The Right Business Name
Having the right business name can have a significant impact on your business success. If you are a new start up or existing businesses looking to change your name, here are some things to know about selecting a winning business name.
A descriptive name that literally describes what they offerGenerally speaking there is no fixed formula or approach. Different approaches work for different businesses. Some of the different approaches include:
- an emotional name that describes the benefit of the product or services
- an interesting, different or fun word for impact
- a unique, proprietary word
The best advice I can offer if you are struggling is to brainstorm with friends, family, colleagues etc the following points:
- Consider a name that is memorable and easy to spell
- Consider a name that creates a strong visual image
- Consider a name that includes information about your business
- Consider a name that has a positive connotation
- Consider a name that is not too long
Seek Legal Advice. To avoid having to go through the expense of having to change your name down the track ensure you check that the name you select is not already taken. Your lawyers can check this out for you or you should as a minimum check the following:
- Goggle the name to see what comes up
- Check ASICs free Company search – search.asic.gov.au
- Check ipaustralia.com.au for registered trademarks
- Check to see if someone has your preferred domain name
Don’t rip off other brands. Be careful about using a name that is too closely aligned with the large multi-nationals. These companies have spent a small fortune creating a brand and will not tolerate start ups ‘riding on their coat-tails’, as development firm Virgin Developer quickly found out (now named Rookie Developer).
You will want to create at least a couple of business names as there is a very high probability that your first or even second choice is taken. This is where a comprehensive thesaurus comes in handy.Final word
If you are still struggling to find that winning name then there are a few options still available to you: in the capital cities you can find specialist naming firms; closer to home many graphic designers are willing to assist; or give crowdsourcing on the web a go!
Richard Kemp – Watts Price Accountants
The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.