One of the most difficult things for new businesses to accomplish is selecting a name. Unfortunately, it is also one of the most important. Failure to choose a name that will lead to the creation of a strong and distinct brand identity will undoubtedly end in failure. Great brands start with great names. With so many awesome names already taken, what’s a start-up to do?

One of the first things any new business needs to do is pick a name. A carefully selected company name can be the difference between a successful business launch and a disaster. A company’s identity is closely tied to its name and the brand recognition that comes with it. Without that recognition, few companies are able to get off the ground. Even those who do, however, may face the prospect of changing its name, a situation that can occur for a variety of reasons.

The marketing industry uses several different terms related to brands, such as awareness, equity, essence, strategy, and optimization. Although there are elements that coincide with more than one term, it is important to understand the differences as you begin creating your brand. One of your first goals should be establishing brand awareness. Before you can develop it, however, you need to understand what it is.

Not everybody has the ability to grow a beard, and for those who CAN grow a beard, only a few of them actually let it grow to its beautiful potential. Furthermore, for those who DO let their beard grow out, not all of them maintain and provide it with the care it needs to look its best. It’s like growing a brand!

The most successful companies in history are the ones that were able to create strong brand identities with their names. There aren’t many people that don’t immediately recognize names like Nike, Starbucks, or Google. Choosing a name is one of the most important decisions a business will make. Often, a creative and unique name is the difference between the development of strong customer connections and a lifetime of obscurity. It may feel like names like Xerox and Pepsi have always been a part of society, but where exactly did those names come from?

So you have a great new business idea. The big question is, “where do I begin?”

Your big idea gets its first breath of life when you give it a name. The name of your business is like the title of a book. It is the first thing your audience will hear or see before they attempt to learn more about what you offer.

In 2013, the ice cream powerhouse Haagen-Dazs released a commercial entitled “Even the Name Tastes Good.” The premise behind the short commercial was simple, as a series of actors slowly and seductively mouthed the name of the company’s new Limoncello Galato product.

During the commercial, only the actors mouths were visible, which left the onus of the marketing strategy squarely on the pronunciation of the product name: “Li-mon-chello.” On paper, “Limoncello” is a nondescript name that simply gives the Haagen-Dazs product its identity. When said aloud, however, the name takes on an entirely new connotation, one that is immediately transferred to the product. The sensuality of the name produces an emotional appeal that gives the product a life of its own.

A company’s name is often a very undervalued component. It should be, however, one of the most important. In fact, it’s far more than just a component; it is the foundation on which an entire business stands. This is especially true for Internet startups. With a bad name, a startup loses points on scales for credibility, legitimacy, influence, and even confidence. Understanding exactly what a business name is, how it functions, and the consequences of choosing a bad one will quickly set your business apart as a one that is accomplished and trusted.