The significance of a business name cannot be overstated as it can greatly influence the eventual triumph or downfall of the venture. Regrettably, numerous individuals overlook the importance of thoroughly contemplating it before proceeding. Several aspects warrant consideration, such as ensuring memorability, relevance to the industry, and potentially securing an available domain name.
Married?
Selecting a business name resembles entering into matrimony. You commit to it for the long haul. Research suggests that a potential client must encounter your advertisement and business name approximately 22 times before engaging with your services. Once they establish an association between your business and its name, altering it can be calamitous. Once you’ve made a choice, remain steadfast.
Naming Your Business
Before tying the knot with your business name, it’s crucial to ensure it isn’t already married to another suitor. There are four key issues to consider:
Firstly, you must ascertain whether the name is already in use in your state. The Secretary of State oversees the names of all corporations, LLCs, and partnerships, often providing a website for name searches. Even if you’re a sole proprietor, it’s wise to check the name against those registered in the state database. If the name is taken, you’ll need to consider an alternative.
Assuming the name passes muster with the Secretary of State, you should then check it against existing trademarks filed with the Patent and Trademark Office (“PTO”). The PTO maintains an online database for this purpose, allowing you to ensure no other business is using the name.
In today’s digital age, many businesses integrate a website into their model. If this applies to you, it’s essential to verify if the business name is available as a domain. If it is, registering it promptly is advisable. If not, you may either choose another business name or focus on a domain name that reflects your service or product rather than the business name.
Failure to take these precautionary steps could devastate your business. Imagine the negative impact if the name needs changing three years down the line. Take a breath before settling on a business name. Like a spouse, it can either be a good or bad choice.
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