How to choose a name for a new business

When it comes to choosing a business name, it can be a really easy or hard thing to do. You might have already thought about the name and you’re certain that it’s unique and stands out, or you might have just come to terms that you need to come up with a business name that’s good and you have no clue how to do that.

Even if you know what your business name is or if you need help choosing, it’s best to read these tips because it might just be the guidance that you need.

First, let’s talk about your business

The main reason why most businesses are successful is because they have a strategic plan. The very first step for this plan is to come up with an idea and be clear of the business mission statement behind your idea. There’s also a few questions that you need to ask yourself:

  • What is the niche for the business?
  • Will your business name represent the mission statement that your business has?
  • Who is your demographic audience?
  • What first impression do you want to give to customers through your business name?
  • Who are your competitors?

Once you have clarified everything and you’re clear with your goals, you can then move onto the next step.

Brainstorming your business name

If you’re going to be a sole proprietor or have multiple members as an LLC company, you need to be able to decide amongst each other or yourself what you want your name to be and represent. 

The best way to do this is by brainstorming ideas which you can use free online tools such as name generators or write down words that are associated with the niche or market that you want to get involved in. It is important to take your time with this step and not to rush it, because you might regret your first choice when registering your name and then shortly after you would have to pay extra fees and do extra paperwork in order to change it.

Here are some questions you can have in mind when brainstorming:

  • Do you want the name to be short and snappy or long with a deeper meaning?
  • Will your business name suit the overall brand that you want to market?
  • Is the name that you’ve chosen easy for everyone to pronounce?
  • Is the name memorable and is it different from your competitors?
  • Is it too similar to your competitors?

Make sure that it’s available

Now that you’ve come up with a name, you need to make sure that it’s actually available. There are many ways to check this, such as using the U.S Trademark Electronic Search System, or searching up results in search engines in order to see if the name already exists. 

The name has to be unique and not too similar to other existing businesses. You also have to remember that even though you have already thought about a really cool name, there are like-minded people out there who may have come up with the same name as you and have claimed it already. It’s important to trademark the name and obtain an online domain name, so that you can avoid any problems in the future. 

Part of checking its availability is registering it, which is why it’s important to follow a business registration guide for this. In order to make your business idea come to life you need to register the business name and choose the business structure. This means that when registering it’s important to be clear that your business is an LLC (limited liability company), corporation, partnership or a sole proprietorship. Using a guide can help you understand the difference between the structures, which can be really helpful. 

Our say

Coming up with a business name is just as important as any other step, because it’s what is helping your business come to life. It’s a process that should not be rushed and that you should carry out thoroughly, in order to avoid repeating the same mistakes and consequences such as paying fees to make changes or new applications for when registering the name for your business.