The title “unicorn startup” refers to any privately held startup company that is valued at over $1 billion without being listed on the stock market. Such is the dream of any founder and entrepreneur.
In fact, startup statistics from EarthWeb highlight that an average of 305 million startups are created every year, with the United States taking the lead on most startups launched.
According to Business Formation Statistics from the US Census, there was a total of 418,905 business applications for the fourth quarter of 2022. But of course, the process of launching a startup in itself is no easy feat.
An article by The Wall Street Journal reports that the market for US initial public offerings, which is dedicated to raising money for startups and accommodating investors, had its worst year since 1990.
Moreover, startups compete with each other and against other well-established brands on the market. That said, you’ll need a powerful business name that can make you stand out amongst tough competition – and a business name generator can help with that. Here’s how:
The Power in a Business Name
Besides representing the people involved in the business, your name also carries your reputation. Some companies even undergo a complete rebranding to overturn any scandals linked to their name.
Likewise, people can have positive impressions of a product or service just by hearing about the brand.
As a startup, you might not have as impactful of a name – but you do have a clean slate on which you can begin to create your own story, and a business name generator is an important tool to guide you.
Jumpstarts Your Brainstorming Process
You’ll need to be laser-focused on creating your business name in the beginning.
If your team is running low on creativity, you can use a business name generator to gather suggestions for any keyword you input.
Your brainstorming process is also vital to how well you’re able to incorporate your company’s position, identity, storytelling, and targeting.
In the long run, branding and marketing will surely become easier by using a domain name generator.
Makes Your Brand More Unique
Because there are millions of businesses out there, there’s a slim chance of coming up with a business name that’s entirely one-of-a-kind. This also poses a problem in terms of copyright and plagiarism.
You can make use of Namechk.com’s business name generator to find close alternatives and other suggestions.
Additionally, it can also check its domain availability for you, so it’s a great tool especially if you’re planning on launching a website soon.
Make sure to pay close attention to uniqueness as it contributes to brand recall.
Adds to Your Credibility
Many startup founders prioritize finalizing a business or domain name. However, Entrepreneur writes that 65% of customers regard app or website experience as a much bigger factor in their willingness to commit to a brand.
Even before launching any products or services, putting up a website helps draw attention to your business, and can put you higher up on search engine results.
Again, we recommend using a business name generator to check for a ready-to-use domain name to up your credibility as early as possible.
Conclusion
While there isn’t a standard formula for naming a business, you can definitely make use of tools and resources available online.
There are paid and free ones, which are quite useful for startups that are working with a limited amount of resources.
Each business name generator will also have its own strengths, so it’s also recommended to check out multiple options to find as many good ideas as you can.