Naming a business can be a key factor in the success of that business. The name that you choose for your business will not only identify your company — it will also carry your brand’s identity.
In addition to brand identity, there are several elements to consider in a company name, from marketing to trademarks. When naming a business, you should keep these six crucial factors in mind:
1. Determine Whether a Name Violates Existing IP
Just as your business name is a major part of your brand identity, the same is true for other businesses. If, for example, you try calling your burger restaurant McRonald’s and use a stylized yellow “M” as part of your logo, you will likely get sued.
When you’re considering names, consult with a business law attorney. They can help you avoid any names that violate the intellectual property (IP) of another business. It can be better to have a slightly less creative name than to deal with potential lawsuits later.
2. File Paperwork Now and Amend It Later
Your brand only becomes legally protected after you file the appropriate paperwork with the right government agencies. This means that you shouldn’t discuss your plans or ideas with anyone other than your lawyer until your trademarks have been filed. LLC
But what can you do if you haven’t decided what name you want yet? Don’t let that slow you down. You can still file paperwork to become a limited liability company (LLC) to protect your brand and amend it as you figure out other details.
3. Keep Spelling Easy
While there are a few brands that have succeeded despite awkward or complex spellings, typically, you want to choose a name that people can say and spell easily.
Due to how prevalent the internet is in daily life, the average person may be more likely to spell the name of your business for an internet search than they are to say it out loud. This further highlights the need for a name that is simple to spell.
4. Reserve Your Domain Name as Soon as Possible
The internet is an essential marketing tool. This means that it’s important to have a web page for your business, and preferably, the domain name of that page will be the same as your business name.
If it isn’t, you could run into a lot of problems. Squatters may try to blackmail you or create a fake web page to defraud others. Also, purchasing a domain name is typically a lot less expensive before it has the value of a brand IP behind it.
5. Test Names Discreetly
Before finalizing a name, do some discreet brand testing. You want to provide target customers with a few choices of names and ask which they like best. You also want to know what product or service they would expect based on those names. No matter how enticing a name is, it is no good if people associate it with the wrong type of business.
6. Link Your Business Name With a Logo
While naming a business is a big part of determining your brand’s identity, so is your logo. And a good logo can be as meaningful to your success as the name of your business.
Hire the best artist you can find and pay for quality as well as discretion. You should be ready to change your plans for your business name depending on the results of the logos your artist produces. An exceptional logo paired with a good name may be a lot better for your business than a mediocre logo paired with a great name.
Consult a New York Business Law Attorney Today
Choosing a name for your business involves considering a range of factors from both a legal and marketing standpoint. A business law attorney from Levy Goldenberg LLP can ensure you create a name that protects your brand and your company’s future in New York. Contact us to schedule your consultation to learn more today.