What’s in a name? If you’re in business, the name of your company can be a very important asset that establishes a strong identity. An effective name is one that describes the type of business you are in. An exotic, unique, or nondescriptive name is generally a liability because it doesn’t associate your business with a product or service.
The name of a company can go a long way toward developing an identity and establishing an image for the business. It creates the first impression the public will have of your company.
Can you name a company after yourself? Sure, as long as people are able to associate the name with the type of product you’re selling. In fact, founders used to name their companies after themselves in order to assure the public there was a real person behind the business.
There are advantages to using your name in the title of your business. These are:
• Stronger personal credit rating.
• Greater prestige within the community.
• Instant name recognition.
You need to be careful, though. If disaster strikes and your business goes broke, your personal credit rating will also suffer. Consider building up your personal credit and then converting the business to a corporation by using only your last name. On the other hand, selling a business with a non-family name is easier if you ever want to get out.
Of course, the search for a name can be a very arduous and disappointing one. Even if you choose a name that is only somewhat similar to that of another company, the other company can file suit. Any infringement, or even alleged infringement, on a trademarked name, including its logo or typestyle, can result in a costly lawsuit.
Having a company name, however, is a necessity, and a good, descriptive name is an asset to any business.
Sydney Public Relations Agency, CP Communications provides specialist media, traditional and online PR strategies that get amazing results. Contact us today. For more great tips visit our website www.cpcommunications.com.au.
