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How to Get Paid $100 to Name a Company
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by - June 22, 2014 - 23 Comments

There are a handful of companies that have developed such iconic names that they are instantly recognized wherever you are in the world. Names like Coca-Cola and eBay have near universal recognition so it’s no surprise that professional branding companies often make millions of dollars to come up with these “it” names.

Professional branders aren’t going anywhere, but for small businesses that can’t afford the million dollar price tag, there is a new trend called crowdsourcing that allows businesses to outsource the creative process to people like you and I through “naming contests.”

There are hundreds of naming contests on websites like NamingForce.com and SquadHelp.com. The way it works is that nameless businesses list a little information about their company and a prize amount for the person who can come up with the best name. The rewards are anywhere from $50-$500, with the average amount around $100.

For example, one company on SquadHelp lists that they are a company that buys used video games and that they will pay $80 to the person who can come up with the best name. A few of the submissions so far are “Cash 2 Gamers” and “Game Epix.” Think you can do better?

How to Enter a Naming Contest

To get started you need to first register at a naming website like Naming Force. It’s free and only takes a second. Once you’ve registered, you can get started by entering one of the literally hundreds of contests. The cool thing is that there’s no limit to how many names you can submit or how many contests you can enter, so let the creative juices start flowing.

Some of the leading namers have won thousands of dollars and are responsible for naming dozens of startup companies. At $100 a pop, it’s not a bad profit for only a few minutes of work…

If you need help getting in a creative mood there are a number of online tools that can help you get started.  Random name generators like Rymer.net can create a list of names for you to bounce off. Online dictionaries and thesauruses can also be a good resource for generating ideas. Obviously, the more entries you submit the better the chance of you being declared a winner.

Good luck Penny Hoarders!

Your Turn: What do you think of this idea? Would you give a naming contest a try?

 


 

  • http://www.sooverdebt.com Andrea @SoOverDebt

    This is a cool idea – I just spent all week trying to help my sister come up with a good name for her sewing business. So many of the good names are taken!

    Are the suggestions public on the naming contests? I don’t know if I’d like that – I’d be afraid someone would steal my idea and improve on it, knocking me out of the running.

  • http://thecollegeinvestor.com Robert @ The College Investor

    That sounds like such a fun way to make money – too bad I’m not creative!

  • http://www.prairieecothrifter.com Miss T @ Prairie Eco-Thrifter

    Very cool idea. I unfortunately am not that creative so I may find this challenging. In fact I could see myself needing to use one of these services.

  • http://wahadventures.com Miranda

    I like this. It would be fun coming up with names…and even better if I was picked and earned money!

  • http://spruceupyourfinances.com/ Spruce Up Your Finances

    $100 for a few minutes of work sounds like fun to me.

  • http://www.littlehouseinthevalley.com Little House

    I’ll have to tell my husband about this. He’s really creative with coming up with names and slogans for companies. He’d love the chance to actually win money through his creativity!

  • http://www.60kproject.com The $60K Project

    Penny Hoarder – sounds like you might be good at the name game. Your blog name is by far one of my favorites.

    • The Penny Hoarder

      Oh thank you! I have always had mixed feelings about my blog’s name, so I really appreciate the reassurance. :)

  • Guest

    You’ve got great insights about creative ways to make money, keep up the good work!

  • Keira Gresco

    Nice Post!

  • http://www.mypersonalfinancejourney.com Jacob @ My Personal Finance Journey

    What a cool idea! have you won any contests yet?!

    • The Penny Hoarder

      Not yet, I just got started. But, I do have a couple of friends who have won contests like this.

      Kyle

  • http://www.ddiy.co Geoff

    I love the crowdsourcing business model and I’m sure it will continue to pick up steam. The only problem I have with the model is that it encourages “dabblers” and not full time professionals. I’ve heard from several professsional marketers and graphic designers that shy away because it’s not a guaranteed payday. I think if the model was tweaked though to become a “certified contributor” with some minimal stipend based off the number of contributions you make, the overall quality would go up.

    That said, these sites are still a tremendous value for your buck (both paying for work and earning rewards).

  • Tia

    I’ve been absent for some time, but now I remember why I used to love this blog. Thanks, I will try and check back more frequently. How often do you update your website?

    • The Penny Hoarder

      Hi Tia,

      We try to post 3 or 4 new ideas every week. Thanks for coming back!

      Kyle

  • Tena Zenker

    I love it!

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  • http://www.namingforce.com Wes Cutshall

    Naming Force now has a referral program, too! http://www.namingforce.com/referral/

  • Cameo

    The name i have for a company is your name and Crafts and Things.

  • http://www.extra-cash-online.com/ Robert Connor

    We love this site!

    • http://www.thepennyhoarder.com Kyle Taylor

      Thanks Robert! I really appreciate that! :)

      Kyle

      • http://www.extra-cash-online.com/ Robert Connor

        We like your unique ways of generating income!

  • Guest

    Can I rant for a minute? Naming Force(Squadhelp, too) can be fun and FRUSTRATING at times. I’ve been using NF for about 3 weeks now and entered many contests so far. Let’s say a Client needs a name for widget. Most of them list their name requirements: something fresh, innovative, easy to remember, easy to pronounce, must contain the word widget, no more than 2 words, everybody needs to understand it, etc…Your creativity is already limited to these bounds.

    I’ve seen countless other amazing entries besides mine that used metaphors, alliteration, wordplay, rhyming schemes, etc…Not only will the client reject those type of names, but they’ll choose stuff like iWidget, or eWidget. Are you kidding me? I’m like, “You could’ve thought of that yourself without crowdsourcing help”

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