So you are about to start a new business, assuming you have already done all of your market research, budgets, cash flow projections and all the other due diligence before you get started. How do you choose a name for your new venture?
Before the rise & rise of Social Media as a business marketing tool, the name of your business was somewhat just your personal preference. The best options tended to be a business name that promoted yourself (Jim’s Mowing) or a name that defined your product (Charis Seafoods) or the service you provide (Ace plumbing).
In today’s era this is still a great start, however you will also need to take into consideration the following:
Can I register that URL?
All businesses have a website these days, there is nothing more problematic as having a website URL that does not match your business name, or even worse sends people looking for you on-line to someone else.
Is the URL too similar to a more established business?
If so you will most likely always rank below them on Google & other search engines, potentially missing a lot of opportunities to your competitor.
Can I trademark it?
Registering your business name and it’s URL is not enough. When you start out competitors are not likely to be too concerned about your name, until you start becoming well known or successful. You could put years of time, blood, sweat & tears into building your business. Only to get hit with a trade mark infringement that will cost you not only a potentially hefty compensation payment, but also the high cost of rebranding your business.
Does business name suit my expansion plans?
You may intend to start out local, however if in the future you could potentially go national or global. Naming your business with a local name such as the town you live in will not be a great idea.
Can I get that name on a Facebook business page?
Love it or hate it Facebook is here to stay and an integral part of any businesses Social Media strategy, there are 1000,s of facebook pages registered that have little to do with the product or service you may provide yet still clash with your branding strategy. Make sure your branding will be consistant across all of your Social Media options. Keep in mind Pinterest, linkedIn, Twitter and any others you may intend to use.
Something as simple as your business name has now become a mine field, that could make or break your social media strategy, & in turn your success. Be sure to add this extra step into your start up due diligence & planning, to avoid these now all too common pitfalls for business start up’s.