What’s in a name?

Setting up your business properly, whether small or large, is imperative to success.  Having a strong foundation will set you up for growth while minimizing your setbacks. Let’s continue our discussion with the naming and registration process.  This can be one of the more interesting “set up steps” in the process so have some fun with it!

Please note: For simplicity sake, we are using the processes for ALBERTA, Canada.  Please check your local municipalities for your business needs.

STEP ONE: What’s in a name?  The answer is A LOT.

There’s a few thoughts on naming your company.

• Abstract names without necessarily any meaning can be a blank slate with endless options for branding and logos
• Informative names tell consumers exactly what your business is about and it very clear.
• A made up word or name can give some clarity while being memorable.

Which ever you choose remember that any type of naming process can be effectual when executed properly with a strong marketing plan.

12 TIPS FOR CHOOSING YOUR BUSINESS NAME

1. -Choose a name that helps attract your potential customers interests.
2. -Don’t pick something too confusing
3. -Get creative and have some fun with it!
4. -Don’t use Inc. or Ltd. In your name unless it is actually Incorporated or registered as an Ltd. Corporation.
5. -Simple can be good
6. -Don’t get too personal
7. -Think long term (Maybe using your city name isn’t the best idea if you  have future expansion plans)
8. -Is the domain available?  You want the .com or .ca readily purchasable.
9. -Odd spellings, acronyms and puns while can be fun, it will need a very strong marketing plan executed behind it so keep it simpler whenever possible.
10. -Keep your name short.  It’s easier for customers to remember
11. -Research the name as much as possible to ensure it’s not already in use.
12. -ASK!  Ask your friends, family, potential customers, and social following what their thoughts are.

STEP TWO: Get a business name report

Making sure your name isn’t being used is a no brainer.  You want your name to not only stand out but also be unique.  A NUANS name search will search all business names not only for exact matches but also ones that are similar.

STEP THREE:  Forms

-Forms you need to fill out will depend on how your business will be structured.  Will your company be set up as a Limited Partnership (LP), Limited liability partnership (LLP), Trade name, Registered numbered company, or Incorporated?

-Do some research and know the difference between each to determine what will be the best for your company

STEP FOUR: Get the name registered.

A registered Corporate registry will do the filing for you.  Be prepared with your NUANS search, business name, Valid ID and your payment.

Well you’re not done yet but you’re one step closer to being a business owner with a solid business foundation!

 

Please note: There are a number of online resources available to you through Service Alberta

Service Alberta can help guide you through the process of business names and registration processes.

 

The boring stuff: You may want to also seek outside guidance to walk through the different types of business set ups and what may be best for you considering short and longer term needs. BitLedger is offering business advice, NOT ledgal advice.  Please consult your legal representative for clarification on your business needs.