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Dec
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There are several questions you can ask yourself when you are considering the name for your business. Some of them might be as follows:
Are you buying a franchise?
If so, chances are that the business will already be named. In that case, your problem is solved for you. If not, the franchisor will guide you as to what names will be acceptable to them.
Are you buying an existing business?
You will have to decide if you want to keep the current name of the company or rename it. Ask yourself if the current name suits your vision of the business and if it is important to keep it the same in order to best serve previous customers. If the answer is “no”, you will have to decide on a new name. If so, apply the following questions to the renaming of the business.
Is your name descriptive of the business?
It is important that your business name conveys an image of your products and/or services. The name should not be long and cumbersome. Your target market needs to perceive that yours is the company that can solve its problems and fill its needs.
If your business expands, will the name still be appropriate?
The name you choose should not be restrictive. It should be general enough that it will still encompass the essence of the company after several years’ growth and expansion.
How well will your name combine with your logo?
Can the name be abbreviated and be utilized as an acronym? Can you incorporate it into your logo to further brand your company? I have used OM..IM with my logo (a fanned book). It looks great, but when you say it out loud, it doesn’t have much of a ring to it.
Should you consider using your domain name as your business name?
Many companies who operate solely on the Internet choose to use their domain names as their business names. Examples are “buy.com” and “Amazon.com”. If the company has brand identity, using its domain name provides customers with instant recall of both name and location on the net.
Where will your name fall in alphabetical listings?
It has long been a habit on most occasions to place lists of names in alphabetical order. This holds true for telephone books, internet listings, membership directories, etc. People also tend to choose the first name that they perceive as appropriate to what they are looking for. If it will work for you, you might just as well choose a name beginning with “A” as one that begins with “Z”.
Will your name work internationally?
Sometimes, a company name does not translate well in other languages. “Osco” was the name of a well-known drugstore in the U.S. The name did not have a pleasant meaning in Spanish. The name was changed to maintain the large Hispanic customer base.
What is your legal structure?
Depending on the legal structure you have chosen (and the form of that legal structure), your name may have to reflect that choice. For instance, corporation names generally end with “Inc.” Law firm
partnerships often have the designation “LLP”.
Would your business be best served by using your own name?
Many service providers (and/or product sellers) already have name identity and credibility. In that case, it might be best to use your own name, either by itself or in conjunction with words that describe your business.