Starting your own company can be a fun and exciting experience, however, it can also be quite overwhelming. There are so many questions you have, and you may not know where to start. To take some of that stress away, we’ve created a quick guide of 5 things to consider when naming your company.
Do’s and Don’ts When Naming Your Company
ASIC outlines the requirements of naming your company, including what is and isn’t acceptable. You can only use a name if it is not identical to an already existing entity. This includes close variations such as plurals, symbols and spaces such as ‘Dollar Shop’ and ‘$ Shop’.
Another restriction which may affect your company name is the use of restricted words. Some of these words include:
- Bank (or any variation relating to banking)
- Police / Policing
You have to get extra approval before you can use them in a company name. An exhaustive list of restricted terms can be found on the ASIC website.
Finally, ASIC may refuse a name if it is considered offensive or suggest illegal activity, so Pho Keene Great from the US may not be able to open a franchise here.
Google! Google! One More Time… Google!
If you haven’t got the point yet, we’re here to make it! Google is your best friend on this exciting venture. The global search engine has a number of applications and tools which will allow you to assess the credibility and effectiveness of your proposed company name.
Google Adwords’ Keyword Tool will give you detailed information about the effectiveness and popularity of particular terms and words. And if you accompany Google Trends in your Google Adwords search, you’ll also be able to see current and previous searched terms so you can see if people have searched for your proposed company name in the past.
Make Sure You Can Trademark the Name
After all the blood, sweat and tears you put into growing your brand, promoting your name and creating a unique logo, the last thing you want to find out is that your brand is being used by someone else.
2001 called, it wants it’s trends back! Make your company name easy to remember and even easier to spell. This will allow consumers to easily access your online accounts as well as recommend your company to others without any ambiguity on how to spell “for” or “you”. Potential new customers want to be able to easily Google your company name.
Consider Your Online Presence
Online presence is a large aspect of company growth in this day and age as it allows for brand exposure. The last thing you want is a glowing review online about your company, with no media page to relate back to. However, in saying this, it’s important to keep your online handles simple and easy to remember and spell. Staying within the 15 character perimeter will allow you to land most social media handles, including Twitter and Instagram, as well as allowing consumers and customers to quickly and efficiently find you.
Once you’re happy with a few ideas of possible names for your company, it’s time to research the domain availability. The last thing you want is to register your company name and grow your brand, only to find out that your preferred URL is taken. Websites such as Go Daddy allow you to check availability as well as secure your URL.
Don’t know where to start? Contact a Lawpath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest Legal Marketplace.