You can configure the labels for the right-click menu options that are presented when creating new site collections, sites, libraries and document sets by specifying the label in various configuration files located in your solution resource library.
How to configure
The labels for each function are defined in separate configuration files.
Function: New Site Collection
Configuration filename: NewSiteCollectionConfiguration.xml
Resource library location: Extensions/CreateNewSiteCollection
Edit entry
<MenuLabel>New Project Site Collection</MenuLabel>
Function: New Site
Configuration filename: NewSiteConfiguration.xml
Resource library location: Extensions/CreateNewSite
Edit entry
<MenuLabel>New Client</MenuLabel>
Function: New Library
Configuration filename: NewLibraryConfiguration.xml
Resource library location: Extensions/CreateNewLibrary
Edit entry
<MenuLabel>New Project Library</MenuLabel>
Function: New Document Set
Configuration filename: DocSetConfiguration.xml
Resource library location: Extensions/CreateNewDocSet
Edit entry