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In my first post in my blog series on start-up businesses, I discussed creating a business concept with identifiable revenue streams, and establishing an initial “proof of concept.” Now on to:
Naming your business
Practically, one of the first things you need to do is name your business. You’ll want to build a business “brand,” and your business name is central to that. You should pick something unique and memorable, both for marketing purposes and for trademark protection purposes. Some general thoughts on picking a business name:
- Using your personal name is acceptable and common. For instance, my law firm name is “The Law Offices of Peter D. Isakoff.” This style’s especially good for businesses where you personally will be the face of the company to customers and the public (like a solo law practice).
- Another common method is using a geographic descriptor (ex. North Carolina Roofing, Raleigh Bakery, etc.), and/or a descriptive moniker (ex.: Integrity Plumbing, A Plus Auto Repair, etc.). Nothing wrong with that, as long as you’re accurate.
- Using a made-up word, something whimsical, or a conglomerate word happens a lot in bigger companies, especially in the tech, financial, and medical/pharmaceutical industries. Think names like Google, Yelp, Amazon, Red Hat, Costco, etc. If you have a name that’s completely random and out there, don’t be afraid to use it. If Google can be one of the biggest companies in the world, you can name your company pretty much anything, as long as it’s your unique brand.
- Use common sense. Don’t pick something obscene, or something inaccurate. Use caution around political or religious names, or other names that may ward off some customers.
- If in doubt, ask a business attorney. This is exactly what we’re here for. If you have an idea for a name and want to run it by an attorney for their thoughts, a competent business attorney should be able to do that for a simple consult fee.
When it comes to legally protecting your name, you automatically have a limited “common law” trademark protection over your business name, within the field and geographic scope of your work. There are also further protections you can get through filings with the U.S. Patent and Trademark Office. You should contact an attorney who practices trademark law if you want to look into protecting your trademark rights further.
For my new business, I chose the name “Rosie & Lucy Creative Enterprises.” Rosie and Lucy are my two dogs, and the stars of my children’s book. So the name’s pretty unique to me and my business’s main product, and descriptive (“Creative Enterprises”) of my business field.
My next post will address registering a formal corporate entity. Check back in for more soon…
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