A business name is a name by which customers and employees know your business. It might be the personal name of the owner(s). It may also be something different and unique. In this post, you will learn how to create a business name from scratch.
Let’s get the ball rolling.
Step-by-step guide to creating a business name
Follow these steps to create a business name from the scratch:
1. Think of possible names and come up with a list
The naming process for any business is more of a creative activity. Before you can get the perfect name, you will have to think of possibilities and consider them from many angles.
Here are some tips we recommend.
Use a keyword related to your business
Any business name should tell its potential customers all they need to know about it at a single glance. Now that you know that, you should consider writing down all the keywords that you consider relevant to your business.
Use a name generator
We’ve been in the 21st century for a while now, come on. Business owners can use technology to do many things, including naming their business.
You can search for a business name generator on search engines and make your pick. A name generator works by allowing users to type in a few words into a box. Once you click a button, it will source out lots of possible business names.
2. Narrow down your choice
Now you have a list of the best possible names your business can have. This stage is where you start matching those names with your taste and business objectives.
A name is related to your business but is it a perfect match? If your friend hears about it, will he/she be like wow, or is it the other way round?
Here are some things to consider when making your final pick.
Your business name must make sense
The right name for a business must make sense to potential customers and leave no doubts. If they see you on Google or Facebook, they should have an impression right away that you’re the company for them.
Your business name must be easy to remember
What is the essence here? It means that aside from being memorable, your business name must be as short as possible.
If you run large marketing campaigns, it may not drive enough results if your audience can’t even remember your name. How will you create brand awareness?
A good brand name must be easy to spell
What does this mean? It means that aside from being something simple, your business name should have a word (or two) that your potential customers have come across in their life.
That way, they’ll know the spelling and can easily find you on Google Maps, search engines and social media.
Your business name should look appealing
And not just to customers, but to every other person as well, including passersby.
A business name will be used for many things, including the logo, marketing campaigns, and in-office designs, it will appear on your business cards and probably most of your products.
Common examples of visually appealing business names include:
Take a good look at these 6 names. Aside from being visually appealing, they have all the characteristics of a good business name (including the ones we discussed earlier).
They all make sense, are easy to remember, and are easy to spell while also being visually appealing.
That, my friend, are 6 of the most successful companies in the world today.
3. Align your business name with the structure of your business
Your business name will have some little modifications, depending on the structure and ownership of your business.
A sole proprietorship is an informal business structure, which means it has the least requirements to start and operate. There’s a general rule for naming a sole proprietorship.
The business must operate under the surname of its owner. If you want to trade using a separate brand name, you will have to file for a DBA.
DBA means ‘doing business as’. Once you have a DBA, your business can operate and trade using a legal brand name that’s not your surname.
A partnership business is another informal business structure, and it’s similar to a sole proprietorship in many ways.
In fact, if you look at it sometimes, the only noticeable difference is that a partnership has more owners involved, and division of labour is easier. Aside from this, there are not many differences.
A partnership business must consist of the surnames of the owners. However, a DBA will make the business eligible to trade under an official brand name.
Limited Liability Company (LLC)
A Limited Liability Company is a formal business structure, unlike sole proprietorship and partnerships. Making your business an LLC helps protect personal assets if your company faces legal action or goes bankrupt.
Being a formal business structure, LLCs have stricter naming rules. Your business name must include the phrase “limited liability company” or one of the acronyms “LLC” or “L.L.C”
Also, your company is not allowed to be confused with a government agency. If your business name includes words like University, Bank, and Attorney may cost you further requirements and time before approval.
And again, it also depends on your country.
A C-corporation is a privately owned business, but it has no limits regarding the number of shareholders. C Corporations are more complex than LLCs, which means stricter policies.
Your business name must include any of these words
Note that abbreviations are allowed. Fie instance, Ltd, Corp, etc.
4. Check if your business name is available
Now you’re almost done with creating your business name. There are two things you must check for.
Every business should have a web presence unless it’s localized. Another business may have already taken your desired business name and used it as its website domain.
In that case, you will have to come up with another business name.
Search federal trademark records
If the domain is not yet taken, good for you. Now you should find out if another business has not trademarked your business name idea.
Go to the federal trademark website or office in your country and check for the availability of the name.
5. Register your business name
Now you’ve made it to the final step. All you need to do is register your trademark with the business registration entity in your country.
While doing that, buy your domain name as soon as you can. That way, you can get a license for your business while also being present on search engines.
Your business name is very crucial to your success as a brand. It will be the headline in your advertisements. Your business’ domain name is what potential customers will type on search engines.
That’s why creating a business name is one of the most important decisions to make when starting a business. It’s the first thing customers see, it sums up everything about your business and it’s your best bet to create a first impression.
Disclaimer: While this business article may give some insights into how a business name works, it’s purely for educational purposes.
It is not professional advice, and should not be treated as such. If you have any questions, kindly refer to a business advisor or consultant.