By Maverick Steffen | Daily Marketing Advice

Selecting the right business name is probably the most important thing you can do when starting a new business.

There are many things you need to consider, but the most important thing is people should be able to read your name and know exactly what you do.

You can be very creative and think of a name that appeals directly to your target market almost instantly.

For example, consider these company names below that quickly differentiate themselves for their competitors:

1. Facebook
2. Snapchat
3. Upwork
4. PayPal
5. YouTube

Now, all of these company names belong to organizations that have introduced or improved upon an innovation in communications, or payment methods. Nevertheless, you can easily create a company name that quickly establishes your value, and uniqueness.

For example, here are some unique company names for various industries:

Locksmith specializing in re-keying: We-Re-Key

Nonprofit for Camden, NJ: Camden Tomorrow

Nonprofit for Foster Kids: Fun for Fosters

Plumber specializing in emergency services: 9-1-Plumb(er)

The bottom line is you want a company name that says something, instead of a generic name that leaves a lot to be desired.

Company names like Standard Oil, General Electric and General Motors worked when competition was low, and the market was fresh for new ideas.

Today, Standard Oil is Exxon, and General Electric is "GE" and General Motors is simply "GM" as these initials are much more attractive and memorable than the original generic company name.