Naming your business; the first step towards building a brand

Once you are all aboard with your business plan, the next step is to choose a name for your business. The purpose of naming your business is to make an impression on the market and among your customers.

Your business name plays a significant role in how well it stands out from your competitors. It is important to come up with a name that isn’t currently in use by any other business.

How important is the name when you create a business? The business name represents your business values, ethics and what it stands for. You will be recognized by your business name in the market. 

Choosing a name for your business as a joke without thinking it through might not be a wise choice down the road. Decide on a name that people ethically accept.

Moreover, it is mandatory to choose a business name in the UK according to the regulations by the company and intellectual property law. It would be better to go through those rules beforehand and select the name for your business accordingly.

How do you come up with a unique business name?

In this article, we will be providing you with some unwritten rules for naming your business.

Classification of business names

• You can choose a name that describes what your business sells. The brands who did the same are Burger King, Toys R US, etcetera.
• Play around with the words, make up a new name for your business, and define the term.
• You can use catchy phrases that will be easy to remember and caught on by the people—for example, Iwantoneofthose.

Choose names and create a shortlist

Research some uniques business names on google and come up with some good names yourself. List down those names and cut out the ones that don’t seem interesting to you. Don’t get fixed on one name; there is a possibility that you might not be able to use that name moving forward.

Some of them may not get approved by the authorities.

Choose a flexible name

For now, you might establish a business with a specific product and name your business around that product. Think of your business name in the long run — what if you decide to launch a bunch of products that don’t match the business name anymore? It will appear as a big mismatch between the brand name and the products.

It is better to choose a flexible name; that is something that won’t restrict your business growth in future.

Pronunciation and spelling

A name that effortlessly rolls out of people’s tongues is your ideal business name. Starting a new venture means you will have to introduce your business a hundred times a day. Choose a name that people will be able to speak and understand quickly.

A name that remains timeless

Select a name that won’t become stale and is as catchy as ever. With the evolving time, your business name should be relevant throughout. 

You also need to avoid using phrases and words that could stop trending. For example, Carphone Warehouse’s market was ideal for its products. Still, over time mobile phones have evolved beyond the imagination, and the concept of a ‘carphone’ is now alien to the new generation of consumers.

Keep the foreign language in mind

Are you planning to sell your product overseas? If yes, you probably should find out what your business name means in a foreign language. There are many instances where a business name has been considered offensive in other countries and sometimes is a source of laughs among people.

This process can be time-consuming, but you must check meanings in other languages to avoid such hurdles.

A win-win situation for a sole trader

If you’re a sole trader, you’re allowed to open up a business in your name. But, there are some limitations to keep in mind — you cannot use offensive words; you’re free to use terms such as LLP, LTD, or PLC.

In Britain, you’re not allowed to use words such as ‘British’ and ‘Authority’ unless you have legal permission.

Check name availability

You have got brilliant business names, and now the next step is to check the availability of the name. Verify if an already established company isn’t using the name you have selected. If someone complains that your business name is too similar to another company’s trademark, you may need to change it.

It will just cost you more time to settle the complicated things in the future. You can check the information about any company from GOV.UK.

You can obtain several details about a company for free, including:

• Information about the company, such as its address and date of incorporation
• Former and current officers
• Documents
• Related to mortgage charges
• Default information, etcetera.

Make sure the domains are available

Acquire a domain name that matches your business name. When shortlisting the names, keep in mind to search if the domain names are available for those.

You can buy domain names of domain seller platforms such as fasthosts and GoDaddy.

If the domain name is already acquired, the buyer might be willing to sell it to you if they haven’t developed the website yet, so reselling domain platforms is an option.

Displaying your business name

Your business name will be displayed everywhere: the website, your business card, Invoices, bills, and receipts.

It is mandatory to display your business details such as business name, contact information, VAT registration number, business address, etcetera, to your customers to let them know who they will be dealing with. 

Doing so builds a layer of trust between you and your customer.

Takeaways

That’s how you choose a business name. To open a business account, you’ll need to provide them with a letterhead, your business name and the logo. 

Furthermore, if you’re informing Inland Revenue of your new business, they’ll also need to know your business name and logo.

Don’t jump in and choose the first name you like. Take your time and decide on a name that represents what your company does.