Long before you pick a great logo and color scheme for your new project, you have to come up with the name. Whether you're naming a new real estate development, restaurant or event, the name is one of the most critical components of your venture. It makes a first impression and sets the tone for your communications.

In real estate, you can use a version of the property's address, like 1600 Pennsylvania Avenue or Melrose Place, or rely on descriptive words based on the location; think Charles River Park or The HighLine West Village.

You can also use a name to be aspirational. If you want to create an attractive destination for seniors, you might use words that create the atmosphere your audience is looking for – perhaps Green Acres? For young professionals, you might convey hip and contemporary – try The Radian.

A name can also honor history or the heritage of your company. Or even stake a claim. The Empire State Building says, “This is THE New York business address” and The Mall of America says, “This is THE only mall America needs.” Ink Block in Boston harkens back to the time when the location was a newspaper’s headquarters.

But what is really important is using the name to your best advantage. Create a sense of place. Choose it wisely and think through all of the negatives and positives of your choice. Is your address an unlucky number in certain cultures? Did you choose a word that might translate poorly to the languages of your target audience? Test the name with focus groups of your potential tenants, clients, or customers, if possible.

Once you make your decision, back it up with a great logo and color scheme that supports the impression you want to make.