Choosing a name for your business can be quite stressful, though knowing the laws, tips and tricks for naming your business can make a big difference during this process. If you are feeling uneasy about naming your business, you are not alone.
Here are some great questions to ask yourself when choosing a business name.
How to choose the right name for your small business
Does the name make sense for your business?
It is crucial to make sure your business name correlates with what your business does or sells. Having a business name that is out of character for your business could rub customers or clients the wrong way, resulting in lost profit.
Focusing on the distinguishing characteristics, values and company morals of your business should lead you in the right direction. One question to ask yourself is: do you want your business name to stand out or fit in?
Is the name memorable?
First impressions are very important. Your business name should be something that your clientele will remember, and it should easily fit with the character and tone of your brand. If your business has a fun aspect to it, try to find a fun name to go along with your business. If your business is in relation to the environment, come up with a name that has an environmental context.
A good business name is also not generic. Generic names can be easily forgotten. Ensure your business name is easy to spell as well, so that your customers can find you easily in an internet search. Try reciting the name to friends or family members, have them come back to you with the spelling and name a few hours later. Did they get the name and spelling right? If not, you may need to rethink your business name.
Is the name short?
Keep your business name short and sweet, something that rolls of the tongue. A simple name is better than something that is overly thought out and can be confusing to others. A shorter name will most likely have a memorable impact on who you are trying to sell to.
Have you considered your demographic?
Who are you selling to? Are you looking to grab the attention of younger target markets, older generations? These factors will help you determine what name works best for your small business. Try using the name with different types of people. See if it’s something that works for them. If your name doesn’t resonate with your customer demographic, it will be much harder for them to understand the name, which might then slip out of their mind.
Have you asked around?
Asking around is a great way to see if your name sticks, or recognizing the types of reactions you might receive when suggesting a business name out loud for the first time.
If possible, find a diverse group of people on whom to try your business name out. The more the merrier, but also find people you can trust. See what type of reactions you get, and use that information going forward when coming up with a new business name. Start with your main support system and move forward from there. You can even try a test run, just make sure the name can be legally used before spreading the word.
Is your business name taken?
After you have successfully found a great business name, it is time to figure out if you can legally use it. The Government of Canada has a great resource when it comes to finding out if your name is taken. Feel free to search Canada’s business registries and the Canadian corporate names and trademarks database (Nunas) for accurate information on business names. Try googling the business name in mind as well. Does it come up already? Is there something similar? Do your research before settling on a business name.
Register your business name
After you have officially finished the process of finding the best name possible for your business, it is important to register your business name. Most businesses will need to register their business name with the government. Before doing so, determine the structure of your business. If you are a sole proprietor operating a business under your legal name, you generally won’t need to register your business name. In any other cases, you will need to register your business name, but the process will vary depending on what type of entity you’re setting up.
Still want to learn more about finding the perfect business name before you make your decision? Contact us today!