usiness people put into choosing their company?s name. This lack of forethought and planning in choosing a business identity is akin to building a home before checking to see if it is in a flood zone: At least, with the home, local governments have developed laws to protect homeowners from this foolishness. Spending a little time and thought about your business name BEFORE building your business may save you a great expense later on.
Why is Your Name So Important?
Your business name is the first image that your business projects. It is what customers will remember (good or bad) about your business that will either draw them to it or send them to a competitors? business. Assuming your business lasts for many years, you will have invested a lot of time and money building it. Part of the value of your business is the name. If you have branded the name, your brand alone might be worth more than the assets of the business itself. How much are the names: Harley Davidson, Star Wars, or McDonalds worth? If McDonalds decided to change its name to Fred's Burgers, it is obvious that the company would be worth far less than it is now. Why? Because, McDonalds spent a lot of time and money branding their business name on the public?s mind. Further, just opening up a McDonalds restaurant guarantees the company a minimum amount of revenue because of its name.
What You Should Look For In a Name
So, what should you look for when choosing your business name? Ask yourself the following 10 questions about your business name:
1.) Is it easy to remember?
2.) Does it tell people what your business does?
3.) Is the meaning confusing?
4.) Is it unique?
5.) Will your business or your market outgrow the business name?
6.) Can it be branded?
7.) Is anyone else using this name?
8.) Is it trademarked?
9.) Can you trademark it?
10.) Can you protect it in other ways?
Let?s look at each point individually: