By Nancy Wolf
Starting a business is an exciting step in your professional life! Whether you are choosing to form the business by yourself or are working with other individuals to get started, there are many items to check off the list during the formation process. These include tasks such as making sure all of the proper paperwork is completed, assuring there is an accounting system in place, and hiring the right staff members to assist your organization with growth.
Before moving forward with these business formation elements, it is important to select a name for your company. Your business’s name will be something that remains constant so it is important to select a name that accurately reflects what you do, and is something that you will be proud of one month or one year from now. Here are a few tips to consider during this process.
1. Select a Name to Properly Describe Your Services
When selecting a name for your business, try to craft one that describes the services your organization provides. This will make it easy for new customers to recognize what you do and will help to keep your brand top of mind as well.
For example, if you are forming a graphic design business make an attempt to include design in the name of your organization. If you provide medical services try to highlight a medical term in your business’s name so potential customers can make a correlation between your organization’s name and services. The business name you select will appear on your company’s records and documentation so make sure it is one you feel confident using.
2. Make Sure Your Company Name is Not a Duplicate
Another important aspect to consider when forming a business is to make sure the company name you would like to pursue is not already taken. Having the same name as another business misrepresents your organization and adds confusion to your services. When deciding upon a name for your organization try to select something that will help you stand apart from the crowd.
It is important to consider factors such as the state where your business is formed. Delaware is a popular place to form business entities, so there is a chance that the name you apply for in Delaware may already be taken. This is something you want to consider during the process of selecting a name. In addition to this, some states, such as Delaware, require Corporations and LLCs to include specific words to accompany the business name such as Company, Corporation, Limited Liability Company, or LLC. Make sure to include these phrases as part of the name for your Corporation or LLC as well.
3. Consider Your Business’s Online Presence
Conducting business successfully in 2016 requires a strong online presence including a website and social media. In fact, the U.S. Small Business Administration states picking a name that is suitable for the web and social media is important to consider when naming your business. This includes thinking about the way your business’s brand will appear online, and how your website and social media will be structured.
If you have any additional questions about selecting a name that is suitable for your business please contact a professional. They will provide you with guidance so you can select something that will accurately represent your brand now and in the future.