By Melissa Racer

When Tim Merchant started a financial planning company in 2001, he named his business using the same formula many entrepreneurs do: Name + Industry = Company Name. Thus Merchant Financial was formed.

Sometimes this approach makes sense, especially if your name carries a great deal of equity within the community or your industry. However, in Merchant Financial's case, the name didn't have staying power. Business co-owner Scott Hipp wasn't adequately recognized, and the name was confusing because "merchant" can be associated with other financial businesses.

Large corporations can hire branding organizations with on-staff linguists to help them name companies and products, but what can small business owners do? Using an 8-step process, even small businesses can create a memorable company identity. Merchant Financial used this process and recently changed its name to Lifetime Financial Solutions, which the owners believe more adequately describes their positive, long-term approach to financial planning.

Whether you're naming or re-naming a company, here are eight steps to help you do it:

1. Form a Team
It's important to select a small advisory group of familiar-yet objective-entrepreneurs, clients or industry colleagues who can provide additional perspectives to your own during every step of the process. Your team should include an experienced marketing or business consultant who can facilitate this exercise.

2. Define Your Brand
You can define your brand by:

• Outlining your products and/or services
• Describing how your business is different from competitors
• Determining your target audiences
• Identifying what needs you fill
• Understanding your strengths and weaknesses

This step should result in a branding strategy statement to guide your company's name, as well as help position within the marketplace and marketing communications.

3. Brainstorm, Analyze and Rank Terms
Hold a brainstorming session and write down anything-nouns, verbs, slang, existing brand names-that comes to mind when thinking about your company. Have your team review an alphabetical listing of terms and rank each on how much it resonates with your branding strategy statement. Next, average the scores to identify the top terms.

4. Mix and Match Name Options
This is where it gets fun and a little messy. With a focus on the top terms, mix and match them in a variety of ways. Say them out loud. Determine any acronyms that you might use. Give instant feedback when you really like or dislike one, or when it immediately makes you think of an existing company, person or product. Compile a list of possibilities and have your team rank them.

5. Choose Your Favorites and Sleep on It
Once the scoring results are in, you and your team should review and select the ones you like best. Begin thinking about the names as "yours." Say them out loud, and test out each name on friends and colleagues. After a few days, you'll know your preferences.

6. Research Existing Business Names
Before making a final decision, it is important to do a quick check of any obvious trademark infringements at www.uspto.gov, the Web site for the Unites States Patent and Trademark Office (USPTO). If your dream name already has a trademark, you don't have to start all over, just go back to step 6. A qualified trademark attorney should do a final, exhaustive search on your chosen name since many companies do not file for trademark protection.

Next, select a domain name for your Web site. This could be your full name or an acronym (if you decide to use one during step 4). If your chosen domain name is not available, find one that closely matches. There are a variety of free online services that will search URLs with different extensions, such as .com or .net.

Once you have your company name, it's time to give it some flavor.

7. Create an Image
An experienced graphic artist can complement your brand by creating a signature look for your company name and/or designing a logo using your own tastes and your team's insight. Working with designers can be efficient and cost effective when they have your specific preferences regarding colors, fonts, size and images. With this information, and with your branding strategy statement and the brainstorm terms list, a designer can provide you with several initial options.

The USPTO has a library of existing protected designs, but again, a trademark attorney is the best resource if you want to research existing trademarks and/or register your company.

8. Market Your Company
Armed with a company identity, it's time to attract customers. Word-of-mouth may work for a while, but a long-term, integrated marketing approach will help sustain and grow your small business.

Melissa Racer is principal of Roaring Kitty Marketing, which provides full-service marketing for small businesses, agencies and consultants. You can reach her at (816) 729-6003 or .