Naming a Business – Easy Right?

So you have a great idea or an inovative product and you are ready to launch it. Where do you start?

You start with a Business Plan! Yep that’s right. You can’t just go grabbing random names out of thin air! (Well you can – But it’s not the best practice). With a business plan you will build your business’ “personality” and define a clear conceptual framework of your business. Naming a business is going to take a little bit of brainpower! Some things to consider when naming a business:

• Who is your Target Audience?
• What Goods or Services are you selling?
• What are your Goals, Missions and Objectives?
• What are your Demographics?

These are all points that are defined in building your business plan. The business plan will evolve, be modified and improved as your business grows. We have created a FREE business plan template for you to use as a guide to get you thinking in the right direction, if you would like the fully editable word version, please visit our shop.

Related Information: It’s Easier to Write a Business Plan than You Might Think

Downloads: Business Plan FREE Template (PDF), Business Plan Template (WORD)

Once you have the ‘Personality’ of your Business, naming it should’t be to hard.

Helpful Tips – Brainstorming

If you have started your Business Plan, then by now you are forming a clear framework and business “personality”. Here are a few more thoughts to consider when naming a business:

• Brainstorm relevant Keywords
• What thought or emotion does your business name evoke?
• Is it different to your competitors?
• Does your name tell a story?
• Does it relate to your product or service?
• Is it memorable and Catchy?
• Can it be mis-spelt or mis understood?
• Is it easy to remember?
• Is it descriptive?

Still Stuck?

If you are still having trouble settling on a name, use some of the online naming generators. They can be helpful to give you suggestions.

Check Availability

Once you have your short list you will need to check wheather the name is available and not already in use. The Australian Business Register is a free online database where you can search through publicly available information for registered businesses by name, Australian Business Number (ABN) or Australian Company Number (ACN). You can register your business name on the site. If you’re planning to have a website, you’ll also need to check that the domain name is available. You can do this with any hosting provider.

Get it Registered

So you finally have your business name, let’s look at the legal requirements.

• • First you will need to register your business name with Australian Securities and Investments Commission (ASIC)
  • Next you will need your ABN, Australian Business Number, You can apply at ABR  Where you can also register your business name at the same time.

Protection

Once you have the registrations and legalities complete, you may want to Trademark your name, although it is not a requirement. If your interested, visit IP Australia.