Everything begins with a name. Even before doing your initial market research, I’m sure you’ve already been thinking of something to name your venture. However, choosing a name isn’t as easy as it sounds. With today’s SME mushroom and strict SEC guidelines, names are fast becoming a limited commodity.

To help you with your upcoming venture, consider the following tips for naming your business.

1) Keywords

In today’s electronic age, naming isn’t all about hanging a sign in front of a brick-and-mortar. Names should take into account the Internet. More specifically, keywords. The name should resemble words that people use to search for your business.

Think about how you use a search engine such as Google. You type in a search phrase to find the information you’re looking for. Your name should be as close to the phrase as possible.

2) Bounce it off friends

Don’t do names alone. Brainstorm with a group of friends or colleagues. Have them come up with a hundred possible names. The important thing here is not to constrain anyone or anything. This allows you to get the creative juices flowing. Your neighbor or cousin just might be the one to come up with the catchiest name.

3) List them down

Collect the names and list them down. Go through each name and give it a rating. If possible, poll your friends or, better, your potential market, on which ones sound the best. Narrow the list down until you’re left with about twenty, written in order of preference.

4) Domain extensions

Domain extensions are the little groups of words after the dot in URLs. Understandably, .com is the most expensive and the hardest to get. For businesses however, it is common to use .biz, or a local extension such as .co.uk. Domains under these extensions are cheaper and much easier to obtain. However, if you wish to appeal to a broader audience, or offer products internationally, don’t limit your domain extension to a certain country.

5) Registering your name

Now you can take your preference list and check if the twenty names are available as domain names. Start from the top (the first preference) and work your way down. Remember to try variations on the name (by adding “the” or changing the word slightly) and combining it with domain extensions. See which one is available and the cheapest, without sacrificing the quality.