If opening your own business, online or on physical premises, were easy everyone would do it, but now it is more accessible to do so more are doing it. Opening your own business has never been easier, or rather, more accessible. With the online world expanding every day, more and more people can access what they need to learn and implement the systems that build a business, for example, starting a website, starting a blog, doing the necessary research to establish a business, as well as finding the right business name and what it entails to register a business.
As accessible as it has become to more and more people, it can still prove to be challenging because there are more and more people, which means there is more competition and confluent ideas, especially when you first set out to find the right business name that will connect to your clients instantly.
If you are struggling to find the right business name or don’t know how to start and what the legal requirement might be, it is the best time to utilise online accessibility to help you gain more clarity and to safeguard yourself.
Let’s explore some helpful considerations:
1. Do This First
Brainstorming is an important first step in finding the right business name, this helps to minimize creative confusion and gain more clarity.
What you can do:
- Grab a piece of paper and draw a mind map and note any business names that you like, write whatever comes to you.
- Then circle the top 3 to 5 names that really have a good feel for you and what your business is all about.
2. Keyword Search
When you have a handful of names you still need one unique name for your business.
You can utilise free access to TRUiC’s online business name generator to search all your potential business names to see if they are available or already in use online, this step will help you refine your business name and safeguard you from duplicating anyone else’s name too.
3. Specify Availability
Once you have your business name, one that will stand out from the crowd, but at the same time attract the crowd, you need to ensure that your business name is legal and that you are following the rules of the state that you live in.
TRUiC’s online business name generator allows you to specify the availability of your name in the state you live in, as well as the availability of an online .COM name (this can be secured for you for the duration of a month).
4. Legal Requirements
When you know your name is available and ready to use, without duplicating another business name, whether it is online or physical premises, you need to register your name and understand the guidelines of naming an LLC (Limited Liability Company), corporations (C-Corps or S-Corps), and partnerships (Sole or General).
For LLC businesses important steps to follow is to understand what to include and what not to include in your name, for example, the business name can’t be similar to governmental names, nor can they include word that are restricted, unless there is a licenced practitioner involved in the business, for example, words like Bank or Attorney (additional documents will need to be filled out if the latter is the case).
The acronym LLC needs to be added to your business name when you register, in addition to this, you need to consider the following, which will determine if you need to apply for a DBA, which means ‘doing business as’:
- Will your legal business name be used as your brand name?
- Will your brand be a separate entity from your legal name?
These guidelines can assist you when you create the right business name; it also ensures that you do it the right way because when it comes to your business you want to save time and be as efficient as possible.