Congratulations! You’ve got an idea for your new business and now you might want to choose a name for your business – one that will set you apart from the competition and make you look more professional.
When you choose a name for your business, you can be creative and inspired about how your business name represents you. So, instead of giving you a list of names to choose from, we’re going to give you the key things to consider when you come up with a business name.
1. Be original
The best business names are catchy, memorable, different and concise. Ideally you want something that will have you and your brand stand out from the crowd, something that will set you apart from everyone else. While you can use a combination of existing words for your business name, you might like to try inventing a word for your business name. Some of the best known brands, like Google, Uber and Instagram weren’t even words before their businesses were born.
2. Be familiar
When you choose your business name, you want something that people will find familiar and easy to pronounce. You want people to ask what your business is about, rather than how to say its name.
3. Be authentic
People will often ask how you came up with your business name or what the story behind it is, so have a think about what is meaningful to your business purpose and how you might create a business name from this. The story behind your business name is an opportunity to build connection with people and let them know you run your business from your heart.
4. Be smart
When you choose your business name, remember this will be used in how customers pay you and will change based on how you structure your business.
If you are a sole trader, then your business bank account is in your personal name and you can use a “Trading as” (or TA) and then list your business name. Remember your business account name is what will appear on your business debit card, so you want to make sure you get this right.
If you are a proprietary limited company (PTY LTD), then your business bank account will be the same as your business name. This business name is what will appear on your business debit card.
Also, when you receive your first customer, you may ask them via an invoice to pay for your products or services with your business name.
5. Register your business name
Once you’ve chosen your business name, you need to register your business name with the Australian Securities & Investment Commission (ASIC).
Depending on your business type (whether you’re an individual, company or joint venture etc), there are different steps to register. Go to www.asic.gov.au for more.
6. Trademark your business name
When your business name is unique to your business, you may want to register this as a trademark with IP Australia. This protects you from other people using your business name.
Before you go ahead with the trademark application, first do a trademark search to ensure your business name is not already in use. To search and trademark your business name, go to www.ipaustralia.gov.au.
With a bit of creativity, you’ll find a unique name for your business that represents what you’re about and starts a conversation with people.
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Things you should know
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.