Selecting
The Right Business Name
Selecting a business name may seem
like a trivial thing, but it can make a difference in both
the short-term success and the long-term direction of your
business. A business name has more to do with image than anything
else. And in the early stages of your business, image will
be everything. As you begin your operation you will very literally
be operating on an image and a promise.
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As a new enterprise you will not
be in a position to offer the depth of experience that your
competitors offer. You will probably not have the access to
capital that your more mature counterparts do. You may not
have a seasoned staff. You will not enjoy the longstanding
client relationships that are so important to the success
of a small business. In short, one of the few small tokens
of value that you will be able to offer prospective customers
will be an image of professionalism and reliability.
Selecting the right business name
will be the first and most important step in building an image
for your new enterprise. A well-chosen name will add value
to your efforts and become an asset to your organization over
time. A poorly chosen name, on the other hand, may hinder
your efforts and detract from your success.
Name Selection Process
As a start-up business, your principal
objective should be to select a name that adds immediate value
to your efforts - a name that you can put right to work, so
to speak. The following steps will help guide you through
the name selection process.
1. Create a list of descriptive words
Think of as many words as you can
that describe the business you will be in, the product or
service you will be providing, and the industry you will be
a part of. Think of words that describe the unique way in
which you will produce, deliver or price your product or service.
Think of words that describe where your business will be located
and the type of customers it will serve. Add to this list
your own names - first and last - and any other names or words
that you can think of which might lend themselves to a business
name. This is the time to be as liberal as possible. A word
can always be dropped later. Write all of these words down
on a piece of paper or on a board.
2. Mix and match these descriptive words
& create a short list of possible names
Begin to put these words together
in different ways. Mix, match, shorten or abbreviate. Try
combining two words into one. Think about ways to create a
play-on-words. Be as creative and exhaustive as possible.
At this point you should dismiss from your mind any preconceived
notions about what constitutes a proper business name. Let
your creativity flow.
Of course, most of the names you
come up with will fall short of expectations. You will find,
however, that some of the most unusual and ridiculous names
will lead you down new paths of creative thought - spawning
a myriad of new possibilities. When you stumble across a name
that seems to hold promise, add it to a separate list. This
will become your short list of possible business names.
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3. Refine your short list
Once you have developed your short
list of possible business names, you should spend some time
working with and thinking about the names on the list. Sort
and prioritize your list. Refine the names on your list. Try
recombining elements of different names. Be sure to select
names that you can grow with. Avoid names that limit the geographic
scope of your operation or define your business too narrowly.
At this point you will probably
have some very definite feelings and opinions about the names
on your list. The selection process will have created some
pronounced biases - which is not all bad. It is, after all,
your business. But before you head to the printer to have
your new name emblazoned on thousands of business cards and
expensive letterhead, take the time to get some additional
opinions.
4. Solicit the objective opinions of others
& make a final selection
If at all possible you should get
some objective opinions and fresh perspectives on your short
list. Just because a name has a special meaning for you does
not necessarily mean it will strike the general public in
the same way. Soliciting feedback from others will help you
evaluate your list honestly and from a variety of perspectives.
Don't be disappointed if those who
offer opinions on your list do not find your favorite name
to be as clever and appealing as you do. It is important that
those who are asked to evaluate your list are absolutely objective
and unbiased. Do not tell them how you would rank the list,
just give them the raw list and ask them to rate the names
objectively. Share with them the type of business you will
be starting and ask them to select the business names which
are most appealing to them as potential consumers.
As you receive feedback from others,
don't lose sight of the fact that ultimately you will be the
one that has to live with the name day-in and day-out. The
opinions of others can be important, but in the end you should
not be afraid to go with your instincts. Listen to the opinions
of others and then make your first executive decision and
move forward.
Registering Your Name
Once you have selected a business
name you will need to register it with the County Clerk. A
form will be issued to you requesting general information
about your business and its owners. There will be a place
on the form for you to designate the fictitious name that
you are proposing for your business: ABC Widgets, for example.
The County Clerk will then conduct a search (for a modest
fee) to ensure that the name you have selected is not currently
registered by another business. If it is you will need to
select a different name. If the name is available, it will
be registered to you at that time.
You should also check to see if
you must register your business name with the state separately
- certain states require this. Even if you are not required
to register with the state, you should check with the office
of Secretary of State to determine whether another business
has already incorporated under the same name.
Writing
an Effective Mission Statement
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