Tips and traps in naming your solo business

It's one of the most fun and meaningful parts of your business. How do you get it right?

Travel with me, to a moment several years ago when I was presenting to a group of artists on professional practices. I shared with them the value of having a graphic identity and related marketing materials.

Then we discussed business cards (in a time before the world went full-on digital). A young man handed me his card, and I looked down to read the company name: Fly By Night Enterprises. In smaller type were the services he offered: Landscaping, Junk Removal, and… Art Photography.

If you’re shaking your head, you can see why this memory has stayed with me. This is deep into setting-yourself-up-for-failure territory. It mixed multiple — and widely disparate — services on a single card. And the name! How much trust would a stranger place in a “fly by night” service provider? Would they be seen as reliable? Honest? Responsible?

While solopreneurs are much more sophisticated these days, choosing a business name is still a decision filled with potential risks. Let’s unpack how to make this an easier and more successful process.

The challenge of getting it right

Choosing a name for your solo business is one of the most personal — and challenging — tasks for a solopreneur. A lot hinges on the decision: Market perception, initial impression with buyers, memorability, and more.

It’s also a decision filled with emotion, especially for first-time solopreneurs. We care deeply about our companies since they reflect our identities.

How to choose?

There are multiple factors to assess when choosing a name for your solo business. Here are some important considerations:

Make the name meaningful.
Since the name is often the first thing someone knows about your business, it’s an important marketing tool. Some like to include their first, last, or full names in their business. Others prefer to consider their business a separate entity and name it accordingly.

Find a good URL.
Since your online presence will be essential to your success, a domain name that’s easy to remember and type is critical. This is more challenging as many popular .com URLs are taken, but keep hunting.

Make sure the name is easy to understand, pronounce, and spell.
Your business name will be shared in conversations, videos, and podcasts, so make sure it can be easily understood (and repeated) when spoken. Also, aim for a name that is easy to spell and takes little effort to remember.

Choose a name you can grow with.
Be forward-thinking in choosing a business name so it can expand as your company does. Avoid company names that tie you to a narrow market (e.g., left-handed Procreate illustrators) or stage of business (e.g., beginners, advanced) that would limit future options.

Remember the distinction between company and product names.
A company name is generally a more broadly defined idea umbrella. Imagine being an expert Twitter consultant whose company name is “Twitter Mastery.” What happens if you change your focus or the larger company falters? In contrast, product names can be more tightly defined and can usually be retired without upheaval to the larger company brand.

Make it unique.
Two businesses in the same US geographic area cannot legally operate under the same name. Double-check your state databases to see if the name is free of conflicts.

Will you sell your company?
It may seem odd to think about an exit from your company in its early stages. While most solopreneurs never consider selling their businesses, today a one-person business can generate substantial revenue. This could be appealing to a buyer. If your company is based on your name, it could limit its value.

Try it on for size

In choosing your business name, jot down a list of possibilities and try them out on your solo colleagues. Don’t rush the process. Live with each option for a while, knowing you’ll probably be using this name for quite some time.

What naming wins or nightmares have you encountered? I’d love to hear about them in the comments section.

Thanks for being a reader. I look forward to seeing you next week.