What to Name Your Business

February 20, 2024
minutes to read
Alice Surdy
Table of Contents

Choosing the right name for your business is pivotal in establishing your brand's identity. In this blog, we'll delve into business naming methods, helping you confidently navigate the process. Whether you prefer descriptive, experiential, inventive, founder's name, acronym, or hybrid naming, we've got you covered. Get ready to unlock the power of a well-crafted business name.

Descriptive Naming: Making Your Purpose Clear 

The goal of descriptive naming is to provide a straightforward representation of your business's offerings. By using words that directly convey what your business does, you instantly communicate your purpose to potential customers. Imagine opening a bakery and choosing a name like "Sweet Delights Bakery" – it leaves no doubt in customers' minds about the nature of your business. 


  • Instantly communicates the nature of your business 
  • It provides clarity and reduces confusion 
  • Attracts customers specifically seeking the products or services you offer 


  • Limiting if you plan to diversify your offerings in the future 
  • May lack the uniqueness and memorability of more creative naming methods 

Experiential Naming: Evoke Emotion and Connection 

Experiential naming is the way to go if you want to create an emotional bond with your customers. This method focuses on capturing a specific experience or evoking certain emotions through your business name. By tapping into the power of emotions, you can forge a deeper connection between your brand and your target audience. For example, imagine a brand named "Summit Adventure" for an outdoor clothing company, instantly conjuring images of exhilarating natural experiences. 


  • Creates a strong emotional bond with customers 
  • Sets your business apart by capturing a unique essence 
  • Leaves a lasting impression on customers 


  • Careful selection to ensure the intended emotions or experiences align with your brand identity 
  • It may require additional effort to communicate the nature of your business explicitly 

Inventive Naming: Stand Out with Creativity 

Inventive naming offers boundless opportunities if you're looking to make a bold statement and stand out from the competition. This approach uses unconventional, unique, or made-up words to craft a distinct and memorable brand identity. By leveraging creativity, you can create a name that captures attention and sparks curiosity. Consider the success of the term "Google," which started as a made-up word but is now synonymous with internet search. 


  • Provides limitless creativity and uniqueness 
  • Increases the chances of capturing attention and sparking curiosity 
  • Allows flexibility in expanding your business without being confined by a descriptive name 


  • Careful consideration to ensure the name is easy to pronounce, spell, and remember 
  • It may require additional investment in brand awareness and marketing to establish recognition 

Inventive naming can be a powerful tool in shaping your brand's image and leaving a lasting impression on customers. However, it's essential to strike a balance between creativity and ensuring the name aligns with your business's values and target market.

Founder's Name: Personalising Your Brand 

Naming your business after its founder or founders adds a personal touch and can be a compelling choice, especially if the individual has a strong reputation or is widely recognised in the industry. This naming method allows you to leverage the founder's name to create a sense of authenticity and trust. For example, "Kogan" is the last name of the founder of Kogan. The e-commerce business instantly evokes a feeling of affordability and reliability. 


  • Creates a personal connection and humanises the brand 
  • Leverages the reputation and recognition of the founder 
  • Allows for a clear association between the brand and its origin story 


  • Potential limitations if the business expands beyond the founder's involvement 
  • It may not explicitly convey the nature of the company unless combined with a descriptive element 

Using the founder's name can be a powerful branding strategy, particularly if the founder has a strong personal brand or legacy within the industry. It provides a sense of authenticity and can help establish a unique positioning in the market. 

Acronym or Initialism: Short and Memorable 

Acronyms or initialisms involve creating a name by using the first letter of each word in a longer phrase. This method condenses the name into a shorter, often catchier, and more memorable form. Well-known examples include "IBM" (International Business Machines) and "NASA" (National Aeronautics and Space Administration). 


  • Provides a concise and memorable name 
  • It can create a sense of professionalism and credibility 
  • Works well for businesses with lengthy or complex names 


  • Ensure the acronym or initialism is easy to pronounce and remember 
  • Clarify the meaning behind the letters through branding and messaging 
  • It may require initial explanation or marketing efforts to establish recognition 

Acronyms and initialisms can be a practical naming solution, particularly when you want a compact and impactful name. However, ensuring the acronym is meaningful and resonates with your target audience is essential. Striking a balance between simplicity and conveying your brand's essence is vital when using this method. 

Combination or Hybrid Naming: Best of Both Worlds 

Combination or hybrid naming combines elements from different naming methods to create a unique and memorable business name. This approach allows you to leverage the strengths of multiple strategies, resulting in a name that stands out and captures attention. For example, "Netflix" combines the words "internet" and "flicks," showcasing its online streaming service while creating a distinct and catchy name. 


  • Provides a unique and memorable name 
  • Allows for a creative blend of different naming methods 
  • Captures attention and sparks curiosity 


  • Ensure the combination is cohesive and doesn't create confusion 
  • Strive for clarity in communicating the nature of your business 
  • Test the name's appeal with your target audience to gauge its effectiveness 

Combination or hybrid naming offers an opportunity to create a truly distinctive brand identity by combining elements that resonate with your target market. By infusing creativity and strategic thinking, you can develop a name that compellingly encapsulates your business's essence. 

Business Name Quiz

If you need help coming up with the perfect business name, then take this short business name quiz and Thriday will recommend which approach you should implement.

Final Thoughts

Selecting the perfect name for your business is an exciting and important decision. By understanding various business naming methods, such as descriptive naming, experiential naming, inventive naming, founder's name, acronym or initialism, and combination or hybrid naming. 

Remember, the perfect business name should align with your brand's values, resonate with your target audience, and leave a lasting impression. Whether you choose a name that clearly describes your offerings, evokes emotions, showcases creativity, personalises your brand, condenses words into an acronym, or combines elements from different approaches, consider your business's unique qualities and goals. 

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

Why waste time on financial admin when Thriday can do it for you?

Already have an account? Login here
Thriday Debit Card


Live demo this Thursday at 12:30pm.