Follow these basic steps in choosing your next business name.
Finding a business name for your new venture can be both exciting and nerve-racking. You will need to put the time and effort into your decision that will ultimately make you stand out from the rest. This decision will ultimately determine the success or failure of your business. Unfortunately, many people do not offer up the time or thought process required to make such decision. Most will even end up paying for it later down the line. There are many factors that one should consider when trying to choose the perfect business name. Luckily for you, there are some very basic steps that you can follow to get the process started.
Till death do you and your business part
Okay, that may be a little extreme. However, you need to adopt that same mentality. Put in the time and effort to choose a business name that you wouldn’t mind having for the life of the business. Once your business is live and you start to promote under this name, you are stuck with it. From that day forward, your customers will always associate that name with the products that you sell or the services that you will offer.
Steps to selecting your business name
Coming up with a business name is a 3-part equation. All parts will need to be included to make sure that all the basics are covered.
1. Does my business name “fit” what I’m trying to promote?
People often will choose a business name simply because they like it. This would be a waste of time if it has absolutely nothing to do with what you’re selling. Your aim is to position your business to constantly remind your customers of what it is that you offer. Case in point. Many people do not realize that “Band-aid” is the name of a brand, not the actual name for the product. The actual name of the product is an adhesive bandage, however, you will often time hear individuals refer to the product as a band-aid. You should seek to have your customers replace your products/services with your brand name.
2. Does someone else already have this business name?
This is crucial. Do not make the mistake of choosing a business name that someone else already has. Your first step should be to visit the Secretary of State site for the state in which your business will operate and determine if anyone has already chosen it. Assuming that this is not the case, you’d want to check for any patents or trademarks filled for your chosen name. This step is probably the most important being that it can cause you some legal troubles if not carefully research. When in doubt, you can always solicit the advice of a lawyer that specializes in patents and trademarks.
3. Can I use my business name as my domain name?
Having your domain name, the same as your business name is important to your customers’ ability to find you. Your first task is to check to see if your desired domain name isn’t already taken. If it’s already taken, it’s okay to have some small variation from your first choice such as a hyphen or punctuation. However, you don’t want too much variation that it confuses people.
Not taking these very basic steps for choosing a business name can have some catastrophic consequences in the future. The worst being forced to change your name due to trademark issues after you’ve already made millions from that name. Take the time to put the much-needed thought into naming a business enterprise that will provide for some promising returns in your future.