Choosing a name for the new business can be a lot of fun. It is probably one of
the most fun activities which an entrepreneur will be undertaking during the difficult
time of establishing a new business.
There is a lot of room for personal and professional creativity when it comes to
choosing the name for the new business. Before zoning in on a name for the business,
the entrepreneur needs to first find out if the selected name is available.
While coming up with a name for the new business, an entrepreneur also needs to
decide if the business name will receive trademark protection and if the business
will have a website with a similar domain name.
Entrepreneurs need to be aware of trademark law so that they do not choose a name
for a business that has already been taken by another company or service. For instance,
no new business can use name McDonald's, unless the business is a franchise.
Entrepreneurs also need to come up with a distinct name for the new business. The
distinct name is required for Trademark protection. Common or ordinary names such
as Smith's Hardware, Tom's Gourmet Sandwiches, and Pets.com usually do not receive
any Trademark protection.
New business owners need to choose the names for the business carefully. While putting
together a string of words could become a business name, entrepreneurs don't want
to use too many terms that do not have anything to do with the business. Business
names that have nothing to do with the underlying product or service offered by
the new business often require extensive and expensive entrepreneur marketing efforts
to become established.
The best names for a small new business are one that can easily be remembered and
associates with the business. It is for this reason that many new business owners
use words to suggest quality and services of the product.
Apart from a name for the new business, a logo is also essential. This helps clients
remember the product and the services better. In addition, a creative and distinctive
name will be entitled to a high level of trademark protection.
Entrepreneurs should also choose names that are easy to spell and pronounce. No
one wants to go to a store whose name that they can't spell or invite friends to
store the name of which they can't pronounce.
Entrepreneurs should try to pick a catchy name that people will like to repeat.
They need to make sure that any images or associations it evokes will suit their
customer base. Entrepreneurs should also try to avoid using geographical names as
it is easy to forget and difficult to protect.