Last updated on October 24th, 2018
Planning to start a consulting business is the latest trend. Many entrepreneurs are showing an inclination toward this industry. If you are one of them, you need to start by picking a suitable name for your future consulting firm.
The consulting industry offers professional advice in specialized fields. These fields include management, human resource, IT, real estate, environmental regulations and more. In 2017, the worldwide consulting industry was predicted to grab a market size of about 262 billion dollars. In the same year, the management consultant segment known to advise organizations to improve their performance reached the market size of 139 billion dollars.
The above data shows how the consulting industry is booming at a fast pace. Names like McKinsey & Company, Deloitte, KPMG, EY (Ernst & Young) and PricewaterhouseCoopers are the firms having a stronghold of this booming industry. Do you want to open your own consulting business? Or looking for ideas for your existing consulting business to rebrand it? Well, irrespective of the context, deciding a name is probably a crucial factor.
In short, the name you pick carries a lot of importance. So, where to start? To help you out, we are going to discuss top tips to generate business name ideas for your consulting firm. These strategies will help you pick the right name for your business.
Here Are Some Points On How To Generate The Business Name Ideas For Consulting Business
Find Out Your Niche, Business Direction, And Mission Statement
Before you start with naming your consulting firm, make sure you know your niche well. You need to get a solid sense of your market, industry, pricing and your goals. Also, identify the direction you want your business to move.
Take for an example the name Management Consulting Group. This name is easily identifiable. And, it gives the idea of its niche and market as well.
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Choose A Name That’s Easy To Understand
Proper, clear and easy-to-pronounce names work better for a consulting business. Invented or made-up names take a lot of efforts to help people understand it. Also, you will have to run a powerful branding campaign to popularize the name and create brand identity. However, you can avoid these pains by just choosing a simple name. Also, don’t forget to pick a memorable consulting business logo side-by-side.
Don’t Narrow It Down To Geography
If you need to expand your consulting firm or sell your services globally, a geographic-based name could create problems later. For example, adding New York in your name limits your company’s potential to go beyond that particular area.
Pick A Name That Leaves Room For Twist And Creativity
While some business names may block future offerings, some give you room for twists and turns. Here is an apt example— Xerox. Originally, the company was named “The Haloid Photographic Company”. In its earlier days, the brand was involved in manufacturing photographic paper and equipment.
However, in 1959, with the invention of the Xerox 914, it attained great success. Its original business name became a hindrance in its future undertakings; hence, the company decided to rename it as “Xerox Corporation” that not only provides printed document solutions but digital too. Of course, they might have rebranded it!
Now, you see how choosing the right name is essential for future possibilities.
01. Opt For A Name That Doesn’t Lose Its Brand Equity
Think about the scenarios where other people will join your company or when you plan to sell it. Picking something on your own name, for example, consider “Shawn Smith Consulting” might work for now.
But what if a partner joins it? What if you go to sell your firm? Well, the chances are the brand equity of your company might go down when you leave it. And, it’s because the brand identity is tied up with the name of the owner itself.
02. Consider International Portability Of Your Company’s Name
Planning to do business with people from other nations or cultures? Consider how your name will translate. For example, the name “Chevy Nova” might be a good business name in the United States, but for Spanish speaking consumers, it translates into “no go”. Therefore, pick a name that resonates with other countries or cultures.
03. Say No To Puns Or Funny Names
Consulting business is a serious business. And, for that matter, it needs a professional name. Anything funny or cheesy in the name may work against its rapport.
People will develop a mindset that if the name itself is funny, how would they take the consulting responsibility or work professionally! In simple words, it will create a bad impression among your target audience. And, it will block your company’s growth in the long run. So, find other ways to stand out.
04. Merge Two Words For A Unique Name
If a single word sounds too cliché for you, then consider merging two words. You will find many companies with names carrying two words together, for example, McKinsey, Accenture and more.
05. Opt For A Memorable One
Great business names are simple and memorable. How hard is it to pronounce, spell and remember names like Apple, Google, Twitter, Facebook, KPMG, and LinkedIn? Not at all! People have ditched the habit of typing or writing a name just for the sake of remembrance.
So, pick a name that’s easy to spell and memorize. Also, if you would be promoting your brand via radio or video, you would like to say it easily and have your audience remember it. That’s where a simple name goes extra miles.
06. Choose A Name With A Positive Connotation
Give your clients a dose of optimism with your consulting firm’s name. Give a hint via your name about what your business does. Consider the brand name “Mr. Clean”. It’s an all-purpose cleaner. And, its purpose is visible by its name. The name could have been like Mr. Messy Kitchen and Bathroom, but it’s not. Why? It’s because the purpose wouldn’t be clear with the name— Mr. Clean.
So, include broad terms like business strategy, marketing, sales, accounting into your consulting business name.
07. Check To See If Domain Names Are Available
Every firm these days has its presence on the web. And, to be online, you need a domain name. If you have a name in mind, make sure its domain name is available. However, do not choose names like mybusinessmarketingconsultinggroup.com. It’s too long to be remembered. Choose a short and simple name.
08. Check If The Name Is Already Taken Or Trademarked
In case of finalizing a name, you need to check whether it has already been taken or trademarked. Look into the US Patent and Trademark Office. Also, check the trademark offices in countries where you plan to do business. This will help you avoid future hassles.
09. Do Not Use A Name That’s Already In Use
It’s important to check if any other business is already using the same name you’ve chosen. Avoid going with a name that is already being used. Also, do not consider using it with mix-ups. It will lead to brand confusion plus obstruct your brand identity. And, using other company’s name may land you into legal troubles too. So, pick something that’s unique.
10. Avoid Trendy Terms Or Words
Trends are tempting even to corporate houses. Trends entice you to come up with something that will attract people instantly. However, the downside is that it becomes outdated after some time. For example, suppose you create a website for your consulting firm. In there, you create your consulting company logo using clichéd images, elements, and colors. This will clearly show that your firm is non-serious.
However, a better approach would be to follow professional guidelines. Create a logo and a website that is attractive and unique in many ways.
In the same way, avoid choosing trendy words for your business. Like trendy graphic designs and elements, trendy names also fade away when a new trend kicks in. So, go for a name that could last longer.
11. A Short Name Is Marketable
Pick a short name. You are going to use your brand name on letterheads, business cards, emails, billboards, stationery items, ads and more. Find a name that could fit in various places with ease. For that purpose, what could be better than a short name!
12. Do Not Use The Acronym
Acronyms are a thing of past. Sometimes, they are confusing and opposite in meaning. Undoubtedly some brands have used acronyms successfully, but it takes a lot of effort and a big fat budget for branding and marketing.
Everyone knows IBM, KPMG, UPS, and NBC. But how many of you know USBS, AM, ADP, FMC, etc.? It’s tough to figure it out, right? So, avoid them.
13. Run A Thorough Check Right From Initials To The Domain Name
Usually, people choose a name for their consulting business out of hurry. They think that picking a name is so simple. But in reality, it isn’t! You need to think of every possibility associated with it.
Right from its initials to a domain name, you need to watch every possible outcome thoroughly. For example, Property Management Systems is a good name to pick. But start abbreviating it, and you will know, why you shouldn’t use it. Likewise, Rogers Exchange sounds good until you change it into a domain name as— rogersexchange.com. The outcome looks awkward, quite not suitable for a professional consulting firm. Similarly, many names sound good, but when logo designer brings it into visual forms, they look generic.
Even if you’ve chosen a name, and it includes an anatomical representation or doesn’t look great in mock-ups, switch to another name.
14. Run A Test
If you have picked a name, test it. Run some cost per click (PPC) ads to test its marketability. Make sure to provide legitimate ads as per the advertising guidelines. Analyze the click-through rates. Or run a test among your trusted people or customers. Also, create a dummy logo on your own or reach out to a graphic designer. Does the name need explaining to them? Can they understand it? Do you have to spell it out? Based on their answers you can name your consulting business.
15. Borrow A Phrase From The Language
At times, business jargons do not make sense. Therefore, companies break them into easy-to-understand words by borrowing a phrase from literature. Here are some examples to help you understand it better.
Sears manufactured a car battery which was stubborn and tenacious. Describing this complex concept was hard. Hence, the company borrowed the term “Die-Hard” from the dictionary. In linguistics, it’s called— adapting a metaphor.
The toothpaste brand Close-Up has a lot of mouthwash in its formula. In trading terms, it’s acknowledged as the “kisser’s toothpaste.” But they didn’t choose this term instead opted for Close-Up.
16. Have A Name Generator Do The Work
For generating several business name ideas in one go, you can take help from a name generator. There are many software programs as well to do the job. Or you could do it yourself by using a program that mixes words in column A with column B and creates unique names. Though computers do not have linguistic awareness or marketing orientations, still they give will you many possibilities.
17. Create A Visual
What would visually signify your brand — an icon, a specific color, or an image? A visual concept may help you to get the perfect name. Take the help of a graphic designer to create a logo. Check to see if the visual goes well with your shortlisted name. If you have any doubt, don’t hesitate to ask for more mock-ups. Reaching out to companies that offer graphic design services will be of great help to create a visual representation of your brand.
There are no short-cuts to name your consulting business. Follow all the above tips. And, if you are lucky, you will come up with three to five names. Now, how would you decide on one name? Consider your initial criteria first. Find out which name defines your objectives best. Once the name is finally decided, be ready to launch your consulting business. But make sure you are happy with the final name. It’s your satisfaction that counts the most. After all, you will have to carry your brand’s name for longer. Isn’t it?