What to Know About Naming a Business

The process of naming a business is sometimes one of the hardest decisions one can make. Your business's name is supposed to be something people will remember, describe your business, and let you stand out.

There are many challenges to naming your business; aside from the creative necessity, one may find that getting a name for a business requires patience and a knowledge of legal matters. So what are the various hurdles?

• Trademark law. This is one of the hardest things to overcome when you are thinking of a business name. You have to find a business name that has not been trademarked yet. The American trademark laws are not so lenient, either. As a business owner, there are two things to consider: confusion and dilution.
• Confusion is the chance that your business name will be confused with another brand. This is not only a worry about confusing consumers but could be a legal issue. One example I, even as a Chicago marketing company creative, is "Belvita" and Velveeta". Belvita makes energizing morning bars & Velveeta makes cheese. 
• Dilution is when your name/branding attempts to mooch or steal another company's, even if your names have no confusion. So, if your company name is "Ricky's Auto Shop" but your trademark is styled after the legendary "Carl's Auto Garage" by mirroring script, etc. then that's no good. 
• The penalties. If your business name violates a law, then the business could face some serious penalties. 
• No longer being able to use the name
• Being forced to recall products with the name on it
• Frozen inventory/seized inventory
• Monetary compensation
• What will your URL be like? Having a long but cute name might be good and dandy for your business but what if your site's URL is now going to be really long? That will make your internet presence hard and any search engine optimization will be a bit more difficult. At the very least, consumers will have some trouble remembering your site. 
• The realization that good products make great brand names. Sometimes we go into the idea of naming a business with the idea that we will be the next Apple or Nike; the reality is that they had to make great products before their names became great. 
• You have to love it. No good business name was created because the person thought, "Yeah, I guess it'll do." You have to think of a name that excites you; even better, it can excite those you ask for advice. 

As a marketing agency in Chicago of over 25 years, we have lots of experience with branding and naming a business. Is your business in need of marketing assistance? Then contact Integraphix!