“What’s in a name?”: What should I consider when picking a business name?
Choosing the perfect name for a business venture is one of the most important decisions a fledgling entrepreneur can make. This is because a business name is more than just an identity; it serves as a strategic asset that can significantly influence the success of a company. Before hastily settling on a name and ordering your business cards, it is crucial to carefully evaluate the legal ramifications of your name, particularly as far as trade marks are concerned.
Here are some essential factors that every entrepreneur should keep in mind when deciding on and registering a business name:
Distinctiveness: A memorable and distinctive name can set your business apart from competitors and resonate with your target audience. When selecting a name, consider its uniqueness and potential to be trade marked. Avoid generic terms or phrases that describe the products or services you offer as they may be difficult to protect.
Availability: Conduct extensive research by examining trade mark databases such as those hosted by WIPO, IP Australia, and the Intellectual Property Office of New Zealand, as well as for the countries that you plan to operate in. Ensure that your desired business name is not already in use by another company, especially within your sector. A trade mark lawyer can help by performing a comprehensive search to determine if your chosen name qualifies for trade mark protection and/or conflicts with existing trade marks. This step is crucial to avoid potential legal conflicts and costly rebranding efforts down the line.
Register your trade mark: Once you’ve selected your business name, the next step is to solidify your brand’s legal protection by registering it as a trade mark. Why so early? Registering your trade mark provides a clear legal framework for enforcing your rights against potential infringers. If someone else uses your trade mark without authorisation, you will have a strong legal basis to take action to stop them and seek damages for any harm caused to your business. Without a registered trade mark, enforcing your rights can be much more challenging and costly.
Domain Availability: Secure matching domain names to establish an online presence and protect your brand identity. Consider trade marking your domain name for added protection.
Choosing a business name requires careful consideration of legal, branding, and practical factors. By prioritising trade mark protection and seeking expert guidance, entrepreneurs can establish a strong brand identity from the get-go that resonates with customers and stands the test of time.
