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Archive for October 24th, 2021

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Why the Name of Your Business Matters

In business, your name does matter from both a business standpoint and for your marketing strategy. It’s like meeting someone for the first time and processing that all-important first impression — your company’s name is the equivalent of that first impression. It should also make a statement about your brand, both in what you provide and your personality. Would you feel confident if your local emergency clinic was called “In ‘N Out Express?”

This article is brought to you by The Virtual Consulting Firm, which provides information and services to help you market, manage, and grow your business virtually.

What do you do and how you do it

Your business name is the start of building your brand, which is what makes you distinct from competitors and defines your business personality. Consider “Toys R Us,” for example — it clearly defines what it sells, and the colors and styles they use are childlike, fun, and distinctive or memorable.

However, not every business is so lucky as to have its products or services so clearly defined. Someone may set up a business that later provides multiple business lines or services. For example, you may set up a business selling lawn and garden items, and then later branch out to sell all-natural products and essential oils. There’s a loose connection, but the same name wouldn’t make sense. In this case, it may make more sense to have a legal business name and then create a fictitious name — or a DBA (“doing business as”) — for a specific and separate business line. You can select a DBA that clearly defines what it is you do or sell.

You want to also create a distinct logo for your business. Adobe Spark is a free logo design tool you can use to create ideas and try them out. As you go along, try out several different ideas to shape and create a logo that stands out and makes you unique.

Your other marketing consideration is your online presence. Can you find and reserve a domain name that exactly (or even just closely) reflects your business name? If not, your customers or clients may have a hard time finding you, and it offers up some marketing challenges. You can attempt to buy your desired domain name from whoever owns it, but once someone knows they have something you want, they are in a position to name an asking price. You may be better off selecting a name that will work with currently available domain names.

Legal nuts and bolts

You will also want to select a name that is distinct from other business names, especially if they are in the same type of business as you are. This not only gives you a competitive edge by making it easy for your customers and clients to find and identify you, but it allows you to trademark your name and logo for additional protection.

This is the part that can get tricky, as trademarking involves following both state and federal laws. You can search for existing trademarks through the United States Patent and Trademark Office, as well as register your own. But before doing so, you have to follow your state regulations that oversee business naming. Such regulations could include prohibiting certain words, such as those that imply any affiliation with a government agency. You may also need to select a distinct name from another business incorporated and operating in that state — how distinct will vary by state.

If the name fits. . .

Naming a business can be like naming your child. Your business is, after all, an entity of your creation and one that is at least a partial reflection of you. You will want to do it justice from an operations standpoint, and that starts with a name.

Learn how virtual consultants can help you run your business more efficiently without having to hire personnel on the ground. Also, you can become a virtual consultant to help spread your reach.

This article was written by a guest writer, Christopher Haymon.

Christopher Haymon has learned the value of saving and budgeting the hard way. He created Adulting Digest to help others who need help navigating the world of adult finances.