Naming your business is a vital part of creating your brand. There is more to naming your business after yourself of your family name, or your favorite thing in the world. It is a need that the name of your business be something that is easy to spell, easy to recall, easy to understand — much like a name that clearly describes what your business is all about. There are so many other factors to consider too when naming your business. There’s the availability in state or country’s business records, it should also meet some of the requirements (if there are any) in the country where you are establishing your business. There is also that very important consideration very crucial not to miss, that is when you name your business and you have future goals or plans to expand internationally, it must meet the other countries’ culture, and understanding. Here are a few points to keep in mind when deciding for a business name:
1. Legal Name for Incorporation Documents
A legal name of a business refers to the official name you use when you file with for business registration and taxation documents. It appears on your legal business documents. The legal name of your business must be distinguishable from the other names of other businesses recorded in the government’s business name lists. However, although you are only allowed to have just one legal name at a time, you can still have any “doing-business-as” name/s at the same. For instance, your business’ legal name is “ABC Corporation”, you can still file for “doing-business-as” name as “Hot Spots” which you can use on your ads, signage, and other marketing collaterals.
2. Business Names should be easy to say and easy to spell.
This may seem very shallow, but having a business name that is easy to say and easy to spell does a whole lot. It does have a lot to do with consumer recall. If your nature of business is auto supply and you name it Oto Sooplys and Repair, and you are talking to a friend about it over the phone. After your phone call, your friend goes looking for you on the Internet and couldn’t find you because you actually have a differently and difficult spelled business name.
3. Advisable to name your business in accordance to its nature.
It is not a very good idea to name your business from some word you think is cool which totally doesn’t have to do anything with your business. You will be making your business loose potential clients just by trying to explain what your business offers, what it means and what you can actually do for them.
4. Name Reservation on Government Business Records is sensible.
If your preferred name is not reserved in the government records, it remains available for anyone else. You can reserve your preferred name to protect your right to use it — usually for a certain period of time only, and then you are required to renew protection for it for a minimum cost. While your name reservation is in effect, any other business cannot use the name you’ve reserved. This is a wise decision to do even if your business in not yet operational, or still just a wild imagination because it helps prevent other companies from forming under, qualifying under, reserving, registering, or changing their name to your reserved name.