The first, and most important, part of the naming process should always be an extensive brainstorm session. This session should create the fundamentals on which you continue to build. Without the brainstorming it's nearly impossible to find topnotch company name ideas. You should write down everything that has something to do with your business. There are several tools that can you help you but the Thesaurus is probably the most important one. It almost doubles the amount of ideas that resulted from the brainstorm session.
Make sure the name is not too complicated. Short and catchy business names work best. The name should be easy to spell, but even more important it should be easy to pronounce. Always try to avoid a name consisting of solely initials.
One of the most important aspects is how memorable it is. A company name can be memorable in several ways, it can be so unique that it's impossible to forget, or the link between the name of the company and the type of business is crystal clear. A memorable name contributes to the health of your business.
There are many ways to create a business name and there are different ways to categorize names. For example, you have real words, compounds (combination of 2 words), blends (mixture of parts of words) and descriptive names. Make sure you try to create a name in each category.
You should always think long-term. Make sure your business cannot outgrow it's name. Never add a geographical location or a product to your name. You never know what the future withholds. Think international, have ambition.