What’s In A Name?
There are many important decisions to make when you have a business idea. You’ll need to consider the big stuff, like how to make your product, and what amount you can invest. You’ll also need to consider the smaller things, like marketing and logo. In those early days, you’ll even need to settle on a company name.
This is a decision few of us think about when we first pursue our enterprises. After all, the name kind of decides itself. Doesn’t it? Far from it. In fact, getting the right name is the difference between a business which stands out, and one which fades into the background.
It needs to punchy, relevant, and original. Not so easy, after all. Which is why you ought to consider the following steps when undertaking the name challenge.
Know the legal stuff
Before you even start, you need to get up to date with the legalities. Sadly, there are a lot of them when it comes to names. For one, you need to make sure no other company has the same name. As well as being bad for business, this could lead to your being sued. Always do a trademark search on all possibilities, as outlined on sites like http://www.nolo.com. This will also save you having to rebrand down the line, which is sure to save you money.
You also need to think about legal issues with certain types of businesses. This is particularly important if you’re planning on starting a limited liability company. In some states, there are specific guidelines for naming an LLC company. To find out more, visit sites like howtostartanllc.org, which can tell you about guidelines in various areas. Both of these are steps you can’t afford to skip.
Once you know your legal lingo, start brainstorming. Even if you already have a name in mind, it’s essential you consider a few different options. How else can you know whether the one you have in mind is the best?
During this stage, jot down any ideas. Playing word association games will also be a huge help. You could even try slicing names together to see how they fit. It’s also worth getting suggestions from others, just make sure they won’t sue you if you opt for their idea!
Then, whittle down your selection to no more than five and put them in a drawer.
The test of time
Try your best to forget your decisions. Come back to them after a week or two. The chances are that some went straight out of your head. Get rid of them. The ones that have stood the test of time are the keepers. Try to whittle the list down to two.
By this stage, you’ve done everything you can. It’s time to survey your loved ones and see which names most appeal to them. You’ll be so invested in the remaining options that you may be unable to decide between them. So, let other people do it for you.