Part 7 of the “Things we wish we knew” blog series
By: Tina Oddleifson, Business Advisor
Your business name can be a cornerstone of a successful and memorable brand, or it can lead to unforeseen complications. For some clients, choosing the wrong name has resulted in administrative hassles, marketing missteps, and even cease-and-desist orders. To steer clear of these pitfalls, read on for essential tips.
Is it Taken or Overused?
A quick internet search can often reveal if your desired business name is already in use. Additionally, consult the US Patent and Trademark Office database to check for active or expired trademarks on the name you’re considering. The last thing you want is to build brand awareness only to receive a cease-and-desist letter from another business holding a trademark for your chosen name.
On the other hand, some names are so overused that they become generic and forgettable. For instance, we’ve all seen names like “Pat’s Place,” “Pam’s Place,” and “Pete’s Place”. In Maine, the term “Mainely” is often seen. Your goal is to have a name that stands out and is memorable, not just be another “Mainely.”
Does it Fit Your Brand?
Imagine your business as a person. Does the name align with this person’s identity and values? Does it reflect what you want to be known for in the marketplace? Consider whether the name could be associated with something negative or cause confusion. Most importantly, does it inspire confidence in your products or services?
If you want to adopt a humorous or irreverent tone, that’s fine, but avoid being offensive. Ensure you research your target audience to determine if the name meets their expectations. The best approach is to test your name with potential customers before investing too much time and money.
Is the Domain Available?
After registering your business and designing your logo, the last thing you want is to discover that the domain name is already taken. Businesses often secure multiple domains that could benefit their operations. Checking domain availability should be one of your initial steps. Aim for a name that’s easy to remember and search for online.
Will it Grow with Your Business?
Anticipate future growth by considering whether your business might expand its product or service offerings or reach beyond its current geographic area. A name that’s too specific can pose challenges later on. For example, if you form an LLC, choose a name broad enough to accommodate future growth. Although you can add a “Doing Business As” (DBA) designation, changing the LLC name itself involves a cumbersome process with both the State of Maine and the IRS.
Simple Rules and Ideas for Naming Your Business
Here are some tips to help you come up with the perfect name for your business:
- Brainstorm: Hold a brainstorming session and jot down all your ideas and words.
- Consider Using AI Name Generators: These are available through many web hosting services and business apps and can be a good place to start.
- Conduct Searches: Perform trademark and domain searches before becoming too attached to a name.
- Test the Name: Gauge your name’s appeal with a sample of your target audience.
- Keep it Simple: Aim for one or two simple words that are easy to remember and search online.
- Avoid Overly Clever Names: Avoid confusing your customers with overly complex names or acronyms. Ensure the name resonates with your target audience.
- Plan for Growth: Choose a name that can evolve with your business.
By following these guidelines, you’ll be better equipped to select a business name that not only avoids common pitfalls, but also supports your brand’s success and growth.