I think the name should have personal meaning to you guys or what you guys do. Maybe something related to your friendship? You guys are creative, if you want to treat this venture seriously I recommend approaching the branding of your "studio" with the same level of professionalism you would your clients.

I assure you its the best way to approach the problem. Picking a random name will wither and die. Because why shouldn't it? it never meant anything.

my 2 cents