Budget Updates, hot off the PRESS!What’s the big deal about a name?
If you are a Business Consultant you can very easily get away with trading under your own name. You probably have a reputation within your chosen field and do not need the added credibility of a trading name.
However if you are going to be self employed and running any other kind of business choosing and using a good trading name can enhance your business and help you gain credibility in your market place. Choosing a name is a ‘big deal’ for the future of your business as it is the first thing that your customers see and your name will say a lot about you and your business.
Often heard good advice includes such obvious points as: -
- Keep it short
- Make it easy to remember
- Ensure it says something about the type of business
However don’t forget that your business will grow and you may either change direction or just expand into other business sectors so think about the name from that perspective. What relevance will your chosen name have in the future? Will it easily transfer to a different market?
Another good question - Is the name already been used by someone else? You cannot and must not try and pass yourself off as someone else so check the name is free
In the 21st century every business needs to have a web site so you need to register your domain name. Try and ensure you buy all the Top level Domains for your business, .com, .co.uk and .net. This will help protect your business. How to do this? This is the easy part - and try and keep your domain name as short as possible.
You should also think about registering as a Limited Company to protect your business name as well. The company does not have to trade, it can just sit in the background (dormant) but the name would then be yours. Check if the name is available HERE with our partner, Duport Associates, then buy it. ONE WORD OF ADVICE, BUY THE DOMAIN NAME FIRST AND THE LTD COMPANY SECOND. THERE ARE PEOPLE WHO TRAWL THE COMPANIES HOUSE INDEX FOR NEWLY REGISTERED COMPANIES THEN LOOK TO SEE IF A DOMAIN NAME HAS BEEN PURCHASED. IF IT HASN’T THEY WILL QUICKLY BUY IT AND THEN, WHEN YOU COME TO BUY, YOU WILL FIND THAT IT IS NOT AVAILABLE AND, WORSE STILL, YOU COULD HAVE TO BUY IT AT A MUCH HIGHER PRICE FROM SOMEONE ELSE.