Naming Your Small Business

Choosing a name for your business is something you should take a lot of time in deciding. The name of your business can be a determining factor to its overall success or potential failure. Start by selecting several names and then doing searches to be sure the name you are leaning towards has not been used already. In some states, such as New Mexico, it is illegal for two distinct businesses to have the exact same name. Even a chain store, such as McDonald's has to have different names, though these are seldom seen. Most McDonald's, as well as other chains, have an unknown number attached to them such as McDonald's #35.

Your business should tell the world what it is about.

When starting a new construction business, three partners joined in the naming process. The construction business would specialize in area of mechanical construction. This means the pipes, air conditioning, heating and ductwork that are found in commercial buildings. Thus, they knew the name "Mechanical" would be a part of the name of the new business. They did not want to limit themselves as to a local area and settled on "American" as a way to identify the geographical region they would cover. By doing research, the three partners were able to determine that "American Mechanical Solutions, LLC" was an ideal name for their new company.

Don't be afraid to use your name:

If you look at the name "Wal-Mart," you can see the name was developed from the owner's name, Sam Walton and that it was a market also knows as a Mart. Once a name is developed, new business need to market their name in such a way that people become familiar with it. "K-Mart" was similarly formed. Many businesses start with the family name, such as "Albertson's," or "Zale's."

Look for inspiration in unexpected places:

When John started his trucking business; he knew the name needed to be something people would remember. The business needed an identity that would catch on and that customers could easily remember. He told his wife, "We need to name it something catchy." Struck by inspiration, his wife did a search and found that "Something Catchy, LLC" was available. His customers may not be able to remember his name at the drop of a hat or how to find him in the phone book, but they can find his business when they need him.

Beware of changing the name of your business:

When the "Bank of Belen" decided to change their name, they may have actually lost customers. The new name of the bank is "My Bank." In some ways, this is a genius in business naming, but it can also be a nightmare to some people trying to inform others about the name of their local bank. It is also very expensive to change a business's name and should only be done if absolutely necessary.

Starting up a new business is similar to raising a child. You have to take into consideration where you are and where you want to go with your business. The name you choose will probably be used for the life of the business and it may even last beyond your life.

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