When choosing a new company name there are no hard and fast rules and whilst a clever and relevant name can knock the socks off your target audience, a boring and safe option can say you're not that enthused.

A great business company names can pop into your head in an instant but if you don't get it right the first time around, remember you can always change your name later on. Some of the biggest and brightest brands out there have changed their name to something shorter or more catchy. Do you remember when LG used to be named Lucky and Goldstar Co? Or when Aviva used to be Norwich Union?

Where to start?

A brainstorm is a great place to start! Sitting down with a few team members or colleagues to brainstorm ideas. Set yourselves a time limit for the brainstorm and go somewhere outside of your normal working area (maybe get some cakes in, what ever you need to relax and be creative). Remember to keep going even when you come across a few gems.

Takeaway - leave some time after your brainstorm to let things sink in and the best names will be the ones you remember without referring back to your notes!

Here are some characteristics or directions you can consider for developing and choosing a new company name:

Does what it says

Going for something functional that describes what your company does. Conveying what or how you do what you do in your general company names can be a great strategy for a start up business for obvious reasons. This can be really fun, especially if you can allude to something you do but not directly mentioning it (if that makes any sense), conjure up some emotive thinking from your target audience. For example, have you heard of "The Brown Company"? Have a guess what industry they're in before you 'Google it'.

If you're planning on expansion in the future, this direction may not be right for you so always think ahead.

Storytelling

A personal favourite. Sometimes a name can simply fall into your lap so always listen, be on the look out and remember that ideas come from anywhere. Being able to tell a story behind your company name or how you got your company name can really pique interest and help to make your company name memorable. Do you know how the world's largest manufacturer of construction and mining equipment got its name 'Caterpillar'?

Short and sweet

Short and punchy names won't quickly be forgotten. Can you think of any examples of names with less than three syllables? Virgin, Apple, Nike just to name a few. Using puns or short phrases can be fun too but be careful it's something that can't get easily misunderstood or mixed up making it hard to remember.

Making it up

The founders of Google didn't find their name in any dictionary. Combining words or spelling something differently to make up a word can be risky but then again your target customers will appreciate the creativity and it can be a real differentiator in your market.