Naming your business

What’s in a business name?  A lot, in fact.  Naming a business can be a tricky undertaking.  The name you choose says a lot about the product and services you are selling along with goals and values of your company.  After all, you’re trying to convey the expertise and uniqueness of your new venture – how you will stand out against the competition and be remembered by your target audience.  You should think about ease of pronunciation and how it will look on a business card.  You want to be memorable but not confusing.  Entrepreneurs often angst over naming their businesses.  It’s a complicated process after all.

What should your business name communicate and what does it say about you?  First and foremost, it should relay the key elements of your business – something that is long lasting and embodies the values of your company.  Experts feel it’s your best bet to pick something meaningful and broad.  Be careful you’re not overly descriptive.  For example, if you’re based out of NYC and choose to put that in the title but then decide to expand to other locations down the road this could be a hindrance.  It might be better to be suggestive – a name that is more abstract and coveys what the business is about at the core.  Additionally, think of something that is appealing to the consumer, something comforting and familiar not long and confusing.  A strong name should be simple.  Make it easy to spell and pronounce; stay away from cute puns – if you land a good one, you’re in luck.  However, you run the risk of picking something that’s overused or too “cutesy.”  Don’t be a copycat.  Just because others have had success with a certain name or phrase, you want to make sure you stay original.  You might want to consider something that lends itself to wordplay or in essence verbal branding.

Some experts suggest new forms or spellings of existing words but others warn against this.  If you name your company something that sounds differently than the way it is spelled, it could be difficult for your customers to find you online.  In this digital age, you have to keep your domain name in mind.

Next you should think about acquiring a trademark.  If you only operate in one state you do not need to trademark your business name because you already have the right to use it in that state and you are allowed to use it in other states.  However, conflicts could arise once you expand into new markets and another company operates under the same name.  Registering a trademark is relatively simple.  On your own, you can file an online application in less than 90 minutes without enlisting a lawyer by registering on the U.S. Patent and Trademark Office’s website: www.uspto.gov.  Before doing so, check the site’s “Trademark Electronic Search System” database to make sure another company hasn’t already registered the same trademark.  Online trademark registration costs between $275 and $325 and requires information such as “the categories of goods and services for which the mark will be used, date of the mark’s first use in commerce and whether there’s a design component to the mark you’re seeking.”

Naming your company can be a daunting task but it can also be a fun experience.  Brainstorm with people.  Try things on for size.  Don’t limit yourself.  Remember although it’s not the best plan, you can always rebrand down the road if your business objectives grow and change.  Don’t get stuck and let naming your business stand in the way of getting started.  Think logically and be creative.  Obviously, your company name says a lot but it’s not everything.  The meat and potatoes are in what you are offering and selling.  It is your business model and service offered that will make or break you in the long run.

We’ve come a long way but we’re not there yet.  In fact, we’ve only just begun so log on next Wednesday as our series continues.

Until next time…