1. There are different ways of coming up with a name--I personally like looking up the thesaurus and mashing words together. But however you arrive at your chosen name, make sure that your target market will at least be able to guess what it does when they hear or read it. Good brand names are expressive of what they do for the customer.
2. Try three syllables at most, whatever the language. Four is a gamble, but can still work if played well. Five is a huge gamble.
3. Always go for the .com, even if the trend is to get .ly and .io. If it's not available, take the last two letters of the brand name and check if that domain extension is available for purchasing.
If any of those three don't work, try again.
1. Take the name of the niche you're targeting. For this example lets say we're a health startup wanting to revolutionise patient waiting times in hospital emergency awards.
2. See if the domain .ly is available or if not, .li; patientrocket.ly, waitzero.io
3. Profit $$$
I don't think there is a set formula. To some names are personal and to others they're just names and don't have any underlying meaning to them other than they're memorable or sound cool.
But until then anything that is easy to spell and easy to pronounce and possible self-explanatory is good enough as long as the domain does not cost an arm and leg.
I sometimes consult google translate to find quirky words in other languages which relate to the meaning in the name I am looking for.
Keep doing what you actually are good.