If you have decided to start up your own independent business, you may have already taken your most important decision towards financial independence. A registered business running smoothly can provide you with solid income for a long time to come.
If you have decided to start up your own independent business, you may have already taken your most important decision towards financial independence. A registered business running smoothly can provide you with solid income for a long time to come. But before you start registering it, there is one thing you must do. Just the way a parent gives a name to his/her child, you have to give a name to your new business.
The naming process for a company is not as simple as naming a child though. There are certain guidelines that you have to keep in mind when naming your new company. These are as follows:
Availability of the chosen name: Make sure the name is available through extensive research. It’s no use coming up with the perfect name only to find that it has already been taken. Do some extensive research on the Internet first, mainly through sites that register trademarks. Next, contact the Trade and Industry departments of your local Government for a list of company names that are listed with them. Finally, when you are pretty sure that there is a high chance the name might be available, hire an investigating agency or a private lawyer to do some in-depth research.
Acceptability of the name: Departments of Trade and Industry in different countries classify certain words and phrases as sensitive. If your name belongs to this category, there is a chance it might be disapproved. Go through the laws regarding naming of a company, before you even start choosing the name for your company. If you still have confusions, ask a good lawyer to explain the rules and regulations to you.
Feasibility of the name: Make sure your name reflects the nature of your business. Try not to name your business after a specific product or location. Your business may outgrow its name in a few years. Also, make sure the name of your company sounds good when pronounced. Try not to have silent letters in the name, if possible. Some people might pronounce the name with the silent letters.
The name of your business is its brand identity as well. It should carry the essence of the kind of products/services your company will provide to customers. A well-chosen unique name can turn into a brand, a few years down the line. Hence, make sure you choose it carefully.
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