The name should be keyword rich and reflect the king of
products or services you offer. Before you write a business plan or incorporating
a business the first step is choosing a befitting name.
Interesting a simple thing like a business name could
increase engagement and define the enterprise. While considering a name you
need to find one that truly represents the core value of the company. To help
with the process there are basic rules and simple tricks to follow.
Choosing
the Right Business Name
The
Business Foundation
The business foundation is a simple way to come up with a
good name. You need to consider type of product, services, vision and mission
statement.
Find out your unique selling point, business structure
and target audience. Your location also plays a part in determining a good
name.
Make a list of your business priority, products and
message. Study your competitor’s names, abbreviations, name length and other
parameters.
You could conduct a brainstorming season with members of
your family. Look at the merits and demerits of certain names. Be creative and
use your guidelines to generate multiple names.
The brainstorming could extend to colleagues, business
partners and friends. Follow your pre-written guidelines explicitly. Make a
long list and gradually eliminate names by crossing them out. Use clever word
association, letters and generic names.
Review
and Analyze
Now you have your list of names and a few choices you are
ready for the next step. Review and analyze the names based on your business
values.
Choose names that resonate with your vision and shortlist
the remaining contenders. Once you narrow down to five names put the list aside
and review in a few days.
Once you return to the list a name would likely resonate
with your vision. Choosing a business name is an important task because it is
your corporate identity and brand.
Check
for Name Availability
This is the most
important step while choosing a name. Before the name is official it should be
available.
Search through trademark office, federal government data
base or corporate affairs commission. Use online search engines and company
registration tools.
Extend your search beyond incorporation to domain names.
You need an identical or same name for your online presence.
A good place to search for available domain names are web
host providers and domain registers. It is essential you choose a top level
domain name for your business. Ways to go around already chosen names are the
use of abbreviations or hyphens.
Register
the Business Name
Once you have determined the availability you need to
register the business name. Register the name with the corporate affairs
commission in your country.
You could incorporate the business as a sole proprietor
or limited liability company. File a doing business for sole proprietorship to
secure the name. Register the domain name with a host provider and claim
ownership.
Selecting a business name is moderately challenging but
fun. The right name will enhance your services and provide appropriate branding.
Once you have the name registered you now own an official business entity.
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