy. ...
  • Organization. ...
  • Financials.
15 Nov 2015

What is a plan give an example? ›

A plan is a document that captures goals and steps to achieve goals. It is also possible for a plan to identify risks and steps to prepare and handle risk. Plans may include details of resources, timing, responsibilities and how outcomes will be measured.

How do you answer what's your plan? ›

How to answer “What are your plans for the future?"
  1. Be honest. ...
  2. Be specific. ...
  3. Talk about your current and previous experience. ...
  4. Discuss your strengths and weaknesses. ...
  5. Use the question as a way to highlight your accomplishments. ...
  6. Show enthusiasm for the position. ...
  7. Be prepared for follow-up questions.

What is plan in your own words? ›

A plan is a program or method prepared ahead of time, a project or definite purpose, or a design or drawing of something.

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