One of the most important and a challenging steps of starting a business is choosing a right business name. A successful name for your business can be a considerable factor in the ultimate success or failure of any entity. Unfortunately, many entrepreneurs fail to give a lot of thought to it prior to moving forward. There are no of factors to consider including something memorable, a name related to your area of work and, potentially, the availability of the domain name.
“Selecting a right business name is like getting married to the right woman”
You are going to bind to it for the rest of the days until you decide to shut it down. Once customers associate your business with a certain name, making a change will be a difficult job. When you pick something, stick with it.
Naming Your Business
If you are going to get married to your business name, you need to make sure the bride isn’t already married to another suitor. There are four significant issues to consider.
Initially, you must determine whether the name is already being registered in your country. The register of companies controls the names of all companies, partnerships & sole proprietorship can be registered with the local councils. Most also have a web site where you can carry out name searches. Even if you are a sole proprietor, you should check the name against those already registered in the database. If the name is being used, you will need to consider an alternative name.
Nowadays, many businesses have a web site as part of their business model. If you are in the same boat, you have to check if the business name is available as a domain. If it is, you should register it immediately before anyone else grab it. If not, you can either change your business name again or focus on a domain name matching to your product or service line.
You business could be devastated if you do not take these precautionary steps. Think about the negative impact on your business if the name has to be changed three years down the line. Take a deep breath before you select a business name. Like a spouse, it could be either a good or bad or Even better or worse. Choice is yours