You have made your calculations and are now ready to give your new business the wings to fly. However, there is still the small matter of choosing a name for your new venture.
The importance of selecting the right company name cannot be underestimated. Your business name will define your products, services and your values and will act as the primary search keyword for internet users. Let us discuss some of the guidelines and factors that you need to consider while choosing a company name.
It must be unique:
The law states that your company name cannot be identical to the name of an existing company. Moreover, you will also have to drop your chosen company name if another company has already been registered with the same or a similar name. If there is a chance that the name you have chosen can mislead the public that you are another established company, you may also have to change it.
It should be noted that a company name does not need to be its trading name. So a company can have an official registered name at Companies House and a different trading name e.g XYZ Ltd t/a (trading as) “The Marvellous gadgets trading company”.
Should relate to you and your business:
Another reason your name should be unique is that you need to stand out from your competitors. You have to communicate this uniqueness to your target audience, and that can only be achieved if your business name gives a complete picture of who you are and what your product or service is all about.
Hence, your business name should make it easy for potential customers to identify and understand your offering, as well as compel them to prioritise you over a competitor.
Should be approved by your family/co-directors:
Before finalising a company name, you should make sure that your co-directors are happy with the chosen name. After all, they will be an essential part of the business, and it is important that the name of the company is one that they can easily associate themselves with. If your new business is going to be a family one, you should take the approval of all your family members who will be responsible for running the business alongside you.
Make sure there are no trademark problems:
Trademarks are important, and not doing sufficient research before choosing a trademark can open you up to a potential lawsuit. So, make sure you are doing your due diligence with the Intellectual Property Office. It is just one extra step and very much worth it.
To conclude, the right company name will adhere to all the legal rules and guidelines while simultaneously tell compelling stories about you, your business, and your offerings. If you want further assistance in choosing a name for your new business, please use our name search box.