William Shakespeare once wrote that calling a rose by another name would not make the rose smell less sweet. But it still wouldn’t be wise for a new florist to name their shop Rotten Roses. The task of coming up with a company name can be tricky business. So, how do you choose a company name and what needs to be considered?
What is a company name?
A company name is the name given to your business and is registered at Companies House. This should not be confused with a trading name, which is a name or multiple names the business may use to operate. Trading names are not registered, but they can be trademarked.
You might have come across the difference before when looking at your bank statement. You may have been unsure why a company you have never heard of has taken money from you, only to realise that was the amount you spent at a shop recently. The company name on the bank statement is different from the trading name of the shop.
Sometimes the company name and trading name are exactly the same, which is how we’ll be approaching the topic in this post.
What to consider when choosing a company name
The first and most important rule when choosing a company name is to avoid copying competitors. If a competitor has a trademark on the name they trade with (or if it is their registered company name), you can be taken to court if you use the same name. Your name needs to be unique and it’s your job to make sure it is.
Some other key rules of choosing a company name are:
- Be descriptive without being vague
- Use relevant words creatively
- Avoid using acronyms
- Keep it short and simple
- Ensure the name is scalable (e.g. try not to include your location in case you expand in the future)
Pay special attention to branding
A brand is made up of different things, not limited to colour schemes, tone of voice, logos, images and font. And you guessed it, another aspect of a business brand is the company name. The name you choose for your business should match with the rest of your branding. Words elicit emotion from readers – sometimes subconsciously – and it’s important that the words used in your company name reflect the type of brand you want to own.
Consider your online presence
Most businesses now have an online presence, and any financial services provider should definitely have a website. If you are choosing a company name or new trading name, it’s essential that the name will fit the rules when picking a domain name for your website. There are many rules when picking a domain name to consider, such as keeping it short, ensuring it rolls off the tongue and avoiding hyphens where possible.
WEBPRO Adviser can help you choose a domain name at the same time as helping you choose a company name. Get in touch for more!
