What’s in a Name: Choosing the Right Name for Your Business
There seems to be a split opinion on the importance of choosing a name for your business. Some experts list this as a do or die step to being successful, while others advise picking a name quickly using a service like Namify’s Free Business Name Generator or this free business name generator with logo from Looka and concentrating on building quality products and services.
Choosing the Right Name for Your Business
Whether or not you think it is vital to have a great name for your business or you just want to pick one and get on with it; here are some key points to consider as you choose a new business name.
Keep it Simple
A good business name should be short, simple, and easy to remember. Names that are overly long, similar, or complicated won’t stand out in the minds of your customers.
Remember to search to see if there is already someone using your proposed company name to sell a similar product or service.
While you are at it, for each business name you are considering, you should:
- Check to see if the domain matching the name you are considering is available;
- Check all social media to see if the relevant social media accounts are available; and
- Do a trade-mark search.
It seems like a lot of work, but all of these searches are relatively easy and won’t take long at all.
Lost in Translation
If you are operating in more than one country, remember that sometimes words mean one thing in one language, and something completely different in another. A quick internet search should let you know if you have inadvertently taken a misstep.
For example, the word “bimbo” is unflattering slang in America, but in Italian, it means “little boy”. Another example of this is “Lemon Auto Group”. The owner nostalgically named his new car dealership in memory of the lemon tree back on his grandparent’s farm in Europe, not realizing that in the U.S., a lemon refers to a car that constantly breaks down.
Check the Short Form
Remember to check what the acronym will be. For example, having first initials that spell out LOL, would not be wise for a serious venture, but might be perfectly acceptable for an entertainment company.
Keep Your Options Open
Unless the selected business name is so unique that another company with the same name can’t exist, it is best to come up with two to three back-up options.
Often, to legitimize the use of a business name, it is necessary to submit a business name to a national or state registry for approval. If you provide the name registry with several options, it can cut down on the back-and-forth between the parties. Providing options simplifies the name approval process. This saves you time, and also money, as it is common to have to pay each time you submit a separate name application approval.
Business names for professional practice corporations have special naming conventions and restrictions. This can include companies used by:
- dentists; and
- other licensed professionals.
If you are a professional using a company to practice your profession, you should check your state laws to determine what, if any, extra regulations may apply in your situation. check this article by MoneyBrighter if you want to know how to get an LLC.
Don’t Waste Time
When planning a new company, many people get stuck thinking about what to call the company and are unable to move forward. They waste time and brainpower trying to come up with the perfect name.
Yes, a business name is important, and yes, it should be considered carefully. However, don’t spend too much energy on the decision. In most instances, it is possible to change a business name in the future. Use a Free Business Name Generator to save time, and then move on to the next step in getting your business started.
November 7, 2023
November 7, 2023