4 do’s and don’ts of naming a new business
A name is important for any new firm. While coming up with a name isn’t easy, choosing the right one for your business can make a difference in your success in a highly competitive market. This is why naming your business is something that you shouldn’t take lightly.
Naming your business may depend on your personal goals. But to select the one that meets applicable legal requirements and fits your needs, it’s crucial to know the do’s and don’ts of naming a business. Read below to know more information.
Do’s of naming a new business
1. Do a name search
One of the things you should do when naming your business is to conduct a business name lookup, which is now made easy with service providers online. This process allows you to see similar variations of your preferred name and whether it has already been trademarked.
Apart from using a business name search tool, you can also use other resources like social media. Start by searching your preferred business name on LinkedIn, Instagram, Facebook, and Twitter platforms. Typically, a search on social media provides you with results in a few seconds. It’ll help you determine whether the name you’ve entered is still available or used by other organizations.
Even if a proper name search can be a lengthy process, you’d rather go through the trouble than risk being accused of infringing on someone else’s trademark. In addition, it’s the only way to ensure that your business name isn’t taken and is available for use.
2. Do take your time
As mentioned, naming a new business is a long process and can be time-consuming. In fact, even the most patient business owners will be tempted to rush this process to begin operations immediately. Although changing your business name later is possible, it may take more time, and you may need to file legal documents to achieve this.
Moreover, once you decide to change your business name, you may also need to rebrand your company, which takes more costs, time, and effort. Since your business name is part of your marketing materials and logo, modifications will be necessary to keep all of them in sync.
If you don’t want to experience such hassles, never rush the naming process to set your e-Commerce startup on the path to success. Although rushing the process seems convenient, you can wind up with complications that could have been avoided if you had taken the time to do it. So, put your soul and heart into it to figure out the best name possible for your new business.
3. Do understand your business
Your business name will serve as your first connection with your potential customers. Therefore, when naming it, it’s essential to first understand your business. Start by defining your company’s values, vision, target audience, and mission. Then, choose a name that reflects those factors, your goals, and how you want to present your business in the market.
4. Do keep it simple and short
A memorable business name rolls off the tongue. It isn’t too long or short and may include full words instead of acronyms or initials.
While using initials is an excellent idea when naming a new business, acronyms are preferable. It’s because some customers may refer to your business by acronyms since they’re much easier to remember. However, you must come up with a carefully planned name to avoid destructive or embarrassing acronyms.
Don’ts on naming a new business
1. Don’t select a name that’s too similar to that of your competitor
Man made word NAME with wood blocks
When naming your business, always keep an eye out for competitors using names similar to the ones you prefer. This may result in trademark infringement. It happens once you use a trademark that’s identical to that of your competitors, which will make your consumers confused as to the true source of your services or products.
Aside from trademark infringement, intentionally choosing a business name that’s too identical or similar to your competitors in an attempt to win their clients is never a good idea. It can be considered willful or intentional infringement, which carries severe consequences if established. This isn’t something you want as a new business in the industry.
While coming up with an excellent business name, try to be unique and creative. Focus on how your business name will stand out. Even if it’s hard to find the right name, it’ll be worthwhile because you’ll be able to prevent possible trademark problems in the future. Once you’ve found the right one, register your business name immediately.
2. Don’t choose names that clash with your branding
A consistent brand presentation must improve your brand visibility. Therefore, if your branding and business name are inconsistent, you’ll make it difficult for customers to support and remember your business.
When naming your business, opt for the one that doesn’t clash with your branding. For example, if you want to offer luxury items but your name says otherwise, your customers might find it confusing and may not quickly understand whether you sell luxurious products.
To avoid this, consider creating clear brand guidelines for your business name. It’ll help you choose a name that sets the tone of your branding.
3. Don’t limit yourself
There are instances when businesses select a name that matches their geographical location. While it’s a good idea to name a business after a certain place, it may hinder your business’s growth in the future.
If you plan to expand your business, you must avoid names with locations. It’ll save your time and allow your business to grow without dealing with issues on branding or name.
4. Don’t settle with misleading names
Misleading names can direct the wrong audience to your business. Some customers can be confused about what your business does and what benefits you can provide them.
If you don’t want this to happen, you can try to use tools or search online for words related to your business. Then, opt for what’s most related to your concept so that your target audience will immediately have an idea about what you’ll be providing.
Conclusion
Naming a new business may seem complicated, but it doesn’t have to be. You can begin by taking the time to investigate your options and consider how your business name can contribute to the growth of your company in the future. Furthermore, by keeping the above do’s and don’ts in mind, you can guarantee that you’ll find a name that meets legal requirements, reflects your values and products, and enables you to attract your target audience.
