RERA Act which was passed by our India Parliament so as to protect the interest of the home buy...
Many say ‘What’s in a name? It’s the deed (work) that matters’. But this is not entirely true. In the current market scenario Brand building is of foremost importance. The name of the organization represents what the entity stands for. In this article, we will discuss the important aspects of the business name selection process.
Before we consider the factors for Business name selection process we have to understand the importance of it. We have listed out following reasons why name selection is of prime importance:
Apart from the above-mentioned reasons it is also to be considered that while business name selection in case you choose a wrong name which is neither appealing your target audience nor doe is portrayed the purpose of your business it can result in major setbacks.
Before the customer gets to know about your product they are required to know about you. And the first thing that they will encounter about you will be the name of your organization. It is required to be catchy and interest worthy to make sure that the client remembers you.
As we discussed business name selections play a vital role in every brand development strategy. So, if you haven’t been paying attention to the name of your organization plays an important role in portraying your business moto to the rest of the world. We have formulated a simple checklist that you should consider while finalizing the name of your organization. Following are the questions to be asked before starting the name selection process:
Correct name lays a foundation for strong marketing and brand establishment plan for your start-up. Thus you are required to engage your think tank for business name selection
Every organization is established with the main objective and clear vision. It operates with a purpose of fulfillment of such a mission. The name must be finalized keeping in mind such vision. It must reflect that idea behind the organization’s establishment. It is a smart move as this way the prospective clients and the public, in general, have an idea of what your organization stands for.
The name of the organization must be easily remembered. Only if the name of the organization has a recall value that it can be referred by any client. Currently, it is an age of competition and a set of organizations are operating for fulfilling similar needs. If you are planning to gain a niche for your organization in such a competitive environment then you have to make sure that the name of your organization is different yet it can be easily remembered. As the name of any organization is the first thing they notice about you.
Many times in the name of innovation and creativeness people opt for unusual names and difficult spellings while working for business name selection. On the other hand, some people due to their beliefs in numerology and astrology choose trivial names with unusual spellings. However, this can backfire in a big way. Complicated names are difficult to spell. If any prospective client or customer is planning to search for you on the internet then complicated spellings can make the job difficult. In the process, you can lose a number of hits on your official website.
To make sure that you gain instant recognition amongst the sea of competitors you must choose a unique name. Make sure that the name of your organization is not in any way similar to any existing organization. This was no one will confuse you with anyone else. This makes you stand out from the crowd. You must finalize a name which is timeless and sounds fresh as well. However, in order to be unique, you must not choose names which make little sense as they expose you to a huge amount of risk. As the clients might not relate with it avoid your brand altogether.
Apart from all the above considerations, the golden rule of business name selection for your organization is to keep it’s simple and relatable. In the end, simplicity is all that matters and overcomplicating will never actually help anyone. Being simple and straightforward will never be out of trend. Following points are of consideration while coming up with your organization’s business name:
In this age of the internet, it is very important to survive that you have an online presence. It is essential that you develop a website for your organization. While making business name selection for your organization you must also check if a domain name can be secured with the same name or not. This way your prospective clients and business partner can check your company credentials.
Apart from all other specifications, it is important that the name you are planning to go ahead with is available in the market. So, when we say it should be available it means that no other entity or trademark is registered with a similar name. If any company, limited liability partnership or trademark is already registered in such area of operation then you cannot register with a similar name. In case of partnership firm, sole proprietorship etc. there is no such rigid restriction regarding name availability. However, it is recommended to avoid any name with which organizations and trademarks are registered. As this can attract legal actions and penalties.
While business name selection for your prospective business it must be considered that the name must not offend anyone including individuals, community, religion, group, nationality etc. You should not use any vulgar or offensive words or phrases. For this purpose, it is best to get some idea about your target customer and market to be best prepared.
In the initial stages of a business, you always start with some specific product line or service and cater to only a specific geographical area. This is the most logical thing to do considering the amount of risk you are going to take with the new establishment. However, business name selection for your organization is to be done in a way not to restrict yourself with such geographical or product basis. In this way, you are free to expand in the future without the issues of additional liability to change your organization’s name.
Before going ahead with final registration of your organization you shall conduct a market survey to get an idea about what impression the name gives. People around us including our friends, family and business partners will always appreciate our choices. But if you really want something to be put to test ask a random stranger of their opinion on the same. This way you can figure out the honest opinions on your ideas and how your prospective clients perceive you. You can conduct such surveys on potential clients, investors, and even employees.
We hope this article helped you in figuring out a way to select an apt business name for your organization. If you are considering getting your company registration done you can contact our the team at Enterslice. We provide complete registration solutions and even further annual compliance services along with guidance in business name selection.