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One of the key steps to starting a business is choosing the right name for your company. This can be difficult task, due to the importance of the name. The consequences for not taking the appropriate steps while electing a proper company name could be the deciding factor of whether your company succeeds or fails upon launch. In addition, the name of your business may also cost you with the capability of working with lenders and creditors.
Prior to picking a name, make sure you follow these three steps to ensure your company name will benefit your business for years to come.
Step 1: Conduct a Trademark Search
You may come up with a clever, catchy, or even creative company name. You should first make sure you aren’t potentially infringing upon a prior user’s trademark. To do this, you can conduct a trademark search by utilizing the Trademark Electronic Search System (TESS).This search engine will provide you access to millions of registered names and ideas in the database of the United States Patent and Trademark Office.
Step 2: Playing it Safe
More often than not, entrepreneurs decide to move forward with a company name that is not beneficial to their business. For example, the term real estate is considered a very high risk industry, therefore naming your company John Smith Real Estate Investments would not be the ideal choice.
Step 3: Domain Name
Prior to finalizing your decision on your company name, it is important to always check to see if the dot com is available. After all, you don’t want to spend thousands in marketing only to have your customers confuse your company with another website. Your company name should always be tied with your marketing strategy, however it should also describe your product name.
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