What’s in a name? Business names allow companies to separate themselves from other competing firms, to establish themselves as a household word, and to gain business through word-of-mouth. If you are in the process of starting a new business, you should analyze several ideas before choosing a company name. By avoiding the three common pitfalls of business names and adhering to the five common methods of choosing a business name, you will lay the groundwork for a business name that sets you apart from the pack.
Common Pitfalls
- Copyright—Is your future business name similar to that of a major corporation or established firm? If so, choosing that name is a recipe for years of legal struggles.
- Commonality—Is your future business name made of a common word or phrase? If so, your company can either not be able to register its name as a trademark, or be mistaken for the common word or phrase. If capital letters alone can differentiate your company name from a common word or phrase, a different name is necessary.
- Counteractive Reference—Does your future business name create a negative mental image? If your business name sounds like an accidental play on words or a contradiction, use a different name instead.
Creating your brand name is important for company success. If your business will have a website as a primary part of its operation, you should ensure that your name can translate into a URL. If other businesses are using unregistered state fictitious business names, you may need to adjust your new business name to prevent confusion between your customers and theirs.
Proper Methods
- Use a Family Name. If your family name is an atypical name, it can add a memorable tone to your business’s brand.
- Use a Historical Name. Names that connect to history can earn great respect from the community. For example, past leaders and empires that are remembered for good deeds can give an honorable designation to your business.
- Use a Technical Name. If your business is dealing in a specific industry, use an industry name for your line of work. For example, logistics is more technical than freight hauling as IT is preferable to computer databases.
- Use a Geographical Namd. If your business’s region has a special name, use that as part of your company brand. Make certain, however, that your name sounds positive to locals and non-locals alike.
- Create an Original Name. If all else fails, think up a name that you and your associates agree upon. After all, most of the company names that we have today—names of fruits, animals, word combinations, and people—are original to those companies. Be unique.
Regardless of your company name, make sure that you back it with professionalism, customer service, reliability, and efficiency. Make a name for yourself and your business in a good fashion.
