Factors To Consider When Selecting a Business Name.
You have got the perfect business idea; you mull it over and over in your mind. You have figured out the basic logistics that would enable you to start your business. But you still haven’t got a business name. This is killing you because you have got a bunch of ideas on this matter. The names that pop into your head just don’t seem to be a great fit. Finally, you decide on a name you think has a nice ring to it. It holds a lot of meaning to you; this would be the perfect fit.
You go to your local agency responsible for filing in new business entities to register your business name, only for you to find out it has already been taken by another company. This scenario is one of the many challenges businesses face when starting new.
Choosing a business name can be one of the most creative and exciting aspects of starting a new business, but before you decide on a name, here are some factors you should give a thought:
Check the Competition
Sure, you have this “unique” well-thought-out name in mind. It came to you immaculately from the ether. Before you proceed, though, do your due diligence by doing a general Internet search for businesses that might be named similarly, especially businesses in your industry.
You should avoid business names that could confuse your business with that of a competitor at all costs. Worst case scenario, you get accused of trademark infringement and get embattled in a lawsuit. We don’t want that.
It is annoying enough to have your name misspelled or mispronounced. Ask anybody you know who has a long name that is difficult to spell or pronounce. For a business, this can be deadening.Don’t use cute spellings or words that are difficult to grasp or remember. Try making use of simple but memorable words that can give your customers a feel for your business.
Consider Your Domain Name
If you are starting a business that would require you to have a website, you should strongly consider how the domain name of your website would turnout.You don’t want a name that sounds differently than it is spelled; this would make it rather difficult to find your business online. You could try this out to help you consider a domain name.
Comply with Naming Guidelines
Every state has its own rules as it relates to naming new business entities. For example, in most states, you can’t use a name already in use by another business or a name deceptively similar to that of another business.Naming guidelines are usually made available on the website of the local or state agency that handles business filings in your area.
In conclusion, it’s important to choose a name that is coherent with your brand and its image. Before settling on a business name, what do you want to be known for? What sets apart your business from your competitors? Who is your ideal customer or client? Choose a name that clearly points out that quality.