The process of creating names of companies, services, and products is fairly straightforward, it just make take a lot of time and effort. Here are some issues to consider:
Is your word choice distinctive? Does it encapsulate the essence of the company, your service, or products? How about evoking a positive thought? Ask yourself what is the pertinent business? What is the brand’s identity or personality?
There are various ways to form words. Use an acronym, or the first letter of each word in a phrase. Maybe a compound, a phrase formed from two existing words such as Kool-Aid. The first word receiving emphasis in pronunciation. You might truncate one or more words, as with FedEx or FeedBurner. Sometimes deliberately misspelling a word works well, such as Topix (topics) or Flickr (flicker). Blends contain two parts, at least one of which is recognizable portion of the a word rather than the whole word, such as Microsoft (microcomputer + software). They can be short and elegant and have all of the advantages of compounds.
Focus on the qualities that your brand name should convey: Ecletic? Sophisticated? Old school? Create a list, whittle them down to your top 5 choices, and test them on friends, family, colleagues, and in a focus group of the demographics that fits your target market. Make your final decision and start from there.