What’s in a name? Plenty, especially if we are talking about the name of a fledgling company. As the marketplace in many industries becomes more crowded, it is important to choose a name that is readily identifiable and stands out from the pack. The proliferation of Internet-based companies only adds to the clutter.

Here are six steps to help you find a name that fits the bill.

1. You must understand the main characteristics of a good company name. Make this a top priority. The name should:

*Be easy to spell;

*Require no explanation;

*Describe your business;

*Indicate a benefit; and

*Distinguish you from the competition.

Optimally, the name you ultimately choose will have some, if not all, of these characteristics. (All is clearly preferable.)

2. Devote some time to the process. Do not blindly embrace the first or second name you come up with. Frequently, it takes considerable effort on your behalf. It is generally recommended that you establish a team that will take responsibility for finding the best name for the company.

3. Use the tools at your disposal. You do not have to rely just on brain power. Consult the dictionary and a thesaurus. Searching online for words and descriptions can also be beneficial.

4. Bring your team together for a brainstorming session. Usually, you will not decide on a name right away, so you might try to find the words one at a time. (The odds are the name will be at least two words.) Break down the words by the following categories:

*Descriptions of your product;

*Differences between your product and the competition’s product; and

*References to the benefits of using your product.

To keep things manageable, spend time on each category before you start joining words together. Resist the temptation to do it all at once.

5. Once you have found a name you like, sleep on it. If it still stands up to scrutiny over the next few weeks, it could be a winner. In other cases, you might discard the name for a variety of reasons—perhaps it does not meet enough of the requisite characteristics. Then go back to the drawing board. But don’t give up hope and don’t take the easy way out.

6. Test it out. If you invest enough time and energy, you will know a good name when you hear it. But you still have to run the name by the most important audience: your customers. Solicit responses through phone surveys, e-mails and the like. In any event, obtain feedback from outside the organization.

Of course, other factors may come into play. For instance, it may be critical for your business to obtain the domain name with a “dot-com” suffix. If this is the be-all and end-all for your company, you might substitute another choice if the domain name is not available.

Final words: In any event, you must conduct a search of the name for both legal and practical matters. Your business advisers can provide assistance.