How To Choose A Name For Your Business: 5 Key Considerations

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A considerable chunk of your business planning may be spent brainstorming about the best business name for your firm. No one can stop you if you choose the most unique name you can think of. But it takes a lot of work. A business name will speak of your product or brand.

Some would instead name their business from the name of their product or their services. That would be easier. But sometimes, the easiest way may not work for you or for your target market. You’re in business, and choosing a name for it is a priority.

Some Key Considerations In Choosing Your Business Name

How To Choose A Name For Your Business

1. Infringement Under The Trademark Laws

If you know of someone using your trademark or trade name without your consent, that’s infringement. Especially if you’ve registered your business under the trademark laws in your jurisdiction.

When choosing your business name, you’ll be liable for infringement if your trade name or trademark may look like or pass off as the mark or name of another firm.

Finding a business name or trademark unique from any other firm is one consideration in choosing a name and brand for your company. Ensure that it can’t be confused with that of another trademark-registered business. Otherwise, you’ll be liable under intellectual property law for violating its provisions.

You may seek the expertise of an intellectual property lawyer to help you find the best ways to search for trademarks in Canada. You must search trademark databases and ensure that your business name will not be confused with or pass off as another company’s name. This activity should be at the top of your priority list.

2. Your Target Consumers

You must consider your target customers when choosing a name for your business. Your firm’s name should be simple and easy to memorize. It’s to your advantage if your firm name can easily be pronounced and customers can remember its name easily.

A business attribute that can easily be recalled by customers and users will generate more patrons as satisfied customers tend to recommend successfully used products. Your business name’s simplicity and easy recall will also generate more consumers or buyers due to repeat purchases and endorsed sales.

A name that appeals to your customers will help build your brand’s identity in the market. The increase in brand recognition will also bring about brand loyalty and sales.

3. Relevance To Your Product

Your trade or business name should reflect what kind of products or services you offer. It may or may not be the name of your brand. But, for as long as it will help your customers associate your company with the product, that’s good enough.

Making your business name relevant to your product will increase product recognition, increasing your brand’s consumers and sales.

4. Business Name Longevity

Your business name should stay in your industry and market for some time. The longer your brand stays, the more consumers will trust your company. It’s also essential in building loyalty with your consumers.

Brand integrity is also associated with those products and services that have stayed for years in their industry. New and potential consumers usually look for services and products with long success stories.

A firm that has been around for a long time and has a memorable name has a better chance of building a solid reputation for itself and its products or services. This makes it simpler to enter new markets and acquire new clients later.

5. International Appeal

No business would not want to expand to the global market sooner or later. Ensure that the business name you choose will appeal to the international market. It’s better to foresee a future expansion from the moment of your firm name’s creation.

The broader the scope of your business, the more comprehensive your consumer base. Making a name that appeals to your international market will increase your business’s coverage, widen your consumer base, and make more profit.

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Author: Claire Ward

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