First things first – To save yourself a lot of heartache and potentially wasted time down the line, reading this guide is an absolute must. Let us begin..

How important is your business name?

Perhaps the very first thing a potential customer will see is your business name and instantly an impression or opinion will be made of your organisation. I happen to believe that the name of your business, in terms of short term visibility, is more important than your sales pitch, your inventory or even yourself and perhaps employees. You may have excellent customer service skills and a fantastic product but if you get your business name wrong, a customer and a potential sale can all be lost in a moment. Under most circumstances, the name of your business tells a lot about your business to a viewing customer. Remember we discussed earlier in this article how customers make instant judgements of your business based solely on its name. They do this even before they have even seen what else you have to offer them.

How do I choose a good business name?

The first thing to think about is what industry or market sector your business is operating in;

• Are you a service or product based company?
• How important is branding to your business in the industry?
• Are you ever likely to need to be able to brand your business in a specific way?
• How crucial do you think your business name is going to be for marketing purposes?
• How about expansion? Do you believe that there are other market sectors your company may diversify into? What about expanding overseas? What are the implications for that?

It’s essential that you appeal and strike the right tone to your customers with your business name. If you think for a second about the largest and most successful brands we have in our world today. The likes of McDonalds, Nike, Google, Sony and so forth, these are businesses that have developed a brand, not just a business name, and good brands practically sell themselves.

What other considerations are there?

Over the course of running your own business you are going to get a lot of practice saying your business name and seeing it associated with your own name. You may think that it’s a no brainer to choose a name for your business that you like the sound and sight of, but keep that in mind when choosing.

Something that business startups forget about is whether another organisation has the same name as you. For obvious reasons, having the same name as another business really isn’t a good idea, especially if trademarks or other rights are involved. Always check that the name you have chosen is not already in use.

Your business name needs to be memorable. Why? Because you want customers to remember your name and directly associate it when they are looking for the products or services that you tender. Keep in mind that the longer the business name, the less likely people are to remember it. You may think that something short and unique is the way forward, certainly most successful brands are like this but let’s not go too far off the chart it becomes too unrelated to the business sector you are operating within. Don’t chase a short name and sacrifice its relevance to your organisation.

As easy as it sounds – business names should be original, concise and coherent to the sector you operate in. Choosing a name for your business can be a tricky task but take time over it, it will hopefully be with you for a long time to come!

Startup Checklist

Starting a new business can often be a stressful and busy time for you and your family. Maintaining your business will require good organisational skills – The following checklist for business startups can be useful when you’re first brainstorming small business startup ideas:

1. Pick a business name – and get it registered
2. Come up with a business plan
3. Establish a relationship with a bank you like
4. Network with other professionals
5. Consult with a lawyer (if necessary)
6. Establish your prices
7. Determine necessary financing, and how to get it
8. Find some office space
9. Plan for the worst – always be prepared
10. Organize a data recording system
11. Recruit new employees
12. Utilize a daily management plan, and stick to it

There are many steps involved in setting up and launching your small business startup, and many go beyond the above small business startup checklist. Remember, the more you plan in advance for your business, the greater your chances of entrepreneurial success!