Choosing a suitable company name is certainly one of the most difficult tasks when starting a business. If the choice was made hastily and the company name turns out to be unsuitable, a name change can be expensive.
To avoid this happening in the first place, you should consider the following 7 points when choosing your new company name:
1. Easy to remember & write
A big advantage is always when the future company name is easy to remember. This means that potential customers will quickly recall your company name if necessary or customers will quickly find your website via search engine.
It can be tricky if your company name is difficult to write for your target group. Therefore, it is best to test with a few people beforehand to see if your company name is spelled correctly after you have said it.
2. The name suits your company
Your company name should reflect the characteristics of your company. If you run a classic B2B company, the brand name should be much more reputable than if you plan to start, for example, a leisure company for families.
Standing out from the crowd is more important than ever in today’s economy. Therefore it is important to choose a brand name that is unique and not easily mixed up with existing companies.
4. Domain name
Your website is one of the most important communication tools of your company. You should therefore make sure that your company name is also available as a domain. If you want to expand internationally, you should also check whether the country domains concerned are still available.
5. Protected name
To be on the safe side legally, you should also research in advance whether a company name is not already protected or registered in the company register. Otherwise, legal problems may arise later on or registration in the company register may be refused. Caution is also advised with very similar brand names. Here it is advisable to have the legal situation checked by a specialised lawyer.
TMview allows you to check whether and in which countries trademarks are already protected.. https://www.tmdn.org/tmview/
6. Long-term flexibility
When starting a new company, the factor “change” is often underestimated. Almost always the initial business idea is adapted sooner or later. If the company name is too narrow, this can become a disadvantage and in the worst case even lead to the brand being renamed. At the same time, the company name must not be too broad, otherwise the focus is lost. In the end, it is a matter of finding the right balance between flexibility and focus.
7. Take a second look
Last but not least, you should always look a second time at your company name or ask other people for their opinion. This way you avoid the danger of choosing a company name like PenIsland, which most people do not categorize as a holiday island but probably as an erotic platform.