A good portion of your business plan can be spent brainstorming the best business name for your company. Choose the most unique name possible and no one can stop you. But it requires a lot of work. Your business name speaks to your product or brand.
Some people instead name their business after the product or service name. It’s easier. But sometimes the simplest method just doesn’t work for you or your target market.
Important considerations when choosing a business name
1. Trademark Infringement
If you know someone is using your trademark or trade name without your consent, it is infringement. Especially if you have registered your business under the trademark laws of your jurisdiction.
When choosing a trade name, if the trade name or trademark resembles or is disguised as another company’s mark or name, you will be liable for infringement.
Finding a business name or trademark that other companies do not have is one of the considerations when choosing a company name and brand. Please do not confuse with other trademark registrants. Otherwise, you will be held liable under intellectual property law for violating its provisions.
Seeking the expertise of an intellectual property attorney, The best way to search for trademarks in Canada. You should search trademark databases to ensure that your company name is not confused or disguised as another company’s name. This activity should be at the top of your priority list.
2. Target consumer
When choosing a name for your business, you should consider your target customer. Your company name should be simple and easy to remember. It is advantageous if the company name is easy to pronounce and customers can easily remember the name.
Business attributes that customers and users can easily remember will generate more repeat customers as satisfied customers are more likely to recommend products that have been used successfully. , it also creates more consumers and buyers through repeat purchases and recommended sales.
A name that appeals to customers helps build your brand identity in the marketplace. Increased brand awareness also translates into brand loyalty and sales.
3. Product relevance
Your trade name or business name should reflect the type of product or service you offer. It may or may not be your brand name. But as long as it helps customers associate your company with its products, it’s good enough.
Associating your business name with your product increases your product awareness and increases your brand’s consumers and sales.
4. Trade name longevity
Your business name should stay with your industry and market for some time. The longer your brand exists, the more consumers will trust your company. It is also essential in building loyalty with consumers.
brand integrity It is also associated with products and services that have been in the industry for years. New and potential consumers typically seek out services and products that have a long history of success.
A company that has been around for a long time and has a memorable name is more likely to build a strong reputation for itself and its products or services. This makes it easier to enter new markets and acquire new clients later.
5. International Appeal
No company wants to enter the global market sooner or later. Make sure the business name you choose appeals to the international market. From the moment the company name was created, it would be better to foresee future expansion.
The wider the scope of the business, the more inclusive the consumer base. Having a name that appeals to the international market will increase your business coverage, broaden your consumer base, and generate more profits.
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author: Claire Ward
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