Can you imagine a business that doesn’t have a business name?
Well, if you cannot, then you must have realised the importance of a business name.
However, you cannot just name your business anything. The business name is what sets the tone of the customer’s expectations of your business.
Although it may seem trivial, naming a business carries a huge weight. A good business name not only reflects the identity of your business but also represents the goals.
A business name is associated with the value the business provides to its customers, and it can also differentiate your business from others.
But how can you choose the right business name? The following are the steps that will help you choose the business name that suits all your needs.
Choose an easy-to-remember name.
First of all, the name should be something your customers can remember easily. A unique and catchy name will stick with them, making it easier for them to recommend your business to others and find you online.
Here are a few tips to help you choose the perfect name:
Easy to pronounce and spell: Make sure your customers can say and spell your name without a struggle.
Short and simple: A concise name is easier to remember and quicker to type.
Descriptive: Pick a name that gives your customers an idea of what you offer.
Distinctive: Stand out from the competition by choosing a name that’s different from similar businesses.
Remember, a great business name can make all the difference in how easily your customers can find and remember you.
Test it out first.
Before you lock in a business name, it’s a good idea to run it by friends, family, and potential customers. You want your name to create a positive image for your brand. When you ask for their feedback, consider if the name:
Might offend someone: Make sure it’s respectful and won’t upset anyone.
Has a negative meaning in other languages or cultures: Check for any unintended negative meanings.
Is too specific to a product or place: Think about future growth and whether the name will still work if you expand your business.
Check if the name can be used or not.
This one should be a no-brainer. You can’t use the name that has been registered by somebody else. But how can you check if the name is registered or not?
For this, use the ‘Business name check’ provided by the Australian government. Just search the name of the tool on your browser and put in the name you like to see it’s availability.
Check if it requires registration.
When it comes to registering a business name, you need to do this if your business name is different from your own name.
Registering your business name isn’t free—you’ll need to pay a fee. Plus, don’t forget to renew your registration every year or every three years.
However, you don’t need to register a business name if:
- You’re a sole trader using your own name.
- Your partnership operates under the partners’ own names.
- Your company trades under its legal name.
Even if your business name is the same as your own name, it’s still a smart move to protect it with a trademark. This can help safeguard your brand and give you peace of mind.
Will you change it later?
What if you suddenly want to change your business name in the near future?
Keep in mind that you can’t just tweak your registered name, even if it’s a small change. You’ll need to register a new business name and cancel the old one.
Registering a new business name won’t change your business’s legal name or affect any contracts you have.
And here’s a handy tip: you can link more than one business name to your Australian Business Number (ABN). So, you’ve got some flexibility.
So, are you ready now?
Hopefully, the above steps have helped you figure out how you can choose the right business name for your future. However, be aware that choosing the name is among the initial steps of running a business.
You may have to encounter a lot of things on the journey, especially when it comes to legal and tax obligations. So, if you ever feel overwhelmed by those, feel free to contact us. We are Clear Tax Accountants, a team of professional tax accountants and business advisors who are committed to making things easier for you.
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