The foundation of any successful brand is a memorable name. Think Coke®, Nike®, Facebook®, John Deere®, Starbucks®, Wrangler®, or Apple®. Choosing a business name for your Colorado LLC is a critical component to your success as a startup. A great name that is backed up by a superior service or product can become one of the most valuable assets of your business. Here are a few suggested steps for creating a winning business name.
1. Don’t be generic: Typically, generic names such as Al’s Garage or Joe’s Landscaping are completely forgettable. Before launching a new business, the prudent entrepreneur will spend some time brainstorming on a business name that is unique, catchy, and memorable. The trick is to come up with a name that is neither too simple nor too complex. A simple name will be easy to forget and will project to the public that your business is also simple and forgettable. A complex name that is difficult to pronounce or a name that is too long will be frustrating for the consumer to remember. However, a distinctive name that sticks in the consumers mind is a building block for success in the marketplace.
2. Seek the opinion of others: During the startup phase, the small business entrepreneur is usually so deep in the trees that they forget what the forest looks like. Often the people we are closest too have the ability to help us see the forest again. Share your top business name choices with your close friends and family. Use their feedback to test market the business name. However, do be careful when sharing any business idea with another person unless you have a Non-Disclosure Agreement in place.
3. Suggest your product/service in the name: Arbitrary business terms such as Apple® or Google® do not suggest the product or service the company offers but they are quite memorable. Larger businesses have the luxury of spending thousands or even millions on ad campaigns to connect their product/service to an arbitrary name and build a solid brand which associates the quality of their product/service with the arbitrary name. However, the small business startup does not usually have this same luxury. For most small businesses, the business name should subtly suggest what products or services are being offered. For example, JiffyLube® for oil changes or Burger King® for hamburgers.
4. Protect the Name: Once you have decided on a name, you should register the domain name for your website. You should also consider staking claim to your business name by seeking a Colorado Trademark for the name on www.RockyMountainStartup.com
Once you have decided on a unique business name, we at RockyMountainStartup™.com would be glad to help you with the registration of your Colorado Trademark and with the formation of your Colorado Limited Liability Company.