What Is The Value Of Your Business Name?

Is a business name really a big deal?

The best part about owning a business is the creative control they wield over many people. Much of that revolves around coming up with a memorable and clever business name.

Naming your business with an appropriate business name is the most significant step in starting a new business.
If you already have your business named, but it is not working for you – it may be time to change it. While it is hard to change your name, if it is not serving you well, it is the best time to adjust what could be a bigger problem later.

The name you present could seriously impact how your customers react to your business. So you want to make sure you have picked a good one!

Some may not realize that there are several issues to consider before choosing a name for a business.

Whether starting a business now or planning to rebrand, you need to know the finer points of choosing a business name.

The Importance of a Business Name

Names have power. Naming your business is the first step in brand-building. You need to develop a name that sets you apart from your competitors and other companies in other industries.

The name you have chosen for your business could also influence how people view your business, so it won’t help to pick a random name from a hat. Naming your business in the right way will convey the expertise, value, and exclusivity of the product or service you have developed and, above all, create the right marketing image and customer recognition.

In reality, the process can be complex, and there’s a good chance that the name you picked would lose its magic.

That’s why businesses that experienced a slowdown would decide to revitalize their image. Choosing a new name would be the first step in the process.

Doing right will help you convey your business’s value and benefits to your audience, and it also helps develop audience recall and enables your business to cut through the noise.

The Steps to Naming Your Business

Given the importance of choosing a good name for your business, there are principles you need to follow.

Let’s discuss 11 important tips to keep in mind when naming or renaming your business:

1. Make your business name memorable, easy to remember, short, easy to say, and easy to spell.

2. You want to be unique and different, but unfamiliar words or tongue twisters can be a mistake.

3. The name should be flexible and not limiting. This way, you can add new products or services, or locations without having to change your business name.

4. Have your name create a positive visualization for potential customers; the name you choose should remind customers of something pleasurable.

5. Create a name that expresses something related to your business.

6. Attract your target market. Imagine the people you want to serve and see if your name appeals to them.

7. Be careful while naming your business with a trendy name. While you want to be contemporary and relevant, many trends become outdated quickly.

8. Consider the spelling of your potential business name. Many words have more than one spelling. An odd spelling may prevent patrons from finding you on Google or in other directories.

9. Spend some time researching if any other business is using it.

10. Find out if the domain name is available. Register the name as soon as you finalize, even if you do not plan to create the website soon.

Having a domain name similar to your business name allows for better brand recall and gives users an easier way to find your business online.

11. Before you finalize, check the meanings in a few different languages and make sure it is not unpleasant or distasteful

Claiming a Legal Right to Your Name

The process of naming a business has legal dimensions and it is vital you get that right.

After you’ve decided on a name for your business, you’ll need to have it registered with your county or state agency.

In this case, you will need to file a DBA (‘Doing Business As’) application. You may be required to pay a filing fee of up to $100.

Take note that your DBA name is your business name and your trade name. These terms are used interchangeably depending on your business’s legal situation.

But filing a DBA isn’t required in specific scenarios. For instance, if you are operating a sole proprietorship under your name, you are not required to file a DBA.

A DBA filing can only happen when you operate a sole proprietorship or a partnership under a name other than yours.

If you manage a corporation or an LLC, this is also true. You must file a DBA only if you want your business to operate under a unique name. Be sure to file a DBA in every county if your corporation operates different branches.

Beyond that, you still need to learn about setting up your business. There are many legal considerations, and Business Untangled can help you untangle this red tape.

Allow us to answer that burning question for you that is holding you back from creating the business of your dreams. www.businessuntangled.com/call.

Visit Business Untangled at www.businessuntangled.com or call 469-458-0447.