There are 10 suggestions for coming up with a business name.

Passion, vigour, and bravery. That's what it takes to launch a new company. You've got a wonderful company concept, you've begun writing a business plan, and you've identified a prospective client base. You're almost ready to take the plunge.

The only thing that's lacking is... This is a fantastic name.

A good business name should encapsulate your brand's essence. It needs to be memorable. It should serve as a reminder to your workers as to why you're doing what you're doing.

You could spend thousands of pounds on a naming agency to come up with a name that's fresh, on-trend, industry-relevant, memorable, and untrademarked. But you're just getting started, and you have other things on your mind. Rather than paying someone to name your company, consider coming up with a name on your own (it's free!).

1. Make use of acronyms

Many large corporations use acronyms rather than their full names because they are easier to recall. Take, for example, AOL (America Online) or the BBC (British Broadcasting Corporation). If your company is called 'Pearce Marketing Agency,' consider abbreviating it to PMA.

2. Construct mash-ups

Consider two or three terms that are significant to you and your company. Is it possible to integrate them in some way, either in parts or entirely? TripAdvisor, Evernote (from "forever" and "note"), and Netflix ("internet" and "flicks") are other examples. In just three syllables, a name like "SaladGo" communicates that you're establishing a restaurant that specialises in salads-to-go.

3. Use mythology and literature as sources of inspiration.

Nike is one of the most well-known brands in the world... She is also known as the goddess of victory in Greek mythology. Other well-known corporations with mythical names include Oracle, Hermés, and Mars. Do some study to determine whether your organisation has a mythological figure that is relevant.

Is there anything you can do with the name 'Bacchus' if you own a wine shop? If you're looking for a name for your beauty brand, think about Aphrodite, the goddess of beauty.

4. Use words from a different language

Using non-native languages in your marketing might make your company seem unusual... and memorable to potential buyers. Perhaps it's a French-named hair salon or a Japanese-named tea business.

5. Call yourself by your own name

It's your company, so why not use your own name? Many well-known companies, such as Ben & Jerry's ice cream and Boeing, use the creator's name (named after founder William Boeing).

6. Look at a map to see where you're going.

Get inspired by the world - have you heard of the Internet retail behemoth 'Amazon'? It is called after the world's largest river, the Amazon.

7. Change things up

Try combining numbers 5 and 6 - can you make a name that includes part of a city? Consider the term IKEA, which is derived from the founder's name, Ingvar Kamprad, and his hometown, Elmtaryd Agunnaryd.

8. Collaborate with another business

Blend elements from both names to create a new one, whether you're collaborating with another entrepreneur or merging with another company. When Twentieth Century Pictures and Fox Film Corporation amalgamated, 20th Century Fox was born.

9. Make use of nicknames.

Have you always been known as 'Ali'? To add a personal touch, use this as the name of your company. Alternatively, for a heartfelt (and effective) brand name, use your child's name or nickname. Mercedes was, after all, named after the founder's daughter.

10. Make use of a symbol.

Another technique to come up with a business name is to use a symbol or an important aspect of your work as inspiration. Naturol is an easy-to-remember name that communicates the company's mission. (A win-win situation for small businesses!)

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