Importance of Business Name
The registration of a legal business entity is the first step toward your entrepreneurial journey. It is a brand that you will be building in the upcoming years. Thus, having a distinctive name is quintessential for the growth of your business. The company’s name will be the first impression towards your buyers, suppliers, stakeholders, etc., and thus should be relevant, suggestive, and more importantly attractive.
One cannot establish a business with a Business Name!!
It is a known fact. However, naming your business can be a hectic, time-consuming, and stressful process. Every entrepreneur wishes to have a name that will last long, encompasses both the values and your company’s unique characteristics. In this article, we will be discussing the various factors that must be kept in mind while selecting a name for your company.
10 Tips to choose the best name for your Business
Here are some useful tips which must be considered while selecting a suitable name for your business:
1- Follow the KISS Rule
Keep It Short & Simple (KISS). The proposed name of your company must be short and simple so that the customers or shareholders or suppliers can pronounce it easily. This will help in registering the name of your company in people’s minds.
2- The name should be SIGNIFICANT
The proposed name of your brand, business, or company should be in line with the objectives of the business. A significant name for your company allows the consumer or customer to distinguish and identify the brand amongst others.
3- The name should be UNIQUE
It is important to note that the proposed name of your company should be unique and must not be identical to a company that is already registered or have a trademark. Also, it is ideally suggested that the name should not contain plural words such as Mahatma’s or Credit’s, etc. The proposed name must not be the replica with minor changes of another brand, product, or company.
4- The name should not be GENERIC
Generic names like The, Best, One, etc should not be used as a prefix in your proposed company name. For example, One XYZ Solutions Pvt Ltd, The XYZ Technologies LLP, Best Software Private Limited, etc. The prefixes are too easy and will not be available. So, it is advised not to use generic names in your proposed company name.
5- The importance of SUFFIX
A suffix is an important part of the name of the company. A Private Limited Company registration must have a Pvt. Ltd. Similarly, a Limited Liability Partnership firm must have ‘LLP’ after its name. The suffix associated with the Company Name helps in identifying the type of legal entity.
Suffixes for Different Business Entities:
One Person Company Registration – (OPC) Private Limited
Section 8 Company Registration – Foundation, Federation, Association, etc
Nidhi Company Registration – Nidhi Limited
6- The name should not be MISLEADING/ILLEGAL/OFFENSIVE
When choosing a name for a company, it must be kept in mind that the proposed name must follow the rules and should not be against the law. It should not indicate any abusiveness or offense against any community or religion.
7- The name should be SCALABLE
Your company might have different products or services in the near future based on cumulative growth. So, the proposed name for your business must not be product or service-specific. For example, Vakilgiri as the name suggests is a Legal Consultancy firm delivering several services under one roof.
Keeping a product-specific or service-specific company name, it can get tricky in expanding the business. So, selecting a broad name is recommended.
8- Check for domain availability
Running a business in today’s world can be quite difficult without making any online presence. So, it is advised to have a domain name available that is similar to the proposed company name with you. Doing this will help you create an online presence with your business name and will improve your online marketing efforts as well. If the exact domain name is not available, then you can opt for a subsidiary name that symbolizes your proposed name.
9- Avoid using ACRONYMS
It is often advised not to choose acronyms for your business entity’s name. Acronyms are short or abbreviated letters for a company. For example, IBM, KFC, IMS, etc. The use of acronyms might confuse your potential customers/audience making it difficult for them to distinguish between brands or companies. Also, there is a higher possibility that the acronyms that you want to use is already taken. Hence, make your name as simple and understandable as possible.
10- Have 2-3 names ready
Before starting the registration process of your company, keep 2 to 3 names ready as it will provide a higher chance of approval from the department.
Keeping the above-mentioned points in mind will help you in selecting a suitable name for your business entity. If you still find it challenging, then you can look for the experts’ help in choosing a suitable name for your company. Vakilgiri Legals, being one of the best Legal Consultancy Firms in India can help you with this process. Like over 10000+happy clients, you can count on us. Get in touch with our experts today!!