How exciting for you! So glad to hear you are working on a business plan. It is a MUST!
Your name has has to tell anyone who sees it what you do. They can't think, "Is it a restaurant? Is it a bar? What is it?"
I adore your nickname! It's different. It's cute. "Loulabell's Bakery"
What are you wanting to specialize in?? Breads? Muffins? Cakes? Build the name around the specialty. You can still have other items in the case, but you need to showcase your specialty. "Melissa's Magnificient "X's" You could have a lot of fun making your brand with the double M's (or triple M's).
Your brand and name should always be easy to read, easy to understand, and look professional. Hire a graphic desiner to help you (there are lots of college students near the end of their programs who need work/items for their portfolio). This person may even be able to help you launch your website (something that HAS to be done very profesionally). Ok....so more info than you asked for. Sorry. :)