Recently we were asked by a client to help him come up with a new name for a business he is considering. While we had some direction for finding the new name we struggled with how to find the best way to represent his business. I stumbled across this article by Matt Alderton and thought it had helpful information to pass on to our faithful blog followers.
Market your new venture and attract new customers with a winning name
By Matt Alderton, Writer, Editor and Media Consultant, Logolepsy Custom Content and Communications
If you've ever wondered what's in a name, the answer is simple: everything. A good name can make your business, and a bad one can certainly break it. It pays, then, to play the name game well. After all, a successful name can:
1. Reinforce your business concept.
2. Lead the charge in branding your company.
3. Attract new customers.
4. Sell your products and services.
Action Steps
The best contacts and resources to help you get it done
Delegate name duties
If you can spare a few thousand dollars from your startup budget, you might consider hiring a naming firm to help you choose a memorable name, design a workable logo and navigate complex naming laws.
I recommend: Approach naming firms such as ABC Namebank and NameLab for help in choosing the right moniker. Or connect with a brand consultant who can help you decide on a name; a complete listing of brand consultants can be found on Business.com.
Conduct a 'name-storm'
When brainstorming ideas for a company name, you should look for inspiration in the dictionary or in the newspaper, or within your business plan. Name-creation software can broaden your choices. Develop a list of at least 10 potential names.
I recommend: Learn what's behind the best business names when you download The Naming Guide, free from brand consultant Igor International. Buy naming software or an online consultation from Namexpress.
Choose a name
As you whittle your list of potential names down to a favorite, look for choices that are meaningful and have strong branding opportunities due to their memorable qualities. The strongest names are short, simple and descriptive.
I recommend: Bounce ideas off of fellow entrepreneurs at Business Owners' Idea Café name forum.
Hunt for trademarks
A good name is no good, really, if you can't legally use it. Make sure no one else has claimed your chosen name by performing a trademark search.
I recommend: Search all state and federal trademark registers at the U.S. Patent and Trademark Office.
Decide your business structure
If you plan to incorporate, you must make sure your name - trademarked or not - is not in use by another corporation. If you are a sole proprietor, you should know that many states require you to use your own name as a business name.
I recommend: Explore the legal requirements of naming your business, based upon its structure, at the Business Owner's Toolkit.
Secure your domain name
Every business needs its own Web site. And just like the name of your company, its Web address should be relevant, memorable and, of course, available.I recommend: Search and register for available domain names at GoDaddy.com, Register.com or MyDomain.com. Find more domain name companies on Business.com.
Register your name and trademark
Once you've selected a winner, you should register your new business name - known as a trade name, a fictitious name or a DBA (for 'doing business as') - in order to formally and legally claim it.
I recommend: File your trade name with your state's Secretary of State's Office or, for national protection, file a trademark with the U.S. Patent and Trademark Office.
Tips & Tactics
• Helpful advice for making the most of this Guide
• If you rely on advertising in directories or phone books, consider choosing a name that starts with an 'A' to put you ahead of the competition - literally.
• Choose a name that is easy to spell and pronounce.
• Once you've chosen a name, begin using TM (trademark) or SM (service mark) immediately in order to protect it. You can freely use the designations before you've actually registered for them.
• Avoid names that limit your potential for expansion. That includes geographical names - should you move or expand outside your local area, names that describe your product or service too literally, should you decide to add new lines of business.
Hope you have found this helpful.
Until next time,
Susan
