Articles for Entrepreneurs
9 Steps to Developing Your Company Name

Your business name should address what you do and the niche market you will be serving. A clever business name can be an excellent marketing tool to help make your company memorable. Try to avoid confusing names or names with negative connotations. Try to choose a name that is easy to pronounce and won’t be considered dated years from now. Also, keep in mind that you should check the domain name availability of your business name. If you want to score points with search engines, try to use one or more of your key words in your domain name.

Begin brainstorming business names, looking in dictionaries, books and magazines to generate ideas. Get friends and relatives to help if you like. Think of as many workable names as you can during this creative phase.

Tip: Some entrepreneurs and business owners select their own name as the business name. This can become a problem if you want to sell your business five to ten years down the road.

Steps in the creative process:

1	Search online for the names of other companies in your field.
2	Write a list of words that are associated with your target industry.
3	Circle some of the words on your list that appeal to you and use them in differing combinations. Use your thesaurus to find synonyms for some of the words.
4	Try to come up with at least 5-6 names that you feel good about. By the time you scrutinize them from all angles, you'll eliminate at least half. Keep in mind that the optimum number of words in a name is two to three.
5	Make sure the name: creates a positive image that would interest your target client and that the name is easy to say. Something to consider: the domain name should be easy to remember when relaying to a target client. Awkward names combined in a domain name are difficult to relay and remember.

 

Steps in the official process:

6	Make sure the name is available by doing a Trademark search on the federal governments web site: http://www.uspto.gov/main/trademarks.htm
7	Make sure the name is available in your state. Go to your state’s Corporation Commission website to search availability.
8	Make sure the website domain name is available. Try www.godaddy.com. Dot.com is still the best extension, but it is now becoming more common to use others such as .biz and .info.
9	Begin the official process of setting up your legal entity. Seek tax advice from your accountant or attorney about how to proceed.

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© Copyright 2006-2007- Suzanne Muusers - All Rights Reserved

About the author

Suzanne Muusers is a Business Coach and Business Expert based in Scottsdale, Arizona. She has owned or managed a business every year for the past 25 years. She is a credentialed member of the International Coach Federation and works exclusively with entrepreneurs and financial advisors who want to leave behind their lives as business workers to become business owners earning six figures and above annually. Download her Free Report “Top 5 Business Mistakes Entrepreneurs Should Avoid” at http://www.prosperitycoaching.biz.

 

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