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65% of Americans dream of starting a business, but few know where to start. Choosing a suitable name is a critical first step. The name of a company isn’t just a label; it’s the first component in any marketing/advertisement campaign.  A good name should show that a company possesses self-awareness, attention to detail, and due diligence in spades. Poor names indicate one or more of these traits is missing.

A good business name is the first step towards attracting clients and growing brand awareness. One can be created for any company in just 5 easy steps. First, list related keywords and phrases. Think about how you do business and who you do business for. Next, create a long list of name ideas. Don’t commit to any one idea right away. Third, you need to avoid names and trademarks already in use. Search the Trademark Electronic Search System for any matches and cross those off your list. Once that’s done, consider how you will brand your business name. How will it be represented in a logo design and brand colors? Finally, check website and social media availability. You don’t want to commit to a name that can’t be used online.

New business owners need to take naming their business seriously. If they end up changing their business name later, the transition can be costly. There are attorney fees associated with filing with the IRS, state, and local governments to reflect the name change, updating legal documents and contracts, and changing any trademarks, patents, or copyrights the company may have. Furthermore, rebranding requires new advertising and promotional materials, including an updated website and company logo. For a small business, these matters can cost up to $180,000 and 8 months of work. Avoid the trouble by taking the naming process seriously.

The Psychology of Naming Your Business

NowSourcing

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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NowSourcing

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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