With the economy in decline, many seasoned mid-level and senior professionals are working for themselves, leveraging their experience to build their own futures and control their own destiny. For many of these aspiring entrepreneurs, creating a compelling brand is new territory, a complete and utter mystery. They know it’s an important part of the equation, and they may have even had a full-time marketing department at their previous company. But now is the time to “do it yourself” and there is a dearth of information on how to successfully brand a new consulting company. Fear no more. The first step in branding a consulting firm is knowing your goals. Here are four key questions to clarify your objectives…

1. Do you want your company name to stand out or fit in? This may seem like a trick question, but there is no right or wrong answer. Some new consultants are so concerned with gaining acceptance in their industry that they are much more comfortable with a name that sounds established and credible from the start. If that’s the case, try looking up a list of others in your industry on sites like dmoz.org. Then you will get an idea of ​​the nomenclature used in your field. You may be able to emulate the feel, as other industries have done (ie Microsoft’s Outlook, Apple’s Safari, Netscape’s Navigator, etc.). If you want to attract attention, do the exact opposite. Look at the names of companies in your field and use interpretive naming strategies. For example, if nearly everyone in your category uses proper names (sometimes known as “legacy” names), use a metaphor (ie Jaguar, Caterpillar, Amazon, Monster, etc.) to convey your company attributes. Or try positive connotation words to create a whole new identity (ie RedHat, OnStar, FireDog, etc.). Just make sure you have a rationale that can explain why you chose that name and that leads to a deeper dialogue about your company.

2. Have you explored all the possibilities? New business owners are often frustrated and discouraged when naming their new business simply because they have tried only one or two naming strategies. Many times they created a list of literal/functional names (ie custom software consulting) only to find out that the domain names are gone. Or they tried some obvious metaphors (ie Summit, Pinnacle, etc.) and found dozens of companies with similar names. The trick is to use multiple methods. These include…

* Key attributes: For example, we name a staffing company BrightHire.com based on their desire to attract the smartest candidates. You can see this employed under company names like SirSpeedy, EconoLodge, Priceline, and Smart Cuts. Are there any general benefits that you provide that you can incorporate into your name?

* Made up names: This is a favorite of consultants, but proceed with caution. It’s easy to get caught up in searching for a new name and gradually change the spelling and message until it’s unintelligible. It’s okay to use Latin word parts and obscure references if the name can still be pronounced and spelled easily. Small businesses have the advantage of delivering part of the brand’s message in person, over the phone, or at a trade conference. But don’t push it. If you have to constantly spell or correct spelling, then it’s a mistake. And keep in mind that the name can be made up and still have a sense of meaning. We named a company Claricent because they were able to provide clear information and direction to their customer base. So you can still pass an attribute, even in a made-up name. (ie Verizon=Horizon, Agilent=Agile, etc.)

* Descriptive Hybrid Names: These names combine a descriptive industry word and marry it with an evocative word. Examples include companies like Emisstar, consultancies in the emissions control industry. Examples of big brands include JetBlue and CarMax. If you use this approach, just make sure your industry descriptor doesn’t change over time.

* Metaphors – Given the proverbial saying “a picture is worth a thousand words”, metaphors are a great way to convey multiple company attributes with a single image. FourBridges Capital, for example, expresses the ability of this investment banking firm to “close the gap” and “connect business with capital,” etc. With four main partners and four main bridges in Chattanooga, TN, the story gains even more force.

3. Have you prioritized your desires? Starting a new consultancy provides a beautiful blank page on which to build your story. Take time to determine what is most important in that story.

* Do you want a name that is memorable?

* Do you want a name that is easy to say and spell?

* Are you more concerned with the trademark?

* Are you sure you have the exact match domain name.com? Find out the key drivers behind your naming challenge, so when you reach a final list, you can look back and pick the one that meets your top criteria. Often the process can become confusing and unfocused after a lengthy search for a name, and all the words start to sound the same. So make sure you know what you want before you start. That way, it will help you when it’s 3 am, your eyes start to cross, and your spouse no longer wants to be your sounding board.

4. Are you seeing the big picture? — Create a short list of your favorite names and then try them out. Be sure to choose people who are in your potential market or who understand a good brand. Instead of throwing names around randomly, create a context for each name so that when the name is said, it clicks into place. You may even want to invest in some quick logo treatments to help visualize the brand. Many big brands would ring holy if they were just talked about. Judge the whole package… name, rough tagline, logo sketch, to get the real feel. A consulting name like BearingPoint gains traction once it has a logo, tagline, and story. Decide if you want to fit in or stand out, use multiple naming strategies, prioritize your “wish” list, and test your ideas, and you’ll be well on your way to a great consulting company brand. Once you make your selection, be sure to consult with your trademark attorney and purchase the matching or close com domain name. Continue to integrate your brand message throughout your website, brand identity, collateral and advertising to further strengthen your presence. Done correctly, you’ll have a business name that will serve you well, both now and for years to come.