Choosing A Successful Business Name
According to the United States Small Business Administration Office of Advocacy, there are 31.7 million small businesses and around 20,000 large businesses in the United States today. With so many businesses in the country, it is all too easy to accidentally select a name for your business that another business already has, potentially leading to an intellectual property or trademark lawsuit. Choosing a successful business name can be daunting for any new business owner as they must balance deciding on a name that captures the essence of their business with navigating legal requirements that accompany the name. At Polymath Legal P.C., skilled lawyers support business owners with legal hurdles so that they can focus on their business. Consider contacting our experienced business attorneys at (833) 931-6418 to learn how we may be able to support you as you establish your business.
Traits of a Successful Business Name
A business name can significantly impact the business’s ultimate success or failure, which is why choosing a successful business name is so important. The right name will attract customers and build a business’s brand. A successful business name will:
Reflect the business’s core messaging and identity.
Trigger people’s interests and be easy to remember.
Be search-friendly on the internet.
Be scalable so that the name still makes sense if the business expands.
Be unique from other business names in the industry, avoiding any trademark infringement.
Tips for Deciding on a Name
It is one matter to know what makes a successful business name, it is another to know how to choose a successful business name. Business owners can employ several tips and tricks when choosing a successful business name. Some tips include:
Pick a name that is easy to spell. This way potential customers won’t struggle to look it up.
Opt for something simple and catchy and be creative with it. That could mean choosing a name that is a play on words or using a foreign word. The name should draw customers in and tell them something about the business.
Make sure that the name is distinct but not too literal. A literal name could prevent the business from branching out down the line. For example, a wedding dress business named “Fairytale Bride” might have a hard time branching out to sell other clothing.
Check that the domain name is available – you might come up with a great name, but if the domain is not available, customers may struggle to find the business online.
Check that the social media handles are available. Social media presence in some form is often a strong marketing opportunity for many businesses. Make sure that some form of the business name is available on the social media channels that you plan to use. Even more, ensure that the same business name handle is available so that you can keep the name consistent from one platform to another, making it easier for your customers to find you.
The process of picking a name is not an easy one and it is important to keep in mind that it can take time. Brainstorm the name with colleagues, friends, family, or even bring in a naming firm for assistance. Some of the critical questions business owners should ask when brainstorming the name include:
What is the message that the business name should convey?
Should the business name make the business stick out or blend in?
What do we want people to feel when they see the name?
What are existing competitors’ names in the industry? What are some of the strengths and weaknesses of those names? Can we do better?
When deciding on a name, make sure that it is available – if the name is already being used and is trademarked, using it will put you at risk of getting sued. It may be helpful to reach out to a law firm experienced in providing counsel to business owners such as Polymath Legal P.C. for guidance on avoiding legal difficulties.
Mistakes to Avoid When Choosing a Name
According to the U.S. Bureau of Labor Statistics, only 50% of new businesses survive beyond five years. Choosing a successful business name is key to a strong start for a new business. Unfortunately, business owners often fall for certain common mistakes. When deciding on a name, make sure to avoid:
Choosing a too general name – potential customers will not know what the business does and ignore it
Picking a common word for the business name but spelling it differently. This will confuse people when they try to look up the business online.
Picking a name that is long or difficult to pronounce.
Not checking what the name brings up in online searches – the name may be a word that is associated with something else, confusing customers.
Deciding on the name without running it by other people for feedback.
Legal Considerations For Your Business Name
When choosing a successful business name, it is important to both avoid violating someone else’s trademark rights and to consider if you want to file for a trademark. Some of the ways business owners can avoid infringing on other trademark rights include:
Searching on common search engines to see if the name you opted for comes up.
Checking with the county clerk’s office to see if the business name is already on their list of business names
Search the federal trademark database to see if the name has been registered with the United States Patent and Trademark Office.
When naming a business, it is also important to be familiar with state laws around naming business entities. For example, in California, businesses cannot have names that are similar to another corporation or LLC name in the state of California.
While it is not necessary to file for a trademark for a business name in the United States, filing for a federal trademark provides the business owner with exclusive rights to use the name nationwide. This is particularly important if you anticipate expanding your business. However, it is important to note that there are different categories of trademark strength, which impact how protected a name can be against infringement.
Contact an Experienced Intellectual Property Attorney at Polymath Legal PC Today
Choosing a successful business name is one of the most important first steps in starting a business, which is why it is important to be aware of best practices and avoid making common mistakes. When it comes to legal considerations, a lawyer may be able to help you navigate any legal and compliance hurdles and provide you with answers to your intellectual property questions. Our experienced business attorneys at Polymath Legal, P.C. focus on building relationships with our clients. Consider reaching out to us today at (833) 931-6418 to learn how we can help you build a strong legal foundation for your business.