A business by any other name would work just as well?
So you have an idea for a business.
Some of the very first steps that you should take once you have appropriately evaluated your idea, is to (1) determine the type of structure for your business whether this is a sole proprietorship, a company or a partnership [we will do a separate post on this] and (2) determine the name of your business.
Our top tips for selecting a business name are as follows:
Don’t just think about what goods and services you want your business to provide, think about what goods and/or services you may want your business to provide in future. If you register your business to be engaged in one sphere, and you decide to expand in future to another sphere and another business is using a similar name in that next sector, you could infringe on their rights.
- Plan ahead and future-proof your business
As an example, you *may* have heard of Apple Inc (formerly Apple Computer Company). You may or may not have heard of Apple Corps, a production company set up by the Beatles. In 1978, Apple Corps sued Apple Computer for inter alia violating its trademark. The two parties reached a settlement years later where they agreed that they could co-exist by functioning in separate spheres … Apple Computer would stick to computing and Apple Corps would stick to music and entertainment. We’re sure that you’ve heard of the iPod and iTunes, so as you can imagine, Apple Corps sued again. The parties reached a compromise, but after an extensive and expensive court matter.
It may not have entered the minds of the founders of Apple Inc. that one day their company would be selling devices for playing music, far less music itself. You have the benefit of hearing their learning lessons and can take steps to prevent the occurrence of this situation in your business.
2. Be distinctive
We mentioned Apple Inc. above. Apple is a great name for a company for a number of reasons – it is simple, precise, easy to remember and it has nothing to do with the products and services that it sells. Why is this important? It is for a number of reasons … If you decide to register your business name as a trademark, distinctiveness is one of the key requirements for registrability. Studies have also proven that distinctive and fanciful names, especially when paired with strong logos, build brand association.
3. Research, Research, Research
Start with a basic Google search and see what results appear. You can also search the Company Registry’s database online at https://rgd.legalaffairs.gov.tt/ to determine whether there are existing businesses or companies with a similar name to your proposed name. If your name has a high degree of similarity to an existing name, it will not be registered. While you will still need to do a manual search at the Ministry of Legal Affairs before you submit your business name for registration, this online search can give you an idea of whether your name is likely to be accepted for registration.
In Trinidad and Tobago, if your business name uses words outside of the English Language or initials, you may be called upon to explain the meaning of the name, or it may be denied by the Examiner/Registrar, so it is best to submit a letter explaining the meaning of the name with the registration form, which is available online at http://www.legalaffairs.gov.tt/Forms/NAME%20APP.pdf.
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Who knows if Apple would be the world’s most valuable brands if its founders had gone for another one of the names on the list, such as Executex or Matrix Electronics?
Melloname (an online business name generator) studied the names of two hundred and fifty businesses and presented their top tips on good business names. Among other things, their advice is that names should be available (of course), simple, catchy and unique.
Brand Insider also writes that the best business names are:
- Memorable (eBay)
- Short (LG)
- Functional (Microsoft – from MICRO-processor SOFTware)
- Have a story behind them (Nike)
- Invented (HaagenDazs)
https://www.businessinsider.com/great-company-names-2018-5#1-all-the-best-company-names-are-memorable-or-sticky-1
So would be entrepreneurs … do you still think that a business by any other name would be just as successful?