Before you even start your business plan or design your website. Before you do anything at all in your business journey. Complete the crucial and important task of choosing the right business name for your company. It is going to be the building block and foundation of your company. Everything going forwards will be based on the business name and it is going to the face of your company. Today we are going to look at why it is so vitally important that you’re choosing the right business name and the consequences of not doing this.
Make sure that the name isn’t taken!
After brainstorming some ideas of business names you may have thought that you have the perfect name. It suits the brand and it represents your vision perfectly. That’s all well and good. Not, however, if the name is taken. Going into business and using a name that is either already registered and/or trademarked can land you in legal trouble. This could lead to you not only having to suddenly rebrand but bringing along with it a lawsuit that could deplete your much-needed startup funds.
Look for similar business names
Part of choosing the right business name is choosing a name that stands out. You don’t want someone to search your business name online only to find it amassed amongst various other companies with similar names. This just leads to your site not attracting much traffic and causing confusion. Even more so if they are in the same industry. However, if they are in a different industry this can still present a problem.
If you are for example in the graphic design industry, if your business name is VERY similar to another website that is a totally different industry, this can have consequences on your business. Businesses before now have chosen their business name and started only to find the name is very similar to that of an existing business in an unrelated and potentially unsavoury market such as dating websites.
How do I know if I have chosen the right business name?
Another way to find out if you have chosen the right business names is to get some feedback. Run some focus groups on an online poll to see what name people prefer. At the same time, it might be worth you just giving them the business name and no background and get them to guess what your business does and what industry it’s in. The closer they are to the correct answer the closer you know you are to getting the perfect business name. Here at Trak Creations, we specialise in getting businesses recognised online and increasing their digital presence. If you would like a chat with a member of our team we can help you with choosing the right business name for your company.