The business name is the single most important part of your corporate identity (and yes, even the smallest company has some corporate identity). If it is good, it will attract people - customers and business partners alike. If it is not, it will scare them off. Take time to choose a name: it may be the difference between the success and the failure.

Most importantly, do not rush. Never. Choosing the name that would be really good takes a lot of time. Even if you are excited about some name, give yourself a few days to cool down before making the final decision.

A common mistake people make is to actually try to make a good name right away. The right method is not trying to come up with some great name right from the start. First, consider which thoughts and feelings you need to convey. It is not only about such general issues as happiness or money - sometimes names which carry targeted messages such as beauty for a cosmetic company or strength for a survival equipment shop work much better. Try to decide how you want others to feel about your company when they feel your name. Then, make it unique, interesting and easy to pronounce at the same time.

Do not stop creating new potential business names until you have about a dozen. Only then start to compare them and decide which one is the best. Without a good list of names, all you can hope for if some half-baked company name that could have some potential. If you want something really brilliant, you need to create at least fifteen company names.

Your friends are an invaluable resource. As you have to spend days or even weeks on creating a good business name, what you will lack is a fresh perspective. Ask your friends or relatives to give you their opinions and ideas about your company name. While you do not have to agree with them, the information they may give you are important when it comes to predict the customers' response to your name.

Before you start a business under your new name, make sure it is free. If that is such a great idea, it is possible that someone has already named their company or website using your name. What is especially important, check with your lawyer if there is any company under the same or similar name in your area.

Avoiding working under pressure is essential. If you take your time, the effects will probably be moderate-to-good. If you try to speed everything up, you may easily find yourself with poorly chosen or ridiculous name that adds nothing to the message your company tries to spread.