Just started a new business? If so, it’s time to think of your business name. While it might seem straightforward to come up with your company’s business name, it can be difficult to choose one that’s both catchy and can also communicate what your business is about.
To help, here are some tips on how to go about choosing a perfect business name.
What to consider when choosing a business name?
1. Legal considerations
The first thing to think about is name registration rules which can vary depending on the structure of your business.
- If your business is a company, you’ll need to register your business name when you’re registering your company.
- If you’re a sole trader or have a partnership, you’ll need to register your business name with the ASIC. Make sure you’re checking the availability of the business names on the ASIC website. If you’d like to register it as a trademark, you’ll need to check IP Australia.
2. Make sure your business name isn’t overly vague
Make sure that you’re not choosing a business name that’s overly vague. Not only is a vague business name boring but it’s also not easy to remember. Instead, choose something that’s descriptive, meaningful and catchy.
3. Keep it simple
That being said, you’ll want to make sure that you choose a name that also isn’t overly complicated. Your name should appeal to customers and conjure up positive emotions – it also needs to be both easy to pronounce and remember. The last thing you’d want is to come up with a complicated name that throws your customers off completely.
4. Don’t copy your competitors
While it might be tempting, you should avoid choosing a name that’s similar to competitors in your industry. By copying your competitors, you’ll not only come across as unoriginal, but it’ll also make it confusing for potential customers.
5. Make sure you’ve got a domain
Once you’ve figured out the name for your business, you’ll want to make sure that it’s available for use. Check to see if the name has already been registered as a trademark or used by another business. If you plan on having a website, you should also check that the domain is available.
6. Avoid using acronyms
While it might be tempting to use acronyms like KFC or BMW, it could confuse customers rather than attract them. With a new business, your goal is to establish your brand and there’s a large possibility that the acronym might match another company’s acronym – which isn’t ideal.
Finding the perfect business name
While searching names for your business can be challenging, it certainly doesn’t have to be. If you’re not sure where to start, you can have a brainstorming session with friends, family and potential colleagues. After all, it’s always good to have a few different viewpoints. Choosing the right business name can set your business up for success so remember to take your time and not rush into it!
