Having a business of your own is a dream come true. It will let you become your own boss, plus you’ll also have the potential to become rich. However, before any of these can happen, you need to establish your company name.
If you’re hesitant to do that yet, you may want to know five crucial reasons why you need to establish your company name now.
You need it to register your business
If you’re a business owner, you can use your first and last names when choosing a company name. However, if you want to use a business name other than your full name, you need to register it as soon as you start your business. Remember, a company name is part of the process business registration Ontario requires.
However, before registering your business name, do your research and make sure the name you choose is unique and not already taken. One easy way to do this is by doing an online search for existing corporate names or trademarks. Another way is to check national databases, like Newly Upgraded Automated Name Search (NUANS), a system for searching incorporated or trademarked businesses, and Canadian business registries. You may also want to check for registered trade names in other provinces if you plan to carry out business there.
Another thing to remember is that having your business name registered doesn’t give it protection. This means anyone can use the same name or one very similar to it. Nevertheless, it doesn’t mean you should name your business using an existing corporate name. It’s still best to have a unique business name to give your company its own identity.
You need it to let people know what your business is all about
There’s a difference between your brand name and business name. Your brand name is what your customers associate with your products or services. On the other hand, your business name is what you put in the necessary documentation related to your business (for instance, your business registration form). While you may expect your business name to be used as your brand name, many companies tend to separate their brand name from their business name to improve recognition in the market.
In many cases, those who would encounter your company name are the ones who would get acquainted with your business on a more formal level. These can be the government, banks, suppliers, and other companies you’ll have to deal with behind the scenes.
Establishing an appropriate business name can make them respect and trust your company more and allow you to have smoother transactions with them. Institutions (for example, banks) may not take you seriously if your business name sounds like a joke.
You need it to create an excellent first impression
Most often than not, your company name is the first thing people will notice when they see your business card, proposal, and other pertinent documents for the first time. The last thing you want to happen is to leave them with a very weak impression. For this reason, you must come up with a memorable business name that would stick to people’s minds for a long time.
If your business name stays in people’s memories, you can greatly benefit from word-of-mouth marketing. This is especially true if you successfully associate your brand, services, and products with your business name.
Another thing, you should also make your business name easier to type and search on the web. Having a business name with more than six complicated words (for example, configuration or amalgamation) can be a pain to remember, read aloud to a virtual assistant, or type on a search box. It can’t be stressed enough that you need to learn how to choose the right business name for your organization.
You need it now because changing your business name later is a headache
There are many reasons you may want to change your business name later. For one, you may want to realign your business name with your brand, products, or services. Or perhaps you plan to fit your business name with your new target audience, new line of business, or any massive changes in your business operations. Or maybe you just want to escape the detriment of mistakenly choosing a lousy business name.
Whatever the reason is, changing your business name later isn’t advisable unless it’s crucially needed. When it comes to establishing your business name, doing it right for the first time matters. After all, multiple concerns may ensue when you change your business name:
- Switching your business name may confuse customers and other entities your business deals with.
- It’s an added expense, which can also bog down some of your business operations.
- You may regret it, and changing it back to its original name is another can of worms you need to open.
Given all these, it’s important to come up with the best business name for your company as early as now.
You need it to motivate you to do more in your company
Naming a business is just like naming a pet. However, unlike a pet, your business is ultimately your creation—your little entrepreneurial baby. Once you name it, you can become significantly attached to it.
And as the days go by, hearing people talk and mention your business name can make you feel proud and motivated. While it won’t exactly give you any legal advantage or extra profit, being motivated can do indirect wonders to your life and business.
Conclusion
These and more are some crucial reasons you should establish your company name now. But when selecting, be sure to think long and hard about what name you’ll give to your business. Your company name is the first aspect of your brand people will encounter. It’s what defines your business’s identity and sets you apart from the rest. So if you want to create a good first impression on people, establishing a company name now maybe your best solution.
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