Choosing a company name is one of the most important tasks when it comes to starting a new business. Your company name will help to define the image of your business, so you want to get it right first time.
Of course you can change it. Sounds easy right? But it’s not as simple as that. Think of the additional costs of changing a brand name, it means re-designing logos, websites and any stationery or business cards you may have. It means informing your bank, accountant, suppliers, customers and clients. Doing this also risks confusing customers and losing them in the process of your re-brand if you don’t do it well.
So, to avoid this extra hassle we have put together a guide of the things you should consider when deciding on your company name.
Self Explanatory
Whichever industry you are in, you may wish to choose a name that reflects what you do as a business. This may include technical names or terms, the location of your company or what the company actually does in the name itself, for example we went for EA Worldwide Acquisitions because we work to improve our clients’ customer acquisitions across the UK, Europe and USA.
Clever Branding
Or you may choose a name which is not self explanatory but reflects the image you wish to portray. Many of the world’s leading companies and brands have names which have nothing to do with the products they provide, e.g. Apple and Amazon.
Future Proofing
Consider using a generic name rather than a specific one, in case you decide to change direction as a business at a later stage.
Potential Investors
Inappropriate company names are likely to put off potential investors no matter how immaculate your business plan is.
Domain Names
It’s a good idea to choose both your company name and domain name simultaneously, as you will benefit from having both types of identity secured for obvious reasons.
Keep it Legal
Avoid using names that are trademarked or used by other businesses. Research thoroughly to avoid trouble later on.