Consider Legal Issues
Unfortunately, you can’t just name your business anything you like. Chron.com explains that entrepreneurs need to adhere to certain state and federal laws when it comes to choosing a name. Federal trademark laws will limit your options to ensure your name doesn’t infringe on an existing trademark. Copyright protection is another layer of restriction to watch out for. Keep in mind that you must register your business name with the state in which it will operate. Most importantly, you will have to make sure that your business name is different from all of the other names already registered with your state. You can find many online tools that let you search registered business names and trademarks to ensure yours is available. Keep in mind that if you’re structuring your business as an LLC, your name must include “LLC” when registering with your state and paying taxes. You can learn more about forming and naming an LLC here.
Keep it Simple
The best business names are short and sweet. Make sure your name is easy to say, spell, type, and remember. According to HubSpot, people associate clear and simple business names with positive qualities. Business names that are too quirky or long winded can be problematic, so try to avoid tricky spellings, abbreviations, and numbers. If you heard your business name mentioned on the radio, would you be able to type it out? It’s important that people understand your name right away since you won’t always be there to explain how it’s spelled. Keep in mind that the length of your name will play a role in how easy it is to understand and remember. Brand Bucket recommends sticking to one or two words at most. You can bump this up to three if you include a transition word like “to” or “with”. Regardless of how many words you use, try to keep the whole name under five syllables.
Make it Scalable
Make sure your business name doesn’t limit your future growth. Launching with a name that’s too narrow can force you into a super-specific niche and will make it difficult to expand your products and services in the future. For example, if you name your business “Dog Beds”, it won’t make a lot of sense when you start selling other pet products down the line. Launching a scalable business isn’t just about the now, but about where your company will be in the future!
Aim for a Balance of Descriptive and Catchy
Deciding whether to go with a name that’s descriptive or fun is a common dilemma. On the one hand, descriptive names easily convey information about your business or brand identity. They’re also much more likely to turn up on the first page of Google when potential customers search for related products or services online. However, descriptive names often lack excitement and memorability. It can be tough to set yourself apart from competitors with a generic name. The best approach is to strike a balance between the two, so try to come up with a descriptive name that sounds fun and catchy at the same time! Some great examples include Facebook, Lyft, MailChimp, and Dunkin’ Donuts. Coming up with a great business name is one of the most important parts of launching a business. If you’re feeling stumped, you’re not alone! Even entrepreneurs with several businesses under their belt can struggle when it comes to naming their next venture. The key is to do your research, keep it simple, and think like a cons.
Entrepreneurs can find more resources like this on BrownHouseHoldings.com.