The ultimate success or failure of your business entity depends largely on your business name. Unfortunately, most business startups owners fail to think critically before naming their business. There are factors that make your business name stand out such as being memorable, related to your business and apparently the availability of the domain name.
Your business name is likened to be your spouse. How long you stick with your business name depends on your choice if it is right or wrong for you. A prospective customer will have to see your advertisement and business name 22 times before doing business with you. Making a change of business name will be suicidal once they associate your business with a certain name. Like your spouse to your life, this is how a name can stick to your business.
Name Choice For Your Business
There are four important factors to consider when naming your business. You just have to make sure the spouse is not married to another suitor, if you are going to be married to your business name.
Firstly, you must be assured whether your chosen name is being used in your State or Country. In Nigeria, the Corporate Affairs Commission is in charge of registering names of businesses and corporations. You can quickly do a name search here if you intend running your business in Nigeria. This should be done even if you are a sole proprietor. If your chosen name has been used, you will have to get an alternative.
Once you are sure your chosen name passed successfully through the online search, ensure your chosen name is not in any existing trademarks file. You can conduct an online search to ensure no other business is using your chosen name.
With the world becoming a global village by the day, businesses now incorporate a website as part of their business model and your business should have an online presence too. Hence, the need for you to check if your business is available as a domain name and register it immediately. If not available, you can change your business name or incorporate your product or service rather than your business name.
These precautionary steps are necessary for your business to escape the state of devastation. Selecting a business name is like a spouse and could either become a good or bad choice. Just imagine the negative impact of having to change your business name three years down the line.
Our team of business consultants can help you in the set up of your business from start to finish. Contact us here to get started.
