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Thursday, 21 September 2017

ENTREPRENEURSHIP: TIPS ON CHOOSING A BUSINESS NAME FOR YOUR START UP

Image result for business name african american
There are people that love using their names as their business name. In a developing economy like Nigeria, using your name as your business name is good only to an extent.


While expanding a small business, it does make it tougher to present a professional image and build brand awareness. More so, when you want to bring in people to invest into it and become part owners; investors think differently in this part of the world.

Here are some points to consider as you choose a name:

 1. How will the business name look? – On a complimentary card, on the web, as part of a logo, on social media, on billboard, on screen, etc.

2. What does the name suggest? – Is your name too corporate or not corporate enough? Does it reflect your business philosophy and culture? Does it appeal to your market?

3. Is it unique? – Pick a name that is not in use by others, online or offline. A quick web search, domain name search and business name search will alert you on existing names.

4. Has it been Trademarked? A name that has been trademarked can cost your business so much when the real owners surface. Aside that, you cannot go global with the name. You have to remain a local champion as long as you stick to the name.

5. Spellings & Pronunciations:  Ensure the spellings corresponds with the pronunciation. Sometimes a name that is spelt differently than it sounds can be problematic when prospects look out for it in a business directory.

6. Incorporate the name: Do a name search and registration with the appropriate body in your country. In Nigeria, the body is called the Corporate affairs Commission.

I once met a lady that has been using a particular name for her business without registering it. She had used the name to print complimentary cards, fliers, Sign board and others. People even call her by the name. She finally made up her mind to register it when a friend asked her to come for a contract in her (the friend) company.

She came to my colleague for the registration, but my colleague couldn’t process it because upon searching it with the corporate Affairs Commission, she realized someone else had already registered it. Though she felt very bad about it but there was nothing my colleague could do other than suggest another name to her.

Conclusion: Your business name is priceless, and as such should be chosen with every necessary information and considerations, else you may not get the desired result.   


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