79% of startups use a risky domain name. How do you choose a name for your startup?

[Arpit131]

Doron Vermaat of DNGeek has shared an article claiming that 79 percent of the startups may be using a risky domain name.

Here is an excerpt from the article:

"Name Ninja has analyzed the domain names of 491 startups attending the upcoming startup conference and has published the infographic below that summarizes the results of its analysis. I personally am a strong advocate for short, easy to remember and pronounce names and agree with most of the companies findings but Name Ninja’s view that anything else besides the exact match .com is considered less favorable is slightly controversial as we see a large number of companies without the exact match .com or alternative extensions such as .co or .io raise significant rounds of funding and/or being acquired these days."

There is a report shared with the article that may be found on DNGeek

How do you choose a name for you startup? Do you focus on the name(a name that you are overly passionate about) without giving much importance to the extension(if you do not have the required cash to get the .COM) or you give more importance to the extension thereby compromising with the name?
What is your advice to those starting up sometime soon?

 

[NameFit]

Here are my 10 tips on choosing a name for startup,

1) Analyze your business model, view yourself 5 years from today - what you will be doing, look at the bigger picture. Make sure that your name signifies what you do or will be doing. Keep in mind, when people look at your name, it should tell them 'about your business' - it just brings a sense of trust/faith when they can associate your website name with what you do.
2) Search for your competitors in Google, see what kind of names they have - make sure that your name does not sound similar to their names (aside from possible trademark issues - you do not want to drive traffic to their site instead of yours. Compare your name to theirs.
3) Talk to your 'trusted' friends - run the names by them
4) Visit domain buying sites and pick up different keywords that you think you can select for your names
5) Do lot of 'play' around with words, you may be able to find (register/buy) a name that is a combination as a results of this
6) Do not worry too much about Google results too much, meaning do not think that users will come to your site from search engines. Select a name that users can easily convey the names to their friends and the friend can get it without repeating and remember it in one stroke. Do not expect people to type in your name in Google and reach your website, most likely they will will find other websites other than yours.
7) Dot com only, .com is the king, natural instinct for the visitor is to type '.com' - because that is in their name. Even if .com is not a live site, one day it will be sold and be a live site
8) Be read to invest decent money in the name, any business with a sound business plan should keep aside anywhere from $1000-$2000 for a name.
9) Spend at least 3 months searching for a name! It is lot of self-exploring and understanding of the business, review names and names. Stay away from 'emotional attachment' to a name. Look at it from third eyes (as business).
10) As business evolves, do not hesitate to rebrand and go through the cycle again!

 

[Kate]

Sometimes it's too funny, some people have a bright vision of business but they suck at branding.
If the startups can raise funds to the tune of millions of dollars, why can't they set aside at least 2K for a solid domain. Mind-boggling for us domainers.
When you think about it, a premium domain is a great way to jumpstart your business, and gain instant credibility, that other startups and possible competitors will not have. A domain name that commands respects and instils confidence is not waste of money.

Domain names are among the most misunderstood, undervalued business assets.

 

[hookbox]

There are two sides to the true Startup definition and that definition has changed in the last few years in my opinion. What I always considered a Startup is a company that for the most part runs the majority of their business online or their business exists because of being online. Nowadays everybody calls their new business a Startup because it's hip and chic to call it one but I think their is a very clear dividing line between the two. If your aunt and her friend are starting a new bakery then in my opinion they are starting a business not a startup. If your friend is starting a new a business online then in my opinion that is the true definition of a Startup.

There are HUGE naming differences between someone starting what I would call a Startup compared to what I would call a business and the naming principles are very very different.

 

[cocaseco]

6) Do not worry too much about Google results too much, meaning do not think that users will come to your site from search engines. Select a name that users can easily convey the names to their friends and the friend can get it without repeating and remember it in one stroke. Do not expect people to type in your name in Google and reach your website, most likely they will will find other websites other than yours.

10) As business evolves, do not hesitate to rebrand and go through the cycle again!

I couldn't agree more with #6. A startup has no concerns for how many searches or back links a domain has, except maybe in the most basic scenario where you are selling something with a low price point and that everyone will want, ala a Pet Rock. There customers will generally find them from their other marketing efforts.

But I couldn't disagree more with #10....I think in the vast majority of cases, rebranding is a mistake. Sure there are exceptions. But from day one you are building a brand with everything you do and everything you touch. Tossing it aside in the hopes of a better name needs to have a really compelling reason IMO.