Although choosing your business name may not be the most important decision you’ll make as an entrepreneur, it certainly carries some weight. Your business name will be proudly displayed on your website, your brick-and-mortar location, your business cards, and your employees’ emails. You don’t want something too complex, but you don’t want it to be too generic either. It’s important for it to strike just the right balance so that people remember it but aren’t turned off by it.
Even after you select your business name, there’s still a lot of work to be done. You need to protect your business name by registering it with all the proper agencies. Depending on where you are and what type of business you have, you may need to look into registering your:
- Entity name
- Trademark
- Doing Business As (DBA)
- Domain name
Here’s what you need to know about registering your business name with all these agencies.
Entity Name
The first way to officially register your business is by forming your business entity. We’ve already discussed the importance of choosing the right business structure that fits your objectives. Whether you create a corporation, LLC, or another entity, it’s important to think carefully about what you’d like to name your business before you file this official paperwork.
This paperwork must be filed with the state. It’s important that your business name is unique because the business filing agency won’t accept a name that’s already being used by someone else. Do your research before to see if another business already has the name you’re considering. Some states are even stricter about this. If you want a name that’s very similar to another business in the state, the filing agency will reject the name.
The best way to avoid this issue is to do your research beforehand. In some states, you can easily browse through names that have been taken online and search for the name you want. If your state doesn’t have this database, you can contact the business filing agency directly to inquire about a business name.
The kind of business you’re starting could change how you go about registering the entity name. For example, if you’re creating an LLC or corporation, registering your business name is included in the business registration process itself. However, if you are starting a sole proprietorship, you’ll need to separately register your business name with your state. You can find out how to go about this by visiting your secretary of state’s website.
Trademark
Trademarking is important not just for your business itself but also for any unique products or services your business offers. This is a safety measure that prevents other businesses from profiting off of your entrepreneurial genius by passing a product of theirs off as one of yours. Trademarking ensures that your business alone can sell a product of a certain name—it creates exclusivity! You can apply for a trademark online.
Because trademark infringement is so serious, it’s vital that you not only trademark the names associated with your business but that you also ensure the names you’re choosing are not already taken by other businesses. You can search trademarks online on the United States Patent and Trademark Office’s website.
Registering a trademark isn’t a simple one and done situation. You’ll need to keep renewing the trademark to keep it safe and maintain exclusivity. Note that you’ll have to pay for your trademark. It’s usually more expensive than other types of registration.
Not every business registers its name with a trademark. But if you want to avoid others using your name, it’s the smart decision. If someone else ends up trademarking your name down the line because they want to use it, you’ll have to change your business name, which can be frustrating, time-consuming, and costly.
Trademarks aren’t just for names either. They are for visuals or even slogans! For example, you can trademark your business logo or the unique shape of your packaging. If you know you have something special and you don’t want to risk losing it, it’s worth figuring out if you can trademark it.
Doing Business As (DBA)
You’ll need to file a DBA (also called a fictitious name) if you’re conducting business under a name that’s different from your own. Depending on what state you’re in, this may be a requirement. Typically, this registration is filed with the secretary of state. You might also be able to file it with your local county clerk. By filing your registration locally, you can avoid issues with paying personal property taxes and real estate taxes.
Doing Business As can also help you do business under a name that’s different than the one you registered your business with under the state. If you have a sole proprietorship, you may not want to use your full name for your business’s name. This is another instance when a DBA will come in handy.
The combination of a DBA and EIN will allow you to open up a business bank account. Unlike with other name registration types, your DBA doesn’t need to be completely unique. It’s okay for another business in your state to have the same name. Some states won’t make you file a DBA at all.
Domain Name
Today registering your domain name online is just about as important as choosing the name of your business itself. No matter what industry you’re in, people are going to need to find your business easily online. If another business has your business’s name as its domain, it will make customers have a harder time finding your website. Even if the business that shares your name is in a different state, it’s still an important consideration. Ideally, you should have a completely original name that no other business is using online.
Not sure if you want an online presence for your business? It’s still important for you to register your domain name immediately. If you don’t, someone else could start using the domain name. If you change your mind and later on want to register for a domain name, you’ll have to choose something different. This could cause you to actually lose sales because it confuses customers. They may not be able to find your business online.
In order to actually register your domain name, you’ll need to use a registrar service. However, you need to be careful because not all registrars are accredited. You can find accredited registrars at a variety of price points on InterNIC. Even after the initial registration of your domain name make sure you keep renewing the domain name. Otherwise, you’ll risk losing it.
Summary
As you can see, coming up with your business name is a lot more complicated than you might think. Registering your entity name will ensure that the name of your business is recognized by the state. Trademarking your business’s name as well as the names of your products and services is important to prevent other businesses from selling under the same names you’re using.
A DBA makes it easy for you to pay your taxes, open a business account, and complete other important business actions. Finally, in our digital era, registering your domain name is essential so customers can find your business online with ease. You may not need to register your business name with all these agencies. But knowing which agencies you do need to register with is key.
Conclusion
Getting your name registered with all the right agencies is just one item on a long list of to-dos when you’re building a business. It’s a lot for anyone to handle on their own. Fortunately, you don’t have to do it alone! EntrepreneurialGoals.com provides you with all the resources your business needs to get off to a great start and scale over time.
If you could use some extra help on the road to entrepreneurial success, get in touch! We would love to help! Visit NegotiumConcepts.com to learn more.