2020 has been a complete whirlwind, but there is ONE thing we can agree on: This year has truly inspired and birthed some amazing entrepreneurial ventures! It’s so refreshing to see people coming together to develop businesses; all in the midst of pandemic. Innovative ideas always come during times like these and before putting the cart before the horse, we MUST get a few things in check. Starting a business is like birthing a baby! Naming your baby isn’t something you just choose on a whim. You contemplate, do research and really think through how to label your baby’s identity. Arguably, choosing a business name is just as important! Let’s talk about the process of naming your business. Here are 5 steps you should take before choosing your business name:
STEP 1- The first step and MOST important step: Make sure your potential business name is not a currently registered trademark. Who wants to be sued? Imagine investing in business cards, a website, marketing material, packaging and even signage, only to find out it is already trademarked and belongs to someone else! This is a very important step with laying your brand’s foundation. At one time I had a client who had a cosmetic line that was doing very well. She was in business for about a year and garnered a really large social media following. The product was doing very well! She came to me get a trademark and I had to break her the terrible news that her name was confusingly similar to another cosmetic brand, and she was at risk of being sued because the name was already federally trademarked. Be smart with your money and don’t let this happen to you! Hire an attorney to do an adequate trademark search before you choose your business name.
STEP 2- You Must make sure your potential business name is not already a registered business or trade name. In order to do so you should check the secretary of state website. In most states, they will not allow you to choose a name if it is already taken anyway. But remember, a state search is not equal to a federal trademark search! Just because you have solidified a name on the state level, does not mean you own the name. Federal Trademark protections always trump state tradenames, but both are important when choosing your business name.
STEP 3- You want your brand to stand out, RIGHT? Do a survey of like businesses to see if someone else already has your desired name or something similar. Check all social media outlets! Are there other businesses with the same or similar names? Are there several? If not, Go FOR IT, secure the name and you can always change it later if need be. The goal here is to do a temperate check; types of names are popular in your area of commerce? It is important to do a temperature check so your social media presence is unique and doesn’t blend in with everyone else’s.
STEP 4- Make it online official! Check to see if the website domain name is available. Have you ever heard of domain poachers? There are actually people out there who buy domain names but have no intentions of using them. When someone in fact does want to get the name, they charge ridiculous amounts of money for something they only paid 99 cents for! Check to see if your domain name is available, if it’s not, consider different variations that will still give you brand notoriety. Also consider other suffixes options such as .org, .info and .net. They all have specific web meanings and could be just enough to set your domain apart. *Note- Having a domain name has nothing to do with having a business recognized by the state or a registered trademark.
STEP 5- Last but certainly NOT least, you should absolutely, unequivocably LOVE your business name so do not settle! Have you ever seen a questionable business name and wondered how the owner settled there? With your business you want to be as absolutely SURE that it’s the name for your brand. It is something you should be believe in, be able to talk about with confidence and represent your product or service in the best light as possible. Yes, there is an opportunity to change and adjust as your brand grows, but at no matter the stage, do not settle. Its ok to have a business plan and creative ideas in place while taking a bit of time to contemplate the name. You can’t rush greatness, so take your time and be intentional with your choice.
With these steps you are well on your way to choosing a business name that not only fits your future goals, but also limits your liability. Thank you so much for reading much more to come stay tuned!