| Jul 30, 2012
As an entrepreneur, starting a business can be a challenging yet rewarding experience.
Many decisions must be made regarding the business, including what to call it. Choosing a name can be exciting but stressful and shouldn’t be taken lightly. It’s important to choose a name that grabs your customers’ attention, conveys information about the goods or services provided and lends credibility to the business.
Here are a few additional items business owners should consider when choosing a name:
• Uniqueness. One of the most important features of the business name should be uniqueness.
As the online marketplace continues to grow, it is important to consider how the business might market, promote and sell online, as well as the geographic growth potential.
In determining if your business name has been used in South Dakota, a search can be conducted on the South Dakota secretary of state’s website at www.sdsos.gov. If the business will be formed in South Dakota but will have a more regional or national presence, an Internet search, such as one conducted through Google.com will provide relevant information regarding the potential business name, including competitors and their products and services.
In South Dakota, if operating a business as a proprietorship and the name of the business does not include the last name of each owner, or if operating a business using anything other than the corporate name of the business, it is necessary to file a fictitious name statement – or “doing business as” – with the secretary of state.
• Consider an Internet domain name. Simple domain names, especially single word domain names, are becoming more and more difficult to find, making it important to strategize the coordination of the business name and domain name. Experts suggest choosing a domain name that captures the essence of your product or service and is easy to remember. If you can’t remember the domain name for the business, neither will its customers.
• Consider a name that can be trademarked. Registering a federal trademark on the Principal Register provides countless benefits, including public notice of your claim of ownership of the mark, the ability to bring an action concerning the mark in federal court, the right to use the federal registration symbol ® and a listing in the U.S. Patent and Trademark Office’s databases.
Trademarks and other intellectual property provide valuable protection to the business and the goodwill that business owners have worked to create. Additionally, trademarks are intangible assets that can increase the company’s value if the business is ever sold.
Choosing a catchy, easy-to-remember business name that easily coordinates with domain name registration and can be trademarked is an important decision and should not be taken lightly.
For more information, please contact Alex Halbach at firstname.lastname@example.org