Perhaps the most vital step when you’re starting a business, maybe even more important than writing the business plan, is naming the business.
There are companies whose sole purpose is naming businesses. They charge up to $80,000 to perform that service. Volumes have been written. In fact, if you Google “naming the business” you can see almost 72 million results; while “writing a business plan” has about 38 million.
Generally speaking, you can choose one of four ways to name your business. All have their pros and cons.
- Geographic – tells potential customers where you are and what you do, but is somewhat limiting – Northtowne Muffler Service
- Fanciful – easiest to protect, but difficult to position in the mind of the consumer – Xerox
- Descriptive – says something about what you do and how you do it – Speedy Printing
- Generic – doesn’t say much about the company, but can lend itself well to branding – Apple
The most important thing to remember about naming the business is it has to be protected through copyright or trademark. Including a search of existing companies in the early stages of incorporating your business is essential. If your business hits it big, it would be a shame if an obscure company in another state with a similar name sues you for infringement.
Naming a business is just one area of concern when you start a business. We make it our mission to help you in every possible way, from incorporation to trademark protection. If you’re in the planning stages of incorporating your business, we’re here to help!