How to Choose a Business Name
 
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Tips for choosing a good name for your business

Financial Advice

BUSINESS MANAGEMENT

Articles and research about managing and owning a business

How to choose a good business name

Financial Advice

BUSINESS MANAGEMENT

Articles and research about managing and owning a business

Pick a Winning Name for Your Business

Published April 30, 2015 | Updated October 3, 2015

by Kathy Tremmel, Business Attorney

It’s exciting to come up with a good name for your new business. Generally the best names for businesses are those that customers can easily remember and associate with your company’s products and services.

Tips for Choosing a Good Business Name

Availability. Is the name you want available? If another company has registered a similar name with the Secretary of State’s Office in the state where you want to do business or with the US Patent and Trademark Office, you may not be allowed to use that name. It’s a good idea to run a Google search on a potential name to see if it’s being used. You may want to trademark your business’s name in order to prevent other businesses from using a name that is likely to be confused with your business’s name.

Web Ready. Check to see if the domain name is available. A good name will be easy to spell. Make it easy for people to find your website. You want an email address that is easy to give to people over the phone.

Memorable. Is the name catchy? The best name for your business is a creative, distinctive name your customers will remember.

Functional. Does the name portray the specific function or service of your business? Alternatively, does the name tell a story?

Appealing and Easy to Use. Choose a name that's easy to spell and pronounce. It should be visually appealing and sound good. Short, punchy names are easier for customers to remember.

Connotations. Determine whether the images or associations the name evokes are suitable for your customer base.

Your Name. You may want to avoid using your name in your business’s name. When you sell your business, a potential buyer may not be willing to pay as much to purchase it since he or she will either need to continue to operate under your name or rebrand the business.

Avoid Geographical Names. A geographical designation in your business’s name may not be appropriate if your business expands its sales or service area. For example, the name Austin Aquariums may not be appropriate if you want to open a second store in Dallas.

Don't Restrict Future Growth. Your business’s name should be broad enough to include future products or services.

Get Feedback. Before deciding on a name, get some feedback from potential customers and trusted advisers. They may identify potential drawbacks to the name or suggest great alternatives you haven’t considered.

Article and information is courtesy of Kathy Tremmel, Business Attorney at Tremmel Law, PLLC. Amplify Credit Union does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear in this article.




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