10 Tips on choosing a name for your business

Choosing a name for your business is one of the first major decisions you'll make. Here are 10 tips to help you choose a good name for your business from Robert Ashton’s best-selling book, ‘The Entrepreneur’s Book of Checklists’.

What's in a name?

Do you call your carpet company ‘Budget Carpets’, ‘Floors of Distinction’ or ‘Fred’s Carpets’? The name you choose for your enterprise, or an individual product or service can say so much about what you do and why you’re better.

It’s sometimes easier to choose a name for a baby than a product or service. For one thing there is more choice, for another you want people to be influenced by the name you choose. When considering names, you should consider:

1. BEING SPECIFIC – There really is nothing better than making it obvious what you do. Economy Car Hire, for example, also suggests value for money.

2. POSITIVE ASSOCIATIONS – Link the name to something well known that is in common usage (so not copyright). E.g. Capability Brown’s Garden Store.

3. TOP OF THE LIST – Whilst Aardvark Roofing might get you pole position in the Yellow Pages, it’ll be suspiciously obvious that you’ve done it on purpose. Better to create a happy coincidence, such as Abbey Roofing.

4. GENERICS – You would remember a business called ‘Wellington’s Boot Store. Also, if people are searching for you online, generic names help.

5. BENEFITS – Clearly the more your name alludes to a benefit, the easier it will be for people to remember. ‘Sparkling Windows’, suggests just that.

6. HOMOPHONES – These are words that sound the same, but have different spellings. They stick in the mind. The Sauce Source Ltd

7. NUMBERS – Adding numbers passes in and out of fashion. Unless there is a good reason (M25 Auto Recovery), numbers are usually best avoided.

8. YOUR NAME(S) – Although Messrs Marks, Spencer, Ford and Woolworth are amongst the best known exceptions, it usually shows a lack of imagination to simply call your business by your name.

9. DOMAIN NAME – The internet is becoming more important. Check out the available domain names before committing yourself.

10. GET A SECOND OPINION – hours of hard work will lead you to some stunning ideas for names. But, before deciding, ask others for their view.

Of course, it's not always possible to have the name you want and first thought of. This is beacause you will be unwittingly replaying product and brand messages you have picked up yourself. Most of the big brand names are protected by copyright, as are similar names. To avoid the risk of litigation it's usually best to steer clear of well known names.

Conversely, you also want to stake a claim to your business or product name because others might try to copy you when you are successful. This whole area is called 'intellectual property' and is a potential legal minefield unless you are guided by an expert. Here are the basics;

Trade marks - 'TM' - anyone can put the 'TM' symbol next to their product name or logo. All it means is that the owner considers it to be a trade mark and wishes to make people aware of the fact.

Registered marks - ® - trade mark agents can help you register your brand names and logos. You can then sue those who choose to copy you. The '®' says this.

Copyright - © - the '©' mark means the piece of work thus marked is the property of the author and cannot be reproduced without permission.

Patent - patent agents can work with you to protect that part of your product or process that is unique and specific to you. The registration process is lengthy and can be expensive. However, if you are developing something new that you want to protect and possibly sell later, you must patent it.

About the author
Robert Ashton is an author, speaker, entrepreneur and activist. You can register free for Robert’s fortnightly ezine by visiting www.robertashton.co.uk

© Robert Ashton / Prentice Hall