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Consider the Following before Naming Your Business 

Without a business name, you cannot have a business!

However, picking the ideal company name that is both memorable and expresses what your firm is about is far from simple. Businesses have failed in the past primarily as a result of an unsuitable name, therefore it's critical to get this right.

Choosing a suitable company name is critical to its success and serves as a means of separating you from your competition. Customers connect a business's name to the value it delivers.

Legal ramifications

Prior to embarking on your hunt for the ideal company name, you should have a firm grasp on the sort of organization structure you want to use. This is important since the laws governing name registration differ according to your business's structure.

  • If your business is a corporation, you must register the business name concurrently with the corporation's registration.
  • If you are a lone trader or partner in a partnership, unless your firm is named after you or your partner, you must register your business name with ASIC.

Another self-evident step to take when naming your firm is to check to see whether the name is already taken.

Unless a company name is registered as a trademark in Australia, it may be used by many businesses. However, given the brand value associated with your company name, it should be distinctive and readily distinguished from others.

How do you tell whether a company name has previously been taken?

In Australia, the ASIC website allows you to verify the availability of company names. Registration and renewal costs A$37 per year or A$88 for three years. You may easily amend or transfer your company name without incurring any fees. If you are considering registering your company name as a trademark as well, you may check IP Australia to see which trademarks have already been registered.

How to pick a company name

As previously said, the primary objective of a name is to describe the services you provide while being simple to remember and, if feasible, distinctive. Here are some helpful hints to bear in mind:

Be detailed but not too broad or imprecise

Select a name that is neither too ambiguous nor too significant. Generic titles, such as - Melbourne Painting Service, are not only tedious, but also difficult to recall. Additionally, it does not distinguish itself from other suppliers. Consider the name PhotoBucket it's sufficiently detailed, not tedious, and unlikely to be forgotten.

Be inventive in your use of related terminology

Avoid the temptation to jam keywords into the name of your firm. Using generic keywords such as General Motors no longer works. However, often, picking a slightly modified version of linked keywords works really well, as long as it represents the essence of your firm.

A excellent technique to come up with unique company names is to employ slang for the service you're giving. For instance, Attensa is an apt name for the content aggregation program.

The name is a pun on the word "attention" - which is rather apropos for the service. Additionally, Digg, Flickr and Compaq are instances.

Maintain simplicity

Avoid selecting a name that is too lengthy or difficult. Bear in mind that the name of your firm must be attractive to your clients. It should be pleasing to the ear, familiar, and elicit favorable feelings. Additionally, it should be simple to speak and remember

Consider the name Zippil it is not only difficult to say, but also enigmatic. When you're need to explain your business's name, that's a bad indicator. It's OK to be a little smart, but not too so.

Avoid becoming a carbon copy of your competition

Choose a name that is distinct from those used by other firms in your field. It may imply seeming unoriginal, which is detrimental to your brand's image. Additionally, it may cause prospective clients to mistake your firm with those of your competitors, making it more difficult to get repeat business.

Avoid referring to yourself by your given name

Avoid utilizing your own name unless you are a well-established brand. Your name conveys no information about your firm and will be meaningless to prospective clients. This may also create complications if you ever desire to sell your firm or grow.

However, there are a few instances in which including the owner's name into the brand name works effectively. Automattic (named after its inventor Matt) and PageRank are two examples (named after Google co-founder Larry Page). Having stated that, PageRank is not a brand name; it is an algorithm.

Select a scalable name

Choose a name that will allow your firm to grow. For instance, if you now offer just books, you may eventually expand to include stationery and accessories. Additionally, if your service is situated in a certain location, you may expand to other locations. Therefore, use a wide name that encompasses your potential expansion.

Ascertain that you own a comparable domain

Once you've whittled down your list of possible names, you must ensure that the name you wish to use is available. Determine if the name has been registered as a trademark or has been purchased by another firm. If you want to have an online presence, which you absolutely should, you'll want to do a domain name check to ensure the chosen domain is accessible.

A domain name may have an effect on your online visibility and also on your online marketing activities. Having said that, you should not discard an excellent company name just because an exact domain name is unavailable. Here are a few alternatives.

Consider purchasing it if it is a parked domain. It will almost certainly cost you, but a search-engine-friendly, memorable domain is well worth the investment.

Modifiers should be added to the name. Assume your business is called Sleepytime and you offer pyjamas, but the domain name sleeptime.com is already taken. After that, you may search for domain names such as sleeptimeonline.com or sleeptimepyjamas.com.

Use your imagination when it comes to domain choosing. Businesses nowadays employ many top-level domains to make their URLs more memorable. For instance, the blogging platform Postachio picked the domain postach.io. They picked a country-code top-level domain (ccTLD) (.io), which is a logical extension of their corporate name. del.icio.us is another well-known example.

Avoid abbreviations if possible

Numerous large corporations, such as IBM and KFC, utilize abbreviations for their names. However, while starting a company and establishing your brand, acronyms will only serve to confuse your prospective clients. Additionally, there is a good chance that your company acronym may conflict with another, making it very difficult for you to rank in search engines.

Final verdict

Choosing a name might be difficult when starting a company, but it is not something to agonize about! Don't forget to get feedback and suggestions from friends, family, and even future clients. It's usually a good idea to get a variety of viewpoints.

A company name is merely the beginning of the process of developing a brand. While this will help your company make a good first impression, it is ultimately up to you to live up to client expectations and grow your business.

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