Naming your small business right

One might argue what's in a name as it is hard work and quality offerings that matter in a business. However, when it comes to naming a small business, selecting an appropriate name holds a lot of value. Choosing the right name can work wonders for your small business, but at the same time lack of any effort while choosing a business name can create legal hassles like copyright issues, which can act as a contributing factor in the failure of a business.

Lots in a business name

Choosing a business name requires a little bit of effort as a name should reflect the vision, values, ambitions and aspirations of an entrepreneur towards his/her venture. Small businesses should come up with creative, suitable as well as unique names that will have a positive impact on its clients.

"Given that naming a small enterprise is like giving birth to a brand, small entrepreneurs should be careful while choosing a name. Winning business names does not only help attract attention of clients, but at the same time express the unique selling proposition (USP) of a firm and help in creating a distinct image of your firm, which is different from other competitors in the market," said Paresh Rajde, founder, managing director and chief executive officer of Suvidha Infoserve, a fast-growing retail firm in Mumbai.

Besides, small business owners must take into account legal elements of a business name depending on the form of business one operates.

"While a business name reflects one's identity, it should be neither too simple nor too complex that it fails to evoke consumer interest. Moreover, one should carefully factor in the legal structure of a company while selecting a name," said Amit Dutta, proprietor of Colour Touch, a small-sized advertising agency in New Delhi.

However, a good business name can develop into a powerful brand if it is backed by an appropriate marketing strategy.

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