In need of a new business name, but unsure of where to start? Coming up with a strong business name can seem like a daunting task. With so many different ways you can say, spell, and even design the title of your business, it can be hard to know what is the right way to go about it. Luckily, all it really takes is some basic understanding of what the guiding principles are so that you can let your creative juices flow.
Everyone knows that there’s a lot that goes into starting a business. From finding the business name to creating the brand logo, the list can seem endless. When it comes to finding the right business name for your company or brand, it’s important to figure out what the keys are to leaving a good lasting first impression. Just like anything in life, when you break the steps of your goal into smaller parts, with some straightforward guidelines, the process becomes a whole lot easier.
Things to Consider Before Changing Your Business Name
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The Cost
In most U.S. states, there is a fee associated with submitting the paperwork to change the name of a business. Although the fee varies from state to state, it generally ranges from $20 to $150.
There are other costs to keep in mind beyond the processing fee that comes with switching a business name. Activities such as rebranding logos and website designs can quickly add up. You also often have to seek outside help to bring in a bit of professional expertise. This will make sure your vision is executed properly with the smoothest transition possible.
Business size and type also influence how much it costs to change a business name. With larger corporations there are many more processes and resources utilized to make sure that everything is done correctly and in a timely and legal manner.
Outside Opinions
Acquiring a loyal customer base is what sets a company up for long-term success. Without the continued support of clients and valued customers, a company would be able to function.
When considering a business name change, it is imperative to consider how your customers and clientele will react. It’s smart to get them involved in the process to get some feedback on the changes you’re thinking of making. Utilizing online polls and surveys to gauge the attractiveness of your ideas. By keeping them out of the loop, you run the risk of losing their trust and interest in your overall business.
Availability of the New Business Name
As entrepreneurship continues to rapidly expand, you’ll quickly learn that finding a new, unique business name that hasn’t already been taken can be difficult. It’s important to triple check your prospective options before submitting any paperwork. This will only waste your time and money.
The process of checking availability can differ from state to state, but you can usually use the Secretary of State’s database to conduct a name availability check.
Consider Registering a DBA
A DBA, standin for “doing business as” is used by a sole proprietor of a company to operate the business under a different name. Because you’re not officially changing the name, there’s no need to go through the process of switching bank accounts and legal documents.
This is one of the most affordable ways to change your business name as a sole proprietor without needing to form a brand new LLC or corporation. Although, these do come with some disadvantages when compared to the full process. With aDBA you are unable to take advantage of the tax benefits and liability protections of a normal entity.
Steps to coming up with a successful business name
Keep it simple & user friendly
No need for long, overly-complicated titles. When it comes to length and simplicity, less is more. Ideally, you want the business name to be catchy, easy to read, and easy to remember. Some good examples include Coca Cola, Target, Nike, Sony, and Victoria’s Secret.
Think of it this way, the more user friendly your company name is, the easier it will be for customers to remember your name, and to find you online. Drop the fancy pronunciations and foreign spellings, finding something that is short and sweet will be equally if not more effective.
Capitalize on what makes your business stand out
What sets your business apart from all the rest? In any competitive market industry, there can be multiple companies that offer similar services, and yet, no two companies are the same. So what makes your business unique?
Do some research here on what some of your competitors are doing, and see if you can notice any patterns. Use that information to your own advantage and really become clear on what it is that you want to highlight about your business.
When you want to implement a strong business idea, there are certain parameters that you can follow. Coming up with a good business name is no different. Though the type of product or service may vary, at the end of the day all that really matters is that you leave a good enough impression on people for them to try you out, and keep coming back. Having a simple and unique business name does just that.
