There are many essential steps that need to be taken in the lead up to setting up your own small business. There are things like financing, business plans and office space to think about, but before all that there’s the matter of naming and registering the business. Without completing these two things a business will not able to trade.
There are many essential steps that need to be taken in the lead up to setting up your own small business. There are things like financing, business plans and office space to think about, but before all that there’s the matter of naming and registering the business. Without completing these two things a business will not able to trade. Furthermore, choosing the right name for your business can determine, among other things, its success. Here’s how to register your new business and give it a name that works in your favour.
What’s in a name?
It’s important to be aware of the fact that it’s usually the name of a business that draws customers to it, especially in its infancy. It’s the name that plays a vital role in the advertising side of things and attracting potential business, so business owners should think long and hard before settling on one. The best names are those that are simple and unique, but most of all, memorable. There are a few things that should be avoided when choosing a name for a new business:
Names that are too long-winded and not catchy
The aim is to grab the attention of the consumer or customer straight away. Names that are too wordy will not have the same effect as those that are concise and punchy. Try and find a name that encapsulates in as few words as possible what the business is and what it offers, without bombarding people with too much information. Possible clients and customers should look at the name and in an instant get the gist of the business, but at the same time be intrigued to find out more. Finding the perfect balance here is no easy feat.
Names that are misleading
The last thing you want is to cause confusion with your name, so pick one that strongly relates to your line of business or the industry you’re in. There’s a strong chance that people will search for a service or product via the Internet, and those searches may be compromised should the name of a business easily be misconstrued. Choose a name that indicates immediately what sort of business it is.
Names that are too restrictive
As it’s been mentioned, the best names for businesses are usually the simplest ones. That means avoiding names that are too descriptive. Names that refer to a specific city, for example, should be avoided because what happens if one day the business wants to expand to other cities? This may be confusing for people and may lead the business to suffer as a result. Also, do some research beforehand to make sure that the name you’re thinking of doesn’t have any negative connotations – this could possibly repel potential customers instead of attracting them.
Once a name has been chosen, it now has to be registered. In South Africa, all new businesses have to be registered with the CIPC (Companies and Intellectual Property Commission). This is a fairly easy process and a new business should be ready to trade in a matter of weeks after registering. Visit the CIPCwebsite and do the following:
- Use the “name search” function to check to see if your name is available (another name will have to be chosen should the desired one already be taken)
- Fill in the Name Registration Form and pay the registration fee
- You will receive your registration number and Certificate of Registration a few weeks after
The final step is to register with SARS after which you’ll be ready for business.
Finding the perfect name for a business as well as registering it are vital pieces of the puzzle when it comes to establishing your own business. A lot of time and thought goes into the naming process because it’s important to get it right – it is after all, more than just a name. It represents a business and all it stands for so it has to be powerful, catchy and unique – just like the business.
Featured image: http://www.i2smanagement.com