What’s in a name? A lot, as it turns out – especially when it comes to naming your business.

Choosing your company’s moniker is one of the most important decisions you’ll make when you start a new business, as it sets the tone for all your future branding initiatives. For better or for worse, your business name helps create a first impression with potential customers and investors, so it’s not a decision that should be taken lightly.

While it’s not impossible to change your business name once you’ve filed your legal paperwork and set up your digital properties, it’s much easier (and less costly) to choose the right name from the get-go.

1. You Haven’t Considered Branding And Timing

While the business name is important, what matters most is the image you create around that name. Whether a name is perceived well or not mostly depends on perception management in the first six to 12 months. Additionally, a business name is never set in stone and can be changed, so if you are waiting for the right name to cross your mind, don’t. It’s better to start now than wait and lose momentum. –

2. It’s Too Hard To Say, Hear Or Spell

When you are naming a new business or product, make sure the name is easy to say (If it is difficult to pronounce, nobody will remember it.), easy to hear (for example, remember the letter “s” can sound like the letter “f”) and easy to spell (spelling your name out every time will get old quickly.) Following this simple formula will help you find the perfect name for your business or product. –

3. You Failed To Do A Trademark Search

One of the worst things that can happen to a new business is that the owners spend time and money promoting a certain name, only to find out someone else has been using it. Even if they haven’t registered a trademark, someone might own the rights simply because they were using it first. A quick Google search is an absolute must and you may want to supplement it with a professional trademark search. –

4. Your Name Is Too Descriptive

Ensure to stay away from a name that’s too descriptive to avoid costly rebranding as your core focus may shift in the future. The uncertainty surrounding a rebranding effort could cost you time, money and even loyal customers. At the very least, you’ll confuse them. –

5. Your Name Is Too Generic

How many companies do you know that are ABC Services or XYC Technologies? If you just said the name, would you be able to tell what industry you are in? Being too generic will cause people to overlook you if you sound like every other company out there. Get to the heart of what you do. What’s your story? –

6. You Haven’t Researched Competitor Names

Many businesses don’t realize the power of brand recognition and will have almost the same exact name as another business, especially in the same industry. The name should be creative and strategic, sets you apart from the pack, and can summarize what the company does.