So you want to start a business in any field and are looking for its name. What do you do to have an effective business name? As you think about it, let me tell you that if you select an appropriate name, it can become the talk of the town. But if you choose the wrong one, it ruins your business to uncertainty and collapse.
Therefore, choosing an influential business name is one of the ingredients of business prosperity. As you think about venturing into business, take this aspect seriously.
Some people consider an influential business name to be abstract and create a picture in the public mind. Others believe that company names with two or more words are more memorable and impactful. While others think that strong business names should inform potential customers what your business is all about.
Although any name can become compelling, depending on your marketing strategy, you should be careful when searching for an appropriate business name for your business. Many people mess up with their businesses by choosing a name with which they will struggle a lot for their business to succeed.
Why is the Business Name necessary?
In Uganda, to start a business, you have to abide by the following requirements:
- Search for a business name with the Uganda Registration Services Bureau (URSB).
- Reserve the business name.
- Obtain a certificate of incorporation.
- Get a Tax Identification Number (TIN) with Uganda Revenue Authority (URA)
- Obtain a Trading Licence
- Register with National Social Security Fund (NSSF)
- Get a company seal
To fulfil the above requirements, you must have a name. But before you go through the registration process, you must research thoroughly to get a business name for your startup.
Secondly, you should build your business brand image with your name. An influential brand name and logo help you keep your company in the mind of your potential customers. It’s, therefore, essential to consider building your image with an effective business name.
Thirdly, no business can prosper without appropriate marketing strategies. Your business success depends largely on how effective your marketing methods are. It’s, therefore, essential to know right from the beginning that an appropriate business name will make it easy for you to promote your business effectively. How do you then choose the best name for your startup?
#1 – Brainstorm to Get a Powerful Business Name!
One of your first steps in selecting an appropriate business name is doing research. Do not simply sit with your colleague and come up with any name that pleases you. You ruin your business from the beginning if you choose a bad name.
To effectively search for a great name for your business, I recommend considering names derived from English words because they create an image in the mind of your customers and inform them what your business is all about. Such words are quickly memorable with a significant impact on the public. Besides, it’s easy to market your business with them.
Here are some examples to reinforce your understanding.
HomeClean – for a business in the garbage collection and cleaning services in people’s homes.
FastFoods – for an eatery offering food to people like travellers and busy commuters who have no time to sit down and wait for their meal.
BusinessWeb – for a web designing company specialising in creating fast-loading and properly maximised sites for businesses.
I believe you, at this point, have a clear picture of what I mean by words derived from English terms with the three examples above. So what you do to come up with such words is to brainstorm with a colleague to have a long list of them. The expressions must relate to the kind of business you intend to do. Is it designing websites, selling fresh foods, what? The onus is on you to find out.
#2 – Search on the Web and Register your Business Name as Domain Name!
Business Name Registration Online
After developing a list of your preferred words, go to the second significant step. And this is research to establish whether those names are still available on the WEB to pick the most suitable one for registering as the domain name for your business website.
This aspect may not sound necessary to most people starting small businesses. But one thing you should know is that creating a business website is so essential if you are to achieve business success in modern times. It’s, therefore, vital to consider right from the beginning reserving a domain name for your business website.
Establish if the business names you have chosen are available online and no one has registered them. Follow the link to check them on your list at NameCheap.com.
As you research, it’s possible to find your prefered business name already taken. This scenario should not worry you so much. The solution is to try using synonyms. For example, if your favoured business name is “FreshFoods”, and when you search it, you discover that it’s no longer available, consider checking the synonyms of the first word “Fresh” or second keyword “Foods”. It will help you find other related keywords like “RawFoods, GreenFoods, OrganicFoods, DropFoods, DeliverFoods, etc.
The chances are that when you consider synonyms that are still available for registration on the web, you will find one. You, therefore, have to change your favoured business name, e.g. RawFoods (already taken) and pick another keyword that serves as a synonym like “GreenFoods”, which may still be available.
Hurry to register the name as your domain name for your business website before it gets taken. Remember that businesses crop up from time to time. When you delay, you risk having your researched business name getting taken. And it will get disappointed indeed.
#3 – Register your researched name as your business name
In Uganda, it is URSB (Uganda Registration Services Bureau) responsible for the registration of businesses. Before registering your business name as your domain name for your website, think to find out whether the name is available with your local business recording authority and reserve it immediately. Then proceed to register it online with the World Wide Web. You will have fully registered your name, which is the first step to building a successful business.
Other key Aspects of Selecting a Powerful Business Name
When choosing a name for your business, consider the following aspects important.
♦ Avoid long business names because they are not memorable. For effective online marketing of your business, your name should be less than 13 characters.
♦ Avoid using descriptive or unique-coined words as your business names because they are not catchy and memorable. Secondly, it’s hard to establish a competitive advantage and customer benefits with such words. Examples of descriptive or unique-coined words are “David’s Bakery“, “J&B Enterprises Ltd“, etc.
Selecting a good business name is an essential factor in the process of starting a small business. A wrong name will ruin your business. Take your time and seek support from people to advise you. If you follow the guide in this blog post, I believe you will have an influential name. If you need help, do not hesitate to contact us.