I got some great tips for picking a name for your new business. These tips are worth reading for one simple reason: Entrepreneurs regret.
One more reason why spending calories on picking a great name is important: It’s a one-time cost to get a great name — but the benefit is forever. Conversely, if you short-change this and dismiss it completely, you’re going to incur what I’d call “branding debt”. Not bad at first, and maybe not a big deal for you ever, but every year, as you grow, you’ll have this small voice nagging inside your head “should I change the name of the company…”. It’s going to be annoying. And the longer you wait, the more expensive the decision is, and the less likely you are to do it. Save yourself some of that future pain, and invest early in picking a decent name. You may still get it wrong, but at least you’ll know you tried.
It’s also probably worth trying out your new name on some informal focus groups. I’m talking about your friends and colleagues. Tell people what you want to use as a name and see how they react. If you have to do a lot of explaining, you may want a better name.
So you want a name and story that fits into an elevator pitch.